Commercial Office
New
For Sale
$9,000,000
2701 OKEECHOBEE Boulevard, West Palm Beach, FL
Commercial Sale, West Palm Beach, FL
Property Size9,503 SF
Lot Size1.27 Acres
Price / SF$947.07
Days on Market3
Property Features for 2701 OKEECHOBEE Boulevard
General Information
Property type
Residential
Property subtype
Office
Zoning
GC (city)
Parking
30
Security features
Security
Subdivision
5410
Standard status
Active
APN
74434319010000022
Size
9,503 SF
Lot size
1.27 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PERINI-WESTWARD COMMERCIAL AREA S 300 FT OF E 185 FT OF TRACT B
Tax Annual Amount
53451
Legal Description
PERINI-WESTWARD COMMERCIAL AREA S 300 FT OF E 185 FT OF TRACT B
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1963
Floors in Building
4
Flooring type
Tile, Wood, Concrete
Building materials
Concrete, Stucco
Roof type
Flat
Listing Agency:
EXP Realty LLC
(888) 883-8509
Listed By:
Scott A. Huston · License #3246465
(954) 804-8346
Added: Aug 31
Changed: Sep 2
Last Checked: Sep 2 at 1:06PM
MLS# B26070342
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.
The property includes approximately 9,181 SF of existing commercial and office improvements on 1.27 acres. Built in 1963, the building features concrete and stucco construction, a flat roof, and a mix of tile, wood, and concrete flooring. Central heating and central air conditioning serve the interior.
Located at 2701 Okeechobee Boulevard in West Palm Beach, the property fronts the Okeechobee Boulevard corridor. Public water and public sewer are in place, and the site is zoned GC by the city. The property is offered individually, with an optional package involving the adjoining property also described in the listing information.
Located at 2701 Okeechobee Boulevard in West Palm Beach, the property fronts the Okeechobee Boulevard corridor. Public water and public sewer are in place, and the site is zoned GC by the city. The property is offered individually, with an optional package involving the adjoining property also described in the listing information.
Key Highlights
- Approximately 9,181 SF of existing commercial and office improvements
- 1.27‑acre site along Okeechobee Boulevard
- GC city zoning
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
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 - Established office improvements on a 1.27-acre site with central HVAC, public utilities, and GC city zoning.
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: Approximately 9,181 SF of existing commercial and office improvements; 1.27‑acre site along Okeechobee Boulevard; GC city zoning
