Industrial Flex Condo
For Sale
$635,000
2781 Vista Parkway #K2, West Palm Beach, FL 33411
Industrial flex condo in a gated park with office HVAC, warehouse area without HVAC, and utilities staged for future install.
Property Size1,800 SF
Price / SF$352.78
Days on Market100
Property Features for 2781 Vista Parkway #K2
General Information
Standard status
Active
Size
1,800 SF
Zoning
PIPD - PLANNED INDUSTRIAL PARK DEV
Additional Details
Highway Access
Yes
Listing Agency:
eXp Commercial
(561) 810-3537
Listed By:
Chad Massaker, MICP · License #BK3467373
(561) 810-3537
Source:
Expcommercial
Added: May 20
Changed: Aug 22
Last Checked: Aug 26 at 5:24AM
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 Commercial
Investment Insights
Based on property information with market context.
This industrial flex condo suite is located in a gated industrial park and combines office improvements with warehouse functionality. The office includes HVAC, while the warehouse area is described as having no HVAC in place, though plumbing and electrical are already in place to support adding HVAC. The warehouse also features a high ceiling designed to accommodate additional racking and storage.
The property is positioned near major regional transportation, with access “right off Florida’s Turnpike,” and it is noted as approximately 10 minutes from I-95. The park also includes onsite amenities such as a gas station and a car and truck wash.
Overall, the layout is suited to operations that benefit from dedicated office comfort and a warehouse space sized for flexible storage configurations.
The property is positioned near major regional transportation, with access “right off Florida’s Turnpike,” and it is noted as approximately 10 minutes from I-95. The park also includes onsite amenities such as a gas station and a car and truck wash.
Overall, the layout is suited to operations that benefit from dedicated office comfort and a warehouse space sized for flexible storage configurations.
Key Highlights
- Industrial flex condo in a gated industrial park with office HVAC and warehouse area without HVAC
- Warehouse has high ceilings for additional racking/storage capacity
- Utilities are staged in the warehouse for future HVAC installation (plumbing & electrical already in place)
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
$20,049
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
3.16%
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%
$400,980
$401.0K
Cap Rate 7%
$286,414
$286.4K
Cap Rate 9%
$222,767
$222.8K
Market Conditions
NOI Build-Up for 1,800 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
$25.9K $14.40/SF
− Vacancy
−$2.3K −$1.30/SF
EGI
$23.6K $13.10/SF
− OpEx
−$3.5K −$1.97/SF
NOI
$20.0K $11.14/SF
Area
West Palm Beach, FL
Vacancy
9.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
15.00%
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%
$400,980
Cap Rate 7%
$286,414
Cap Rate 9%
$222,767
Alternative Uses
Best Use
Warehouse
$286.4K
$250.6K – $334.2K
NOI $20,049 @ 7.0% cap · market cap 3.16%
Second Best
Flex RnD
$252.7K
$221.1K – $294.8K
NOI $17,690 @ 7.0% cap · market cap 2.79%
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $88,736 @ 7.0% cap · market cap 13.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
749
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33411, FL
74,206
Population
30,063
Households
2.5
Avg Household Size
42
Median Age
39%
College-Educated
91%
High-School Grad
34.9 sq mi
ZIP Area
2,126
Density / Sq Mi
$89,329
Median Household Income
$46,461
Median Earnings
$1,887
Median Rent
$400,900
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 - Industrial flex condo in a gated park with office HVAC, warehouse area without HVAC, and utilities staged for future install.
Where is this flex space located?
The property is located at 2781 Vista Parkway #K2 West Palm Beach, FL.
What is the asking price?
The asking price for this property is $635,000.
What are key features of this property?
This property features: Industrial flex condo in a gated industrial park with office HVAC and warehouse area without HVAC; Warehouse has high ceilings for additional racking/storage capacity; Utilities are staged in the warehouse for future HVAC installation (plumbing & electrical already in place)
