Renovated 6-Bay Flex
New
For Sale
$2,300,000
5960 SW 23rd St, West Park, FL 33023
Commercial Sale, West Park, FL
Property Size6,000 SF
Lot Size0.27 Acres
Price / SF$383.33
Days on Market2
Property Features for 5960 SW 23rd St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
TOC
Parking
11
Parking features
Assigned
Directions
Google Maps
Subdivision
3080
Standard status
Active
APN
514124021130
Lot size
0.27 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
STURDEVANTS 2ND ADD TO WEST HOLLYWOOD 4-18 B LOT 23,24 BLK 20
Tax Annual Amount
19683
Legal Description
STURDEVANTS 2ND ADD TO WEST HOLLYWOOD 4-18 B LOT 23,24 BLK 20
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
freestanding
corner building
roll-up doors
16' clear ceiling heights
office build-outs
3-phase power
separate electric meters
new concrete roof
Building Details
Year built
1967
Floors in Building
1
Number of units
4
Flooring type
Concrete
Building materials
Block
Roof type
Concrete
Listing Agency:
Keller Williams Capital Realty · Keller Williams Realty
(305) 662-7325
Listed By:
Ricky Kallabat PA · License #3254287
(305) 747-5117
Added: Aug 28
Last Checked: Aug 29 at 4:06PM
MLS# A12079015
Copyright © 2026 Miami REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This freestanding flex property in West Park contains approximately 6,000 square feet within a renovated, concrete-block building. The layout includes two double bays of approximately 2,000 square feet each and two single bays of approximately 1,000 square feet each. Six grade-level roll-up doors provide 12-foot clearance, while the building offers 16-foot clear heights, office build-outs in two bays, concrete flooring, central heating and central air, and three-phase power supported by four separate electric meters. The property includes 11 on-site parking spaces, including one ADA space.
The property is located at 5960 SW 23rd St, just off State Road 7 and north of Hallandale Beach Boulevard, with access to I-95 and Florida's Turnpike. The site measures 0.2678 acres and has public water and public sewer. The building was constructed in 1967 and received a new concrete roof in 2020. It is grandfathered for mechanic and auto repair use and is currently 100% tenant-occupied, with a reported 5%+ CAP RATE.
The property is located at 5960 SW 23rd St, just off State Road 7 and north of Hallandale Beach Boulevard, with access to I-95 and Florida's Turnpike. The site measures 0.2678 acres and has public water and public sewer. The building was constructed in 1967 and received a new concrete roof in 2020. It is grandfathered for mechanic and auto repair use and is currently 100% tenant-occupied, with a reported 5%+ CAP RATE.
Key Highlights
- Approximately 6,000 SF freestanding flex building with six bays
- Six grade‑level roll‑up doors with 12' clearance and 16' clear ceiling heights
- Grandfathered for mechanic and auto repair use
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
$131,976
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
5.74%
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%
$2,639,520
$2.6M
Cap Rate 7%
$1,885,371
$1.9M
Cap Rate 9%
$1,466,400
$1.5M
Market Conditions
NOI Build-Up for 6,000 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
$216.0K $36.00/SF
− Vacancy
−$13.0K −$2.16/SF
EGI
$203.0K $33.84/SF
− OpEx
−$71.1K −$11.84/SF
NOI
$132.0K $22.00/SF
Area
Broward 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%
$2,639,520
Cap Rate 7%
$1,885,371
Cap Rate 9%
$1,466,400
Alternative Uses
Best Use
Flex RnD
$1.89M
$1.65M – $2.20M
NOI $131,976 @ 7.0% cap · market cap 5.74%
Second Best
Retail
$1.45M
$1.27M – $1.69M
NOI $101,455 @ 7.0% cap · market cap 4.41%
Theoretical Best
Office A
$3.04M
$2.66M – $3.55M
NOI $213,084 @ 7.0% cap · market cap 9.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16 ft
Clear height
6
Drive-in doors
6
Service bays
100%
Occupancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,954
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33023, FL
66,749
Population
22,450
Households
3
Avg Household Size
38
Median Age
20%
College-Educated
84%
High-School Grad
8.8 sq mi
ZIP Area
7,585
Density / Sq Mi
$70,003
Median Household Income
$35,093
Median Earnings
$1,621
Median Rent
$344,500
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 - Freestanding block construction with auto-repair grandfathering, multiple grade-level doors, office build-outs, and central air.
Where is this flex space located?
The property is located at 5960 SW 23rd St West Park, FL.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: Approximately 6,000 SF freestanding flex building with six bays; Six grade‑level roll‑up doors with 12' clearance and 16' clear ceiling heights; Grandfathered for mechanic and auto repair use
