Tenant-Occupied Flex Industrial
3677 23rd Ave S Lake Worth, FL 33461
For Sale
Contact for pricing
Light industrial condo features three air-conditioned offices, a restroom, and an oversized overhead door.
Property Size4,400 SF
Price / SF$164.77
Days on Market911
Property Features for 3677 23rd Ave S
General Information
Standard status
Active
Size
4,400 SF
Property subtype
INDUSTRIAL
Listing Agency:
Christina Morrison, P.A.
(561) 573-7083
Listed By:
Christina Morrison
Source:
Moodyscre
Added: Jan 30, 2024
Changed: Jul 27
Last Checked: Jul 28 at 2:26PM
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 Christina Morrison, P.A.
Investment Insights
Based on property information with market context.
This tenant-occupied light industrial condo is built with 21st-century construction, including concrete exterior walls and impact-resistant glass windows and doors. The unit includes three air-conditioned offices and one restroom already built, along with an oversized overhead door providing warehouse access.
The property is positioned in Lake Worth Beach with convenient access to I-95 and nearby to PBIA, supporting practical connectivity for business operations.
The current leasehold runs until March 2025, and the configuration supports both office needs and light industrial activity within a single condo unit.
The property is positioned in Lake Worth Beach with convenient access to I-95 and nearby to PBIA, supporting practical connectivity for business operations.
The current leasehold runs until March 2025, and the configuration supports both office needs and light industrial activity within a single condo unit.
Key Highlights
- Tenant‑occupied light industrial condo in Lake Worth Beach with leasehold until March 2025
- Includes 3 air‑conditioned offices and 1 restroom already built in the unit
- 21st‑century construction with concrete exterior walls
Financial Insights For Warehouse
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $71.8k | $16.32 |
| − Vacancy | −$3.9k | −$0.90 |
| EGI | $67.9k | $15.42 |
| − OpEx | −$10.2k | −$2.31 |
| NOI | $57.7k | $13.11 |
4,400 SF · lease $16.32/SF/yr · vacancy 5.50% · expense 15.00%
Alternative Uses
Best Use
Office B
$1.67M
$1.46M – $1.94M
NOI $116,622 @ 7.0% cap · market cap 16.09%
Second Best
Flex RnD
$1.38M
$1.21M – $1.61M
NOI $96,782 @ 7.0% cap · market cap 13.35%
Theoretical Best
Office A
$3.10M
$2.71M – $3.62M
NOI $216,911 @ 7.0% cap · market cap 29.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Flex space - Light industrial condo features three air-conditioned offices, a restroom, and an oversized overhead door.
Where is this flex space located?
The property is located at 3677 23rd Ave S Lake Worth, FL.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Tenant‑occupied light industrial condo in Lake Worth Beach with leasehold until March 2025; Includes 3 air‑conditioned offices and 1 restroom already built in the unit; 21st‑century construction with concrete exterior walls
