Two-Story Office Condo
For Sale
$649,900
2684 SE Willoughby Boulevard, Stuart, FL
SINGLE_FAMILY - Stuart, FL
Property Size2,400 SF
Lot Size0.03 Acres
Price / SF$270.79
Days on Market106
Property Features for 2684 SE Willoughby Boulevard
General Information
Property type
Residential
Property subtype
Office
Zoning
Commercial
Parking
60
Security features
Security System
Directions
95 to Kanner Highway, head east. Turn right at Indian St. Turn Left at Willoughby. Office Park is on the left 1/8 mile south of Monterrey. Building is in the back of the office park. Unit #2684.
Subdivision
6080 - Stuart - North of Indian St
Standard status
Active
APN
163841014001000800
Size
2,400 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
UNIT 8 - PH 1 - WILLOUGHBY BUSINESS CENTRE CONDO PER DOC IN OR 1936/1930
Tax Annual Amount
6730
Legal Description
UNIT 8 - PH 1 - WILLOUGHBY BUSINESS CENTRE CONDO PER DOC IN OR 1936/1930
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
2004
Floors in Building
2
Flooring type
Carpet
Building materials
Concrete Block - With Stucco
Roof type
Barrel, Flat
Listing Agency:
Echo Fine Properties
(561) 500-3246
Listed By:
Howard Freedland · License #3482263
(561) 889-2735
Added: Apr 30
Changed: Jul 20
Last Checked: Aug 13 at 2:06AM
MLS# B26022235
Copyright © 2026 BeachesMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This turn-key office condo unit is configured over two stories. On the first level, the space includes a presentation area and meeting room. The second level provides office space along with a full bath, a conference room, and a kitchenette. The unit is well maintained and includes two air conditioning units.
Located in Central Stuart, Florida at 2684 SE Willoughby Boulevard. The condominium includes improvements such as a roof replacement in 2018 and instant-hot water for the plumbing.
For tenants or owner-users seeking an office layout that supports both client-facing meetings and day-to-day work, the combination of presentation space, conference room, and multiple offices is designed for flexible use. The included kitchenette and full bath add day-to-day convenience, while the dual AC and roof replacement provide practical continuity for ongoing occupancy.
Located in Central Stuart, Florida at 2684 SE Willoughby Boulevard. The condominium includes improvements such as a roof replacement in 2018 and instant-hot water for the plumbing.
For tenants or owner-users seeking an office layout that supports both client-facing meetings and day-to-day work, the combination of presentation space, conference room, and multiple offices is designed for flexible use. The included kitchenette and full bath add day-to-day convenience, while the dual AC and roof replacement provide practical continuity for ongoing occupancy.
Key Highlights
- Turn‑key office suite in Central Stuart, Florida.
- Two‑story layout featuring a presentation space/meeting room and offices/conference room.
- Includes a full bath and kitchenette.
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
$30,326
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
4.67%
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%
$606,520
$606.5K
Cap Rate 7%
$433,229
$433.2K
Cap Rate 9%
$336,956
$337.0K
Market Conditions
NOI Build-Up for 2,400 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
$51.8K $21.60/SF
− Vacancy
−$11.4K −$4.75/SF
EGI
$40.4K $16.85/SF
− OpEx
−$10.1K −$4.21/SF
NOI
$30.3K $12.64/SF
Area
Martin County, FL
Vacancy
22.00%
Lease Rate
$21.60 /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%
$606,520
Cap Rate 7%
$433,229
Cap Rate 9%
$336,956
Alternative Uses
Best Use
Office B
$433.2K
$379.1K – $505.4K
NOI $30,326 @ 7.0% cap · market cap 4.67%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$630.5K
$551.7K – $735.6K
NOI $44,135 @ 7.0% cap · market cap 6.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
960
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Turn-key, two-level office suite with presentation space and multiple offices, plus updated roof and dual AC units.
Where is this office units located?
The property is located at 2684 SE Willoughby Boulevard Stuart, FL.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Turn‑key office suite in Central Stuart, Florida.; Two‑story layout featuring a presentation space/meeting room and offices/conference room.; Includes a full bath and kitchenette.
