Freestanding Medical
For Sale
Contact for pricing
323 Southeast 23rd Avenue, Boynton Beach, FL 33435
Built in 1970, this C2-zoned property is configured for medical office use.
Property Size1,988 SF
Price / SF$402.41
Days on Market62
Property Features for 323 Southeast 23rd Avenue
General Information
Standard status
Active
Size
1,988 SF
Total Parking Spaces
10
Property subtype
Office
Zoning
C2
Investment Type
Owner/User
Building Details
Year Built
1970
Listing Agency:
Matthews
(305) 359-5207
Listed By:
Alexander Machado · License #SL3507121
Source:
Crexi
Added: Jul 1
Changed: Aug 31
Last Checked: Aug 31 at 1:17AM
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 Matthews
Investment Insights
Based on property information with market context.
This freestanding medical office property offers a dedicated healthcare-oriented building configuration with a reported property size of 1,988. Constructed in 1970, the property is designated C2 and is positioned at 323 Southeast 23rd Avenue in Boynton Beach, Florida. The address places the asset within the Boynton Beach market while providing a defined location for medical office operations.
Key Highlights
- Freestanding medical office property
- C2 zoning
- Built in 1970
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
$52,692
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
6.59%
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%
$1,053,840
$1.1M
Cap Rate 7%
$752,743
$752.7K
Cap Rate 9%
$585,467
$585.5K
Market Conditions
NOI Build-Up for 1,988 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
$90.7K $45.60/SF
− Vacancy
−$20.4K −$10.26/SF
EGI
$70.3K $35.34/SF
− OpEx
−$17.6K −$8.84/SF
NOI
$52.7K $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%
$1,053,840
Cap Rate 7%
$752,743
Cap Rate 9%
$585,467
Alternative Uses
Best Use
Office B
$752.7K
$658.7K – $878.2K
NOI $52,692 @ 7.0% cap · market cap 6.59%
Second Best
Healthcare Medical
$374.2K
$327.4K – $436.6K
NOI $26,194 @ 7.0% cap · market cap 3.27%
Theoretical Best
Office A
$1.40M
$1.23M – $1.63M
NOI $98,004 @ 7.0% cap · market cap 12.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,367
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33435, FL
37,318
Population
20,058
Households
1.9
Avg Household Size
45
Median Age
32%
College-Educated
85%
High-School Grad
6.5 sq mi
ZIP Area
5,741
Density / Sq Mi
$66,612
Median Household Income
$35,488
Median Earnings
$1,846
Median Rent
$306,900
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- John M. Pacy, D.V.M. — 562 East Woolbright Road This was my old Postal Center I DO NOT see pets at this address, Boynton Be
- Vet Wellcare Vaccinations Clinic at Pet Supermarket — 570 E Woolbright Rd, Boynton Beach, FL 33435
- Banfield Pet Hospital — 562 E Woolbright Rd, Boynton Beach, FL 33435
- Martin Rob DVM — 127 E Woolbright Rd, Boynton Beach, FL 33435
Frequently Asked Questions
What type of property is this?
Medical Office Space - Built in 1970, this C2-zoned property is configured for medical office use.
Where is this medical office space located?
The property is located at 323 Southeast 23rd Avenue Boynton Beach, FL.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Freestanding medical office property; C2 zoning; Built in 1970
