Office Building with On-Site
New
For Sale
$9,000,000
2701 OKEECHOBEE Boulevard, West Palm Beach, FL 33409
Existing commercial improvements occupy a sizable parcel along Okeechobee Boulevard in West Palm Beach.
Property Size9,503 SF
Days on Market3
Property Features for 2701 OKEECHOBEE Boulevard
General Information
Standard status
Active
Size
9,503 SF
Property subtype
Office
Taxes and HOA fees
Annual Taxes
$53,451
Building Details
Building Size
9,503 SF
Year Built
1963
Listing Agency:
EXP Realty LLC
Listed By:
Scott A. Huston · License #3246465
(954) 804-8346
Source:
Darlenestreit
Added: Aug 31
Changed: Sep 1
Last Checked: Sep 1 at 6:21PM
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 EXP Realty LLC
Investment Insights
Based on property information with market context.
This office property at 2701 Okeechobee Boulevard includes existing commercial improvements situated on 1.27 acres. The site has 30 parking spaces and dates to 1963, providing an established physical setting for continued commercial or office use. Its placement along the Okeechobee Boulevard corridor provides direct association with a primary commercial roadway in West Palm Beach.
The property is offered individually. An optional package with the adjoining 801 Spencer Drive property is also described, which would add approximately 0.29 acres and 3,665 SF of improvements; those additional assets are not included in this individual property description.
The property is offered individually. An optional package with the adjoining 801 Spencer Drive property is also described, which would add approximately 0.29 acres and 3,665 SF of improvements; those additional assets are not included in this individual property description.
Key Highlights
- 1.27‑acre office property at 2701 Okeechobee Boulevard
- Approximately 9,181 SF of existing commercial/office improvements
- 30 Parking Spaces
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
$331,263
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
3.68%
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%
$6,625,260
$6.6M
Cap Rate 7%
$4,732,329
$4.7M
Cap Rate 9%
$3,680,700
$3.7M
Market Conditions
NOI Build-Up for 9,503 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
$524.6K $55.20/SF
− Vacancy
−$82.9K −$8.72/SF
EGI
$441.7K $46.48/SF
− OpEx
−$110.4K −$11.62/SF
NOI
$331.3K $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%
$6,625,260
Cap Rate 7%
$4,732,329
Cap Rate 9%
$3,680,700
Alternative Uses
Best Use
Office B
$4.73M
$4.14M – $5.52M
NOI $331,263 @ 7.0% cap · market cap 3.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.69M
$5.86M – $7.81M
NOI $468,478 @ 7.0% cap · market cap 5.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,502
Businesses Nearby
Explore this area
Business Placement
Demographics for 33409, FL
33,061
Population
13,715
Households
2.4
Avg Household Size
34
Median Age
27%
College-Educated
80%
High-School Grad
6.3 sq mi
ZIP Area
5,248
Density / Sq Mi
$65,206
Median Household Income
$34,994
Median Earnings
$1,633
Median Rent
$282,900
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?
Office building - Existing commercial improvements occupy a sizable parcel along Okeechobee Boulevard in West Palm Beach.
Where is this office building located?
The property is located at 2701 OKEECHOBEE Boulevard West Palm Beach, FL.
What is the asking price?
The asking price for this property is $9,000,000.
What are key features of this property?
This property features: 1.27‑acre office property at 2701 Okeechobee Boulevard; Approximately 9,181 SF of existing commercial/office improvements; 30 Parking Spaces
