Oakland Park Warehouse For
For Sale
Contact for pricing
3040 NW 23rd Avenue, Oakland Park, FL 33311
Two-bay warehouse in established industrial area, Oakland Park.
Property Size3,000 SF
Price / SF$216.67
Days on Market662
Property Features for 3040 NW 23rd Avenue
General Information
Standard status
Active
Size
3,000 SF
Class
B
Property subtype
Industrial
Zoning
B-3
Building Details
Year Built
1971
Listing Agency:
Maria Vasile, P.A.
(954) 240-7903
Listed By:
Maria Vasile · License #FL BK326062
Source:
Crexi
Added: Oct 24, 2024
Changed: Aug 15
Last Checked: Aug 15 at 9:56AM
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 Maria Vasile, P.A.
Investment Insights
Based on property information with market context.
This property features a 3000 square foot warehouse, divided into two 1500 square foot bays. Each bay includes office space and bathrooms. Situated in a busy, established industrial area of Oakland Park, the location provides an easy commute and is minutes from I-95. The surrounding area is comprised of various types of local businesses. One bay will be vacant at closing, as the owner is retiring. The second bay is currently tenant-occupied under a lease. Bay 2 has a new electric panel, and the roof is in good condition. Ample open parking is available in front of the building. Both bays have small office areas, individual bathrooms, and overhead loading doors. This property presents an opportunity for an owner-user or investor. There are no HOA or association fees.
Key Highlights
- Two‑bay warehouse totaling 3000 sq ft in established Oakland Park industrial area
- Owner unit (Bay 1) will be vacant at closing, ideal for immediate owner‑user occupancy
- Excellent location with easy commute and minutes to I‑95
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
$39,327
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
6.05%
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%
$786,540
$786.5K
Cap Rate 7%
$561,814
$561.8K
Cap Rate 9%
$436,967
$437.0K
Market Conditions
NOI Build-Up for 3,000 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
$49.0K $16.32/SF
− Vacancy
−$2.7K −$0.90/SF
EGI
$46.3K $15.42/SF
− OpEx
−$6.9K −$2.31/SF
NOI
$39.3K $13.11/SF
Area
Broward County, FL
Vacancy
5.50%
Lease Rate
$16.32 /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%
$786,540
Cap Rate 7%
$561,814
Cap Rate 9%
$436,967
Alternative Uses
Best Use
Office B
$1.14M
$993.9K – $1.33M
NOI $79,515 @ 7.0% cap · market cap 12.23%
Second Best
Warehouse
$561.8K
$491.6K – $655.5K
NOI $39,327 @ 7.0% cap · market cap 6.05%
Theoretical Best
Office A
$1.52M
$1.33M – $1.78M
NOI $106,542 @ 7.0% cap · market cap 16.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,491
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 33311, FL
69,413
Population
27,330
Households
2.5
Avg Household Size
37
Median Age
18%
College-Educated
81%
High-School Grad
10.4 sq mi
ZIP Area
6,674
Density / Sq Mi
$51,918
Median Household Income
$32,717
Median Earnings
$1,385
Median Rent
$276,600
Median Home Value
Market
Vacancy Rate% for Office in South region
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- Public Storage — 1650 W Oakland Park Blvd, Oakland Park, FL 33311
Frequently Asked Questions
What type of property is this?
Warehouse - Two-bay warehouse in established industrial area, Oakland Park.
Where is this warehouse located?
The property is located at 3040 NW 23rd Avenue Oakland Park, FL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Two‑bay warehouse totaling 3000 sq ft in established Oakland Park industrial area; Owner unit (Bay 1) will be vacant at closing, ideal for immediate owner‑user occupancy; Excellent location with easy commute and minutes to I‑95
