Multi-Tenant Retail
For Sale
Contact for pricing
5601 Okeechobee Boulevard, West Palm Beach, FL 33417
Established retail property with two tenants and a West Palm Beach Boulevard location.
Property Size5,750 SF
Price / SF$421.74
Days on Market13
Property Features for 5601 Okeechobee Boulevard
General Information
Standard status
Active
Size
5,750 SF
Property subtype
Retail
Net Operating Income
$139,684
Additional Details
Traffic Count
68,000 vehicles/day
Building Details
Year Built
2007
Tenancy
Multi
Listing Agency:
Matthews
(561) 282-6246
Listed By:
Grant Steinberg · License #SL3539035
Source:
Crexi
Added: Aug 19
Changed: Aug 30
Last Checked: Aug 30 at 10:15PM
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 retail property contains 5,750 square feet and was constructed in 2007. The building has maintained two tenants since 2011, providing an established occupancy history for the asset.
Located at 5601 Okeechobee Boulevard in West Palm Beach, the property sits along a retail corridor reporting 68,000 vehicles per day. The address is within the 33417 ZIP code.
Located at 5601 Okeechobee Boulevard in West Palm Beach, the property sits along a retail corridor reporting 68,000 vehicles per day. The address is within the 33417 ZIP code.
Key Highlights
- 5,750‑square‑foot retail property
- Two tenants in place since 2011
- 68,000 VPD reported along Okeechobee Boulevard
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
$81,289
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
3.35%
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%
$1,625,780
$1.6M
Cap Rate 7%
$1,161,271
$1.2M
Cap Rate 9%
$903,211
$903.2K
Market Conditions
NOI Build-Up for 5,750 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
$124.2K $21.60/SF
− Vacancy
−$8.1K −$1.40/SF
EGI
$116.1K $20.20/SF
− OpEx
−$34.8K −$6.06/SF
NOI
$81.3K $14.14/SF
Area
West Palm Beach, FL
Vacancy
6.50%
Lease Rate
$21.60 /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%
$1,625,780
Cap Rate 7%
$1,161,271
Cap Rate 9%
$903,211
Alternative Uses
Best Use
Retail
$1.16M
$1.02M – $1.35M
NOI $81,289 @ 7.0% cap · market cap 3.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.05M
$3.54M – $4.72M
NOI $283,463 @ 7.0% cap · market cap 11.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
68,000 VPD
Traffic count
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
715
Businesses Nearby
Explore this area
Business Placement
Demographics for 33417, FL
34,153
Population
20,450
Households
1.7
Avg Household Size
48
Median Age
26%
College-Educated
83%
High-School Grad
6.6 sq mi
ZIP Area
5,175
Density / Sq Mi
$50,077
Median Household Income
$35,036
Median Earnings
$1,533
Median Rent
$159,300
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Established retail property with two tenants and a West Palm Beach Boulevard location.
Where is this retail space located?
The property is located at 5601 Okeechobee Boulevard West Palm Beach, FL.
What is the asking price?
The asking price for this property is $2,425,000.
What are key features of this property?
This property features: 5,750‑square‑foot retail property; Two tenants in place since 2011; 68,000 VPD reported along Okeechobee Boulevard
