Corner Flex Space with
For Sale
$1,500,000
3109 2nd Avenue N, Palm Springs, FL 33461
Commercial Sale, Palm Springs, FL
Property Size2,250 SF
Lot Size0.33 Acres
Price / SF$666.67
Days on Market582
Property Features for 3109 2nd Avenue N
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM(cit
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Subdivision
5690
Standard status
Active
APN
70434419080000070
Size
2,250 SF
Lot size
0.33 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
LAKE ECHO LTS 7 THRU 9
Tax Annual Amount
8922
Legal Description
LAKE ECHO LTS 7 THRU 9
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1951
Floors in Building
1
Number of units
1
Flooring type
Tile - Ceramic, Vinyl, Marble
Roof type
Aluminum, Flat
Listing Agency:
Re/Max Rex · RE/MAX International
(561) 220-1520
Listed By:
Ivete Targino Canzano · License #3523339
(954) 825-6601
Added: Feb 21, 2025
Changed: Sep 15
Last Checked: Sep 26 at 1:06PM
MLS# R11064786
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 2,250-square-foot flex property occupies a 0.33-acre corner site at 3109 2nd Avenue N in Palm Springs. The building includes an office, showroom, storage for equipment, two bathrooms, and additional room for support functions. Vinyl, ceramic tile, and marble flooring are present, with central heating and central air conditioning.
The property comprises three lots identified as lots 7, 8, and 9. The site is fenced and paved, providing on-site parking. Public water and public sewer serve the property. The building was constructed in 1951 and has an aluminum, flat roof.
The property comprises three lots identified as lots 7, 8, and 9. The site is fenced and paved, providing on-site parking. Public water and public sewer serve the property. The building was constructed in 1951 and has an aluminum, flat roof.
Key Highlights
- 2,250 square feet on 0.33 acres
- Three lots identified as lots 7, 8, and 9
- Corner fenced site with paved parking
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
$59,636
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
3.98%
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%
$1,192,720
$1.2M
Cap Rate 7%
$851,943
$851.9K
Cap Rate 9%
$662,622
$662.6K
Market Conditions
NOI Build-Up for 2,250 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
$102.6K $45.60/SF
− Vacancy
−$23.1K −$10.26/SF
EGI
$79.5K $35.34/SF
− OpEx
−$19.9K −$8.84/SF
NOI
$59.6K $26.51/SF
Area
Palm Beach County, FL
Vacancy
22.50%
Lease Rate
$45.60 /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%
$1,192,720
Cap Rate 7%
$851,943
Cap Rate 9%
$662,622
Alternative Uses
Best Use
Office B
$851.9K
$745.5K – $993.9K
NOI $59,636 @ 7.0% cap · market cap 3.98%
Second Best
Flex RnD
$707.0K
$618.6K – $824.9K
NOI $49,491 @ 7.0% cap · market cap 3.30%
Theoretical Best
Office A
$1.58M
$1.39M – $1.85M
NOI $110,920 @ 7.0% cap · market cap 7.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
898
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33461, FL
47,161
Population
18,095
Households
2.6
Avg Household Size
36
Median Age
17%
College-Educated
75%
High-School Grad
7.1 sq mi
ZIP Area
6,642
Density / Sq Mi
$61,218
Median Household Income
$31,503
Median Earnings
$1,615
Median Rent
$263,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Fenced commercial property offers office, storage, paved parking, and two bathrooms.
Where is this flex space located?
The property is located at 3109 2nd Avenue N Palm Springs, FL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 2,250 square feet on 0.33 acres; Three lots identified as lots 7, 8, and 9; Corner fenced site with paved parking
