Freestanding Office/Medical
For Sale
$4,695,000
1590 S Congress Ave, West Palm Beach, FL 33406
Remodeled 2019 freestanding office/medical building with fully fenced secure parking and electric gates.
Property Size8,989 SF
Price / SF$522.31
Days on Market48
Property Features for 1590 S Congress Ave
General Information
Standard status
Active
Size
8,989 SF
Building Details
Year Built
1989
Listing Agency:
MJI Realty Group LLC
Listed By:
Marc Martinangelo · License #3420294
(561) 859-1484
Source:
Mymiahomes
Added: Jul 22
Changed: Aug 23
Last Checked: Sep 6 at 10:37AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of MJI Realty Group LLC
Investment Insights
Based on property information with market context.
Freestanding office/medical building offering approximately 8,989 SF on about 1.41 acres. The property was completely remodeled from the ground up in 2019 and is presented in a turnkey condition with updated systems and finishes. A flexible interior layout supports a range of medical and professional office uses, with practical, user-friendly configuration for day-to-day operations.
A standout attribute is the exceptionally large, private parking lot with 60+ on-site spaces, including 4 dedicated handicap spaces. Parking is fully fenced and secured with electric gates, with easy ingress/egress along a highly trafficked north-south corridor.
The property is positioned for visibility and convenient access within a dense residential and commercial trade area. It is located in a CG (General Commercial) zoning area, with access to major regional routes and proximity noted to West Palm Beach and Palm Beach International Airport (approximately 9 minutes).
A standout attribute is the exceptionally large, private parking lot with 60+ on-site spaces, including 4 dedicated handicap spaces. Parking is fully fenced and secured with electric gates, with easy ingress/egress along a highly trafficked north-south corridor.
The property is positioned for visibility and convenient access within a dense residential and commercial trade area. It is located in a CG (General Commercial) zoning area, with access to major regional routes and proximity noted to West Palm Beach and Palm Beach International Airport (approximately 9 minutes).
Key Highlights
- Freestanding office/medical building on South Congress Avenue with 8,989 SF on approximately 1.41 acres
- Completely remodeled from the ground up in 2019 with modern systems and updated finishes
- 60 on‑site parking spaces, including 4 dedicated handicap spaces, fully fenced and secured with electric gates
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$313,346
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.67%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$6,266,920
$6.3M
Cap Rate 7%
$4,476,371
$4.5M
Cap Rate 9%
$3,481,622
$3.5M
Market Conditions
NOI Build-Up for 8,989 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$496.2K $55.20/SF
− Vacancy
−$78.4K −$8.72/SF
EGI
$417.8K $46.48/SF
− OpEx
−$104.4K −$11.62/SF
NOI
$313.3K $34.86/SF
Area
West Palm Beach, FL
Vacancy
15.80%
Lease Rate
$55.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$6,266,920
Cap Rate 7%
$4,476,371
Cap Rate 9%
$3,481,622
Alternative Uses
Best Use
Office B
$4.48M
$3.92M – $5.22M
NOI $313,346 @ 7.0% cap · market cap 6.67%
Second Best
Healthcare Medical
$1.80M
$1.57M – $2.10M
NOI $125,720 @ 7.0% cap · market cap 2.68%
Theoretical Best
Office A
$6.33M
$5.54M – $7.39M
NOI $443,139 @ 7.0% cap · market cap 9.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,402
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33406, FL
27,663
Population
9,426
Households
2.9
Avg Household Size
39
Median Age
24%
College-Educated
81%
High-School Grad
8.7 sq mi
ZIP Area
3,180
Density / Sq Mi
$79,696
Median Household Income
$37,453
Median Earnings
$1,677
Median Rent
$358,300
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Remodeled 2019 freestanding office/medical building with fully fenced secure parking and electric gates.
Where is this medical office space located?
The property is located at 1590 S Congress Ave West Palm Beach, FL.
What is the asking price?
The asking price for this property is $4,695,000.
What are key features of this property?
This property features: Freestanding office/medical building on South Congress Avenue with 8,989 SF on approximately 1.41 acres; Completely remodeled from the ground up in 2019 with modern systems and updated finishes; 60 on‑site parking spaces, including 4 dedicated handicap spaces, fully fenced and secured with electric gates
