Freestanding Office/Medical
For Sale
$4,950,000
1590 S Congress Avenue, West Palm Beach, FL 33406
Remodeled 2019 freestanding office/medical building with fenced 60+ space parking and flexible interior layout.
Property Size8,989 SF
Lot Size1.41 Acres
Price / SF$550.67
Days on Market135
Property Features for 1590 S Congress Avenue
General Information
Standard status
Active
Size
8,989 SF
Lot size
1.41 Acres
Property subtype
Mixed Use
Zoning
CG
Site & Location
Highway Access
Yes
Road Access
Yes
Fenced Yard
Yes
Taxes and HOA fees
Annual Taxes
$46,360
Amenities
Central Air
3
CG (city)
60 Parking Spaces. Guest Parking.
Gated Community.
Building Details
Year Built
1989
Year Renovated
2019
Listing Agency:
MJI Realty Group LLC
(561) 859-1484
Listed By:
Marc Martinangelo
(561) 859-1484
Source:
Xome
Added: Apr 12
Changed: Aug 24
Last Checked: Aug 23 at 11:01AM
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 8,989 SF on approximately 1.41 acres, zoned CG (General Commercial). The property was completely remodeled from the ground up in 2019 and presents a turnkey interior with updated systems and finishes, supported by a flexible layout suitable for medical, professional office, or owner-user use.
A standout feature is the exceptionally large, private parking lot with 60+ on-site spaces, including 4 dedicated handicap spaces. The parking area is fully fenced and secured with electric gates, providing high-capacity, controlled access. Located on South Congress Avenue in Palm Springs, the property offers strong frontage, visibility, and easy ingress/egress along a major north-south corridor. It sits within a dense residential and commercial trade area, approximately 9 minutes from Palm Beach International Airport, and near I-95, major hospitals, and key retail corridors.
A standout feature is the exceptionally large, private parking lot with 60+ on-site spaces, including 4 dedicated handicap spaces. The parking area is fully fenced and secured with electric gates, providing high-capacity, controlled access. Located on South Congress Avenue in Palm Springs, the property offers strong frontage, visibility, and easy ingress/egress along a major north-south corridor. It sits within a dense residential and commercial trade area, approximately 9 minutes from Palm Beach International Airport, and near I-95, major hospitals, and key retail corridors.
Key Highlights
- Freestanding office/medical building built in 1989, offering 8,989 SF on approx. 1.41 acres
- CG (General Commercial) zoning
- 2019 remodel from the ground up with modern systems and updated finishes
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
6.33%
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 6.33%
Second Best
Healthcare Medical
$1.80M
$1.57M – $2.10M
NOI $125,720 @ 7.0% cap · market cap 2.54%
Theoretical Best
Office A
$6.33M
$5.54M – $7.39M
NOI $443,139 @ 7.0% cap · market cap 8.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
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
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Remodeled 2019 freestanding office/medical building with fenced 60+ space parking and flexible interior layout.
Where is this medical office space located?
The property is located at 1590 S Congress Avenue West Palm Beach, FL.
What is the asking price?
The asking price for this property is $4,950,000.
What are key features of this property?
This property features: Freestanding office/medical building built in 1989, offering 8,989 SF on approx. 1.41 acres; CG (General Commercial) zoning; 2019 remodel from the ground up with modern systems and updated finishes
