Turnkey Industrial Warehouse
For Sale
$2,300,000
601 N Congress Ave Unit 303, Delray Beach, FL 33445
Move-in ready warehouse condo with 21-foot clear height, two grade-level doors, and a fully renovated 2018 interior.
Property Size4,681 SF
Price / SF$491.35
Days on Market51
Property Features for 601 N Congress Ave Unit 303
General Information
Standard status
Active
Size
4,681 SF
Zoning
PCC
Warehouse & Industrial
Clear Height
21 ft
Drive-In Doors
2
Heavy Power
Yes
Sprinkler System
Yes
Additional Details
Office Units
3
Amenities
conference room
kitchenette
controlled-access security
Building Details
Year Built
2004
Year Renovated
2018
Stories
2
Construction
tilt-wall
Listing Agency:
Coastal Commercial Group, LLC
Listed By:
Ingrid L Kennemer · License #542032
(561) 441-0967
Source:
Thepennteam
Added: Jul 20
Changed: Sep 8
Last Checked: Sep 8 at 5:21AM
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 Coastal Commercial Group, LLC
Investment Insights
Based on property information with market context.
Turnkey industrial warehouse condo featuring a high-clearance warehouse with a 21-foot clear ceiling height and a complete 2018 interior renovation. The space includes tilt-wall construction with impact-rated windows, a fully integrated fire sprinkler system, and upgraded controlled-access security measures. Loading is supported by two hurricane-rated grade-level overhead doors (12' x 14') and heavy three-phase electrical service.
The first floor offers two private offices, a dedicated conference room, a kitchenette, a restroom, and approximately +/- 2,350 SF of open warehouse floor. A second floor provides an open flex workspace, an executive office, and an entertainment area overlooking the warehouse.
Climate control is handled by three separate HVAC units (3-ton, 4-ton, and 5-ton). The interior ceiling includes R-19 vinyl-backed insulation intended to reduce monthly electric bills. Zoned PCC (Planned Commerce Center) under City of Delray Beach regulations, with quarterly condo fees of $3,862.24.
The first floor offers two private offices, a dedicated conference room, a kitchenette, a restroom, and approximately +/- 2,350 SF of open warehouse floor. A second floor provides an open flex workspace, an executive office, and an entertainment area overlooking the warehouse.
Climate control is handled by three separate HVAC units (3-ton, 4-ton, and 5-ton). The interior ceiling includes R-19 vinyl-backed insulation intended to reduce monthly electric bills. Zoned PCC (Planned Commerce Center) under City of Delray Beach regulations, with quarterly condo fees of $3,862.24.
Key Highlights
- 2004‑built industrial warehouse condo with a complete 2018 interior renovation and move‑in ready condition
- 21‑foot clear warehouse ceiling height with a +/- 2,350 SF open warehouse floor on the first level
- Two hurricane‑rated grade‑level overhead doors (12' x 14') plus heavy three‑phase electrical service
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
$102,963
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
4.48%
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%
$2,059,260
$2.1M
Cap Rate 7%
$1,470,900
$1.5M
Cap Rate 9%
$1,144,033
$1.1M
Market Conditions
NOI Build-Up for 4,681 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
$168.5K $36.00/SF
− Vacancy
−$10.1K −$2.16/SF
EGI
$158.4K $33.84/SF
− OpEx
−$55.4K −$11.84/SF
NOI
$103.0K $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%
$2,059,260
Cap Rate 7%
$1,470,900
Cap Rate 9%
$1,144,033
Alternative Uses
Best Use
Flex RnD
$1.47M
$1.29M – $1.72M
NOI $102,963 @ 7.0% cap · market cap 4.48%
Second Best
Warehouse
$876.6K
$767.0K – $1.02M
NOI $61,363 @ 7.0% cap · market cap 2.67%
Theoretical Best
Office A
$3.30M
$2.88M – $3.85M
NOI $230,764 @ 7.0% cap · market cap 10.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21 ft
Clear height
2
Drive-in doors
3
Office units
Yes
Heavy power
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,035
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33445, FL
32,265
Population
17,584
Households
1.8
Avg Household Size
51
Median Age
39%
College-Educated
90%
High-School Grad
8.1 sq mi
ZIP Area
3,983
Density / Sq Mi
$70,748
Median Household Income
$41,169
Median Earnings
$1,991
Median Rent
$282,500
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Brunch n Roll — 600 N Congress Ave, Delray Beach, FL 33445
Frequently Asked Questions
What type of property is this?
Flex space - Move-in ready warehouse condo with 21-foot clear height, two grade-level doors, and a fully renovated 2018 interior.
Where is this flex space located?
The property is located at 601 N Congress Ave Unit 303 Delray Beach, 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: 2004‑built industrial warehouse condo with a complete 2018 interior renovation and move‑in ready condition; 21‑foot clear warehouse ceiling height with a +/- 2,350 SF open warehouse floor on the first level; Two hurricane‑rated grade‑level overhead doors (12' x 14') plus heavy three‑phase electrical service
