Renovated Office/Warehouse Flex
New
For Sale
$1,895,000
1728 CORPORATE Drive, Boynton Beach, FL 33426
Renovated flex space combines finished offices with conditioned warehouse capacity.
Property Size3,965 SF
Price / SF$477.93
Days on Market4
Property Features for 1728 CORPORATE Drive
General Information
Standard status
Active
Size
3,965 SF
Property subtype
Industrial
Warehouse & Industrial
Clear Height
22 ft
Warehouse Space
2,409 SF
Drive-In Doors
1
Three-Phase Power
Yes
Conditioned Warehouse
Yes
Taxes and HOA fees
Annual Taxes
$22,021
Building Details
Building Size
3,965 SF
Year Built
2005
Construction
concrete
Listing Agency:
Luxury Listings Realty LLC
Listed By:
Jay J Carrier · License #3353050
(561) 441-7100
Source:
Meyerlucas
Added: Sep 16
Changed: Sep 18
Last Checked: Sep 18 at 9:24AM
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 Luxury Listings Realty LLC
Investment Insights
Based on property information with market context.
Built in 2005, this 3,965-square-foot flex property combines renovated office improvements with a dedicated warehouse area. The 2,409-square-foot air-conditioned warehouse has 22-foot clear ceilings, a 20-foot grade-level overhead door, new LED high-bay lighting, and 3-phase power. Concrete construction, new AC units, and a new bathroom support ongoing commercial use.
The office component includes a first-floor executive office and reception area with natural light, plus two private second-floor offices and a kitchenette. The property is positioned minutes from I-95, with tractor-trailer access suited to distribution, commercial, and service operations. A five-year new roof assessment has been paid in full.
The office component includes a first-floor executive office and reception area with natural light, plus two private second-floor offices and a kitchenette. The property is positioned minutes from I-95, with tractor-trailer access suited to distribution, commercial, and service operations. A five-year new roof assessment has been paid in full.
Key Highlights
- 3,965 SF flex property with renovated office and warehouse areas
- 2,409 SF air‑conditioned warehouse with 22‑foot clear ceilings
- 20‑foot grade‑level overhead door with tractor‑trailer access
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
$87,214
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
4.60%
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%
$1,744,280
$1.7M
Cap Rate 7%
$1,245,914
$1.2M
Cap Rate 9%
$969,044
$969.0K
Market Conditions
NOI Build-Up for 3,965 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
$142.7K $36.00/SF
− Vacancy
−$8.6K −$2.16/SF
EGI
$134.2K $33.84/SF
− OpEx
−$47.0K −$11.84/SF
NOI
$87.2K $22.00/SF
Area
Palm Beach County, FL
Vacancy
6.00%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
35.00%
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%
$1,744,280
Cap Rate 7%
$1,245,914
Cap Rate 9%
$969,044
Alternative Uses
Best Use
Flex RnD
$1.25M
$1.09M – $1.45M
NOI $87,214 @ 7.0% cap · market cap 4.60%
Second Best
Warehouse
$742.5K
$649.7K – $866.3K
NOI $51,977 @ 7.0% cap · market cap 2.74%
Theoretical Best
Office A
$2.79M
$2.44M – $3.26M
NOI $195,466 @ 7.0% cap · market cap 10.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
22 ft
Clear height
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
981
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33426, FL
25,155
Population
12,500
Households
2
Avg Household Size
43
Median Age
32%
College-Educated
91%
High-School Grad
6.1 sq mi
ZIP Area
4,124
Density / Sq Mi
$76,328
Median Household Income
$43,992
Median Earnings
$1,981
Median Rent
$298,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Renovated flex space combines finished offices with conditioned warehouse capacity.
Where is this flex space located?
The property is located at 1728 CORPORATE Drive Boynton Beach, FL.
What is the asking price?
The asking price for this property is $1,895,000.
What are key features of this property?
This property features: 3,965 SF flex property with renovated office and warehouse areas; 2,409 SF air‑conditioned warehouse with 22‑foot clear ceilings; 20‑foot grade‑level overhead door with tractor‑trailer access
