Racetrack-Style Medical Office
For Sale
$1,900,000
2280 W Atlantic Avenue, Delray Beach, FL 33445
Single-story end cap medical office includes five private exam rooms, procedure bays, lab and x-ray room, and staff kitchen.
Property Size3,878 SF
Price / SF$475
Days on Market148
Property Features for 2280 W Atlantic Avenue
General Information
Standard status
Active
Size
3,878 SF
Total Parking Spaces
10
Zoning
PC (city)
Taxes and HOA fees
Annual Taxes
$22,087
Amenities
ReceptionArea
Central Air
Central
Building Details
Building Size
3,878 SF
Year Built
1985
Stories
1
Listed By:
Marie K Seide
(561) 715-6217
Source:
Evrealestate
Added: Apr 11
Changed: Aug 23
Last Checked: Sep 5 at 6:20AM
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 Marie K Seide
Investment Insights
Based on property information with market context.
Single-story end cap medical office suite offering approximately 4,000 square feet under air. The space is arranged in a racetrack-style medical layout intended to support smooth patient flow. Features include five private exam rooms, three procedure and suturing bays, a lab setup, and an x-ray room. Additional amenities include a staff kitchen, five bathrooms, a front office area with separate bus/manager space, and a private doctors office in the rear with a private bath and back door entrance.
The property is located on a busy intersection of Atlantic Ave and Congress within a shopping center anchored by Walgreens, along with long-term tenants including a Chinese restaurant, Dunkin Donuts, and Subway. Plenty of parking is available, and the parking lot was recently resurfaced.
The configuration supports medical office use with exam rooms, procedure space, lab and imaging room, multiple restrooms, and dedicated staff and private physician areas.
The property is located on a busy intersection of Atlantic Ave and Congress within a shopping center anchored by Walgreens, along with long-term tenants including a Chinese restaurant, Dunkin Donuts, and Subway. Plenty of parking is available, and the parking lot was recently resurfaced.
The configuration supports medical office use with exam rooms, procedure space, lab and imaging room, multiple restrooms, and dedicated staff and private physician areas.
Key Highlights
- Single‑story end cap medical office with almost 4,000 sq ft under air
- Racetrack‑style layout designed for smooth patient traffic flow
- Features 5 private exam rooms plus 3 procedure & suturing bays
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
$106,020
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
5.58%
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%
$2,120,400
$2.1M
Cap Rate 7%
$1,514,571
$1.5M
Cap Rate 9%
$1,178,000
$1.2M
Market Conditions
NOI Build-Up for 4,000 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
$182.4K $45.60/SF
− Vacancy
−$41.0K −$10.26/SF
EGI
$141.4K $35.34/SF
− OpEx
−$35.3K −$8.84/SF
NOI
$106.0K $26.51/SF
Area
Palm Beach County, FL
Vacancy
22.50%
Lease Rate
$45.60 /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%
$2,120,400
Cap Rate 7%
$1,514,571
Cap Rate 9%
$1,178,000
Alternative Uses
Best Use
Office B
$1.51M
$1.33M – $1.77M
NOI $106,020 @ 7.0% cap · market cap 5.58%
Second Best
Healthcare Medical
$752.9K
$658.8K – $878.4K
NOI $52,704 @ 7.0% cap · market cap 2.77%
Theoretical Best
Office A
$2.82M
$2.46M – $3.29M
NOI $197,192 @ 7.0% cap · market cap 10.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,043
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33445, FL
32,265
Population
17,584
Households
1.8
Avg Household Size
51
Median Age
39%
College-Educated
90%
High-School Grad
8.1 sq mi
ZIP Area
3,983
Density / Sq Mi
$70,748
Median Household Income
$41,169
Median Earnings
$1,991
Median Rent
$282,500
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 - Single-story end cap medical office includes five private exam rooms, procedure bays, lab and x-ray room, and staff kitchen.
Where is this medical office space located?
The property is located at 2280 W Atlantic Avenue Delray Beach, FL.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Single‑story end cap medical office with almost 4,000 sq ft under air; Racetrack‑style layout designed for smooth patient traffic flow; Features 5 private exam rooms plus 3 procedure & suturing bays
