Warehouse Condo with Air-Conditioned
For Sale
Contact for pricing
Pending
1979 10th Avenue N, Lake Worth, FL 33461
3,600 SF warehouse condo with convenient access and high ceilings.
Property Size3,600 SF
Days on Market428
Property Features for 1979 10th Avenue N
General Information
Standard status
Pending
Size
3,600 SF
Class
B
Property subtype
Industrial
Zoning
LTI(ci
Investment Type
Owner/User
Building Details
Year Built
1985
Units
1
Listing Agency:
Compass Fort Lauderdale
(561) 777-4242
Listed By:
Ross Kuflik · License #SL3333597
Source:
Crexi
Added: Jun 12, 2025
Changed: Aug 8
Last Checked: Aug 12 at 12:54PM
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 Compass Fort Lauderdale
Investment Insights
Based on property information with market context.
This one-story, single-unit warehouse condo offers approximately 3,600 SF of functional industrial space paired with an air-conditioned storefront, suitable for showroom, light distribution, or service-oriented operations. The property is in good condition and presents a clean, flexible floor plan that can accommodate a variety of business setups. It features a rear drive-in bay door, front customer entry, and an existing bathroom with plumbing in place for a second. The ceiling height of approximately 23 ft provides ample vertical clearance for racking, equipment, and efficient storage layouts. The location is situated one minute west of I-95 and minutes from Palm Beach International Airport, placing it at the heart of Palm Beach County's business network with quick regional connectivity. The property streamlines operations and reduces transit time. There is an opportunity to purchase two additional units in the same center from the same owner, enabling buyers to scale their footprint or assemble a larger portfolio within a proven location. It is located in Lake Worth Beach, Florida.
Key Highlights
- Excellent location: 1 minute west of I‑95 and minutes from Palm Beach International Airport.
- 3,600 SF warehouse condo with air‑conditioned storefront.
- ±23 ft clear ceiling height allows for ample vertical clearance.
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
$79,186
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
7.20%
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%
$1,583,720
$1.6M
Cap Rate 7%
$1,131,229
$1.1M
Cap Rate 9%
$879,844
$879.8K
Market Conditions
NOI Build-Up for 3,600 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
$129.6K $36.00/SF
− Vacancy
−$7.8K −$2.16/SF
EGI
$121.8K $33.84/SF
− OpEx
−$42.6K −$11.84/SF
NOI
$79.2K $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%
$1,583,720
Cap Rate 7%
$1,131,229
Cap Rate 9%
$879,844
Alternative Uses
Best Use
Flex RnD
$1.13M
$989.8K – $1.32M
NOI $79,186 @ 7.0% cap · market cap 7.20%
Second Best
Warehouse
$674.2K
$589.9K – $786.6K
NOI $47,193 @ 7.0% cap · market cap 4.29%
Theoretical Best
Office A
$2.54M
$2.22M – $2.96M
NOI $177,473 @ 7.0% cap · market cap 16.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,060
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33461, FL
47,161
Population
18,095
Households
2.6
Avg Household Size
36
Median Age
17%
College-Educated
75%
High-School Grad
7.1 sq mi
ZIP Area
6,642
Density / Sq Mi
$61,218
Median Household Income
$31,503
Median Earnings
$1,615
Median Rent
$263,400
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - 3,600 SF warehouse condo with convenient access and high ceilings.
Where is this flex space located?
The property is located at 1979 10th Avenue N Lake Worth, FL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Excellent location: 1 minute west of I‑95 and minutes from Palm Beach International Airport.; 3,600 SF warehouse condo with air‑conditioned storefront.; ±23 ft clear ceiling height allows for ample vertical clearance.
