Office Condo
For Sale
$400,000
3602 Dixie Highway, West Palm Beach, FL 33405
Office unit offered for sale as part of a larger commercial property on S Dixie Highway.
Property Size624 SF
Price / SF$641.03
Days on Market91
Property Features for 3602 Dixie Highway
General Information
Standard status
Active
Size
624 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$4,103
Amenities
3
Building Details
Year Built
2013
Listing Agency:
Sotheby's Intl. Realty, Inc.
(561) 758-5402
Listed By:
Christine Gibbons · License #B26031216
(561) 758-5402
Source:
Xome
Added: May 19
Changed: Aug 16
Last Checked: Aug 17 at 4:39AM
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 Sotheby's Intl. Realty, Inc.
Investment Insights
Based on property information with market context.
This sale listing offers an office unit (Unit 110) within a commercial property that includes office spaces and office units. The asset is presented as a compact, individually designated unit suitable for office use.
The unit is located at 3602 S Dixie Highway in West Palm Beach, Florida, providing direct access to the main thoroughfare for business operations and customer visits.
For buyers or tenants evaluating smaller office space, this specific unit format can be useful when you’re looking for a defined, addressable office space within an existing commercial setting.
The unit is located at 3602 S Dixie Highway in West Palm Beach, Florida, providing direct access to the main thoroughfare for business operations and customer visits.
For buyers or tenants evaluating smaller office space, this specific unit format can be useful when you’re looking for a defined, addressable office space within an existing commercial setting.
Key Highlights
- Office unit in a larger commercial property on S Dixie Highway
- Year built: 2013
- Includes 3 guest facilities
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
$21,752
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
5.44%
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%
$435,040
$435.0K
Cap Rate 7%
$310,743
$310.7K
Cap Rate 9%
$241,689
$241.7K
Market Conditions
NOI Build-Up for 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
$34.4K $55.20/SF
− Vacancy
−$5.4K −$8.72/SF
EGI
$29.0K $46.48/SF
− OpEx
−$7.3K −$11.62/SF
NOI
$21.8K $34.86/SF
Area
West Palm Beach, FL
Vacancy
15.80%
Lease Rate
$55.20 /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%
$435,040
Cap Rate 7%
$310,743
Cap Rate 9%
$241,689
Alternative Uses
Best Use
Office B
$310.7K
$271.9K – $362.5K
NOI $21,752 @ 7.0% cap · market cap 5.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$439.5K
$384.5K – $512.7K
NOI $30,762 @ 7.0% cap · market cap 7.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
631
Businesses Nearby
Explore this area
Business Placement
Demographics for 33405, FL
19,369
Population
9,557
Households
2
Avg Household Size
41
Median Age
34%
College-Educated
82%
High-School Grad
4.5 sq mi
ZIP Area
4,304
Density / Sq Mi
$82,945
Median Household Income
$46,450
Median Earnings
$1,432
Median Rent
$401,200
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Office unit offered for sale as part of a larger commercial property on S Dixie Highway.
Where is this office units located?
The property is located at 3602 Dixie Highway West Palm Beach, FL.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Office unit in a larger commercial property on S Dixie Highway; Year built: 2013; Includes 3 guest facilities
