Small Bay Light Industrial
For Sale
$735,000
Pending
3677 23rd Avenue S Unit C107, Lake Worth, FL 33461
Light industrial condo with impact-resistant openings, located in a fenced, gated business park near I-95.
Property Size2,174 SF
Days on Market64
Property Features for 3677 23rd Avenue S Unit C107
General Information
Standard status
Pending
Size
2,174 SF
Property subtype
Industrial
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Building Details
Year Built
2007
Listing Agency:
Christina Morrison PA
(561) 573-7083
Listed By:
Christina H Morrison PA · License #R11165434
(561) 573-7083
Source:
Lehmannflorida
Added: Jun 14
Changed: Aug 15
Last Checked: Aug 15 at 6:57AM
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 PA
Investment Insights
Based on property information with market context.
This for-sale light industrial condo offers a small-bay setup within Marlin Commerce Center, suitable for an owner-user looking for practical, dedicated space. The unit is built with 21st-century construction and includes impact-resistant doors and windows. It is part of a fenced and gated business park, which helps define secure operations for light industrial and related uses.
The property is located in Lake Worth Beach, Florida, within a business park environment described as less than 1 mile from I-95. The site configuration centers on an industrial condo product designed for straightforward access and use by companies needing warehouse or light industrial space.
For contractors, distributors, or warehousing operators, this unit’s compact, single-bay configuration can fit day-to-day storage and operational needs without the scale of a larger distribution facility. The impact-resistant openings and controlled-access setting support tenants and buyers who prioritize durability and security for equipment and inventory. Unit C107 is now available for purchase for an owner-operator who wants to occupy and manage their own light industrial space.
The property is located in Lake Worth Beach, Florida, within a business park environment described as less than 1 mile from I-95. The site configuration centers on an industrial condo product designed for straightforward access and use by companies needing warehouse or light industrial space.
For contractors, distributors, or warehousing operators, this unit’s compact, single-bay configuration can fit day-to-day storage and operational needs without the scale of a larger distribution facility. The impact-resistant openings and controlled-access setting support tenants and buyers who prioritize durability and security for equipment and inventory. Unit C107 is now available for purchase for an owner-operator who wants to occupy and manage their own light industrial space.
Key Highlights
- 2,200 SF light industrial condo in Marlin Commerce Center
- Built in 2007 with 21st‑century construction
- Impact‑resistant doors and windows throughout
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
$47,819
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
6.51%
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%
$956,380
$956.4K
Cap Rate 7%
$683,129
$683.1K
Cap Rate 9%
$531,322
$531.3K
Market Conditions
NOI Build-Up for 2,174 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
$78.3K $36.00/SF
− Vacancy
−$4.7K −$2.16/SF
EGI
$73.6K $33.84/SF
− OpEx
−$25.7K −$11.84/SF
NOI
$47.8K $22.00/SF
Area
Palm Beach County, FL
Vacancy
6.00%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
35.00%
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%
$956,380
Cap Rate 7%
$683,129
Cap Rate 9%
$531,322
Alternative Uses
Best Use
Flex RnD
$683.1K
$597.7K – $797.0K
NOI $47,819 @ 7.0% cap · market cap 6.51%
Second Best
Warehouse
$407.1K
$356.2K – $475.0K
NOI $28,499 @ 7.0% cap · market cap 3.88%
Theoretical Best
Office A
$1.53M
$1.34M – $1.79M
NOI $107,174 @ 7.0% cap · market cap 14.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,533
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
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Light industrial condo with impact-resistant openings, located in a fenced, gated business park near I-95.
Where is this flex space located?
The property is located at 3677 23rd Avenue S Unit C107 Lake Worth, FL.
What is the asking price?
The asking price for this property is $735,000.
What are key features of this property?
This property features: 2,200 SF light industrial condo in Marlin Commerce Center; Built in 2007 with 21st‑century construction; Impact‑resistant doors and windows throughout
