Corner Retail
For Sale
$1,400,000
359 10th Street, Lake Park, FL 33403
Adaptable commercial building with outdoor area, upgraded mechanical systems, and zoning supporting neighborhood-serving uses.
Property Size6,624 SF
Lot Size0.35 Acres
Price / SF$211.35
Days on Market23
Property Features for 359 10th Street
General Information
Standard status
Active
Size
6,624 SF
Lot size
0.35 Acres
Property subtype
Mixed Use
Additional Details
Corner Location
Yes
Taxes and HOA fees
Annual Taxes
$16,336
Amenities
outdoor area
Building Details
Building Size
6,624 SF
Year Built
1971
Buildings
1
Listing Agency:
LG Realty Group Inc.
(401) 632-3210
Listed By:
Alicia Irene Procter · License #3366294
(401) 632-3210
Source:
Meyerlucas
Added: Aug 2
Changed: Aug 24
Last Checked: Aug 24 at 12:48PM
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 LG Realty Group Inc.
Investment Insights
Based on property information with market context.
Located at 359 10th St, this 6,624 SF retail building occupies a 0.35-acre site at a prominent corner in Lake Park. The property includes a maintained outdoor area and has received a new roof with a transferable warranty, along with two replacement HVAC units rated at 3 tons and 5 tons. Built in 1971, the building is configured for adaptable commercial occupancy and is also offered for lease in approximately 3,000 to 3,700 SF configurations.
The site is one block from the signalized intersection of Park Avenue and Old Dixie Highway and within two blocks of a mixed-use development containing 595 residential units, a public parking garage, and dedicated parking. Lake Park zoning supports uses including retail, offices, salons, bakeries, studios, banks, medical and dental services, grooming, and small equipment repair.
The site is one block from the signalized intersection of Park Avenue and Old Dixie Highway and within two blocks of a mixed-use development containing 595 residential units, a public parking garage, and dedicated parking. Lake Park zoning supports uses including retail, offices, salons, bakeries, studios, banks, medical and dental services, grooming, and small equipment repair.
Key Highlights
- 6,624 SF building on a 0.35‑acre lot
- Corner location at 359 10th St, one block from Park Avenue and Old Dixie Highway
- New roof with transferable warranty
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
$112,007
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
8.00%
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%
$2,240,140
$2.2M
Cap Rate 7%
$1,600,100
$1.6M
Cap Rate 9%
$1,244,522
$1.2M
Market Conditions
NOI Build-Up for 6,624 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
$174.9K $26.40/SF
− Vacancy
−$14.9K −$2.24/SF
EGI
$160.0K $24.16/SF
− OpEx
−$48.0K −$7.25/SF
NOI
$112.0K $16.91/SF
Area
Palm Beach County, FL
Vacancy
8.50%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
30.00%
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%
$2,240,140
Cap Rate 7%
$1,600,100
Cap Rate 9%
$1,244,522
Alternative Uses
Best Use
Office B
$2.51M
$2.19M – $2.93M
NOI $175,569 @ 7.0% cap · market cap 12.54%
Second Best
Retail
$1.60M
$1.40M – $1.87M
NOI $112,007 @ 7.0% cap · market cap 8.00%
Theoretical Best
Office A
$4.66M
$4.08M – $5.44M
NOI $326,549 @ 7.0% cap · market cap 23.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,016
Businesses Nearby
Explore this area
Business Placement
Demographics for 33403, FL
13,779
Population
5,906
Households
2.3
Avg Household Size
38
Median Age
26%
College-Educated
86%
High-School Grad
3.3 sq mi
ZIP Area
4,175
Density / Sq Mi
$69,050
Median Household Income
$34,019
Median Earnings
$1,426
Median Rent
$340,100
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.
Frequently Asked Questions
What type of property is this?
Retail space - Adaptable commercial building with outdoor area, upgraded mechanical systems, and zoning supporting neighborhood-serving uses.
Where is this retail space located?
The property is located at 359 10th Street Lake Park, FL.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 6,624 SF building on a 0.35‑acre lot; Corner location at 359 10th St, one block from Park Avenue and Old Dixie Highway; New roof with transferable warranty
