Office Condo with Private
For Sale
$685,000
601 N Congress Avenue Suite 426, Delray Beach, FL 33445
Two windowed private offices plus bullpen space make this an efficient owner-user or investor-tenant option.
Property Size1,500 SF
Price / SF$456.67
Days on Market71
Property Features for 601 N Congress Avenue Suite 426
General Information
Standard status
Active
Size
1,500 SF
Additional Details
Sprinkler System
Yes
Building Details
Year Built
2004
Listing Agency:
Home & Business Partners, LLC
(561) 279-9251
Listed By:
Katherin M Khidirian · License #BK3079662
Source:
Mymiahomes
Added: Jun 15
Changed: Aug 23
Last Checked: Aug 23 at 8:57AM
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 Home & Business Partners, LLC
Investment Insights
Based on property information with market context.
This offering is a 1,500 SF office condo built with solid 2004 tilt-wall construction, impact glass, and fire sprinklers. The space is configured with two bright, spacious, private offices that include windows, with French doors opening into a large open bullpen area. An ADA-compliant restroom is included, supporting everyday accessibility needs. The property can be held as an in-place option, with an out-clause in place if a tenant relocation is needed.
The location is car-dependent based on available walk and bike scores, supporting convenient access for staff and visitors. The property is presented as an individually offered office unit within a broader commercial setting.
Designed for straightforward office use, this layout supports teams that need enclosed offices alongside shared workstation space in the bullpen. The combination of private rooms, open area, ADA restroom, and sprinklered tilt-wall construction can accommodate a variety of professional services while giving an owner flexibility to keep the tenant in place or transition the space for an owner-occupant plan.
The location is car-dependent based on available walk and bike scores, supporting convenient access for staff and visitors. The property is presented as an individually offered office unit within a broader commercial setting.
Designed for straightforward office use, this layout supports teams that need enclosed offices alongside shared workstation space in the bullpen. The combination of private rooms, open area, ADA restroom, and sprinklered tilt-wall construction can accommodate a variety of professional services while giving an owner flexibility to keep the tenant in place or transition the space for an owner-occupant plan.
Key Highlights
- 1,500 SF office condo built in 2004
- Two bright, spacious, private offices with windows
- French doors open to a large open bullpen area
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
$39,758
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
5.80%
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%
$795,160
$795.2K
Cap Rate 7%
$567,971
$568.0K
Cap Rate 9%
$441,756
$441.8K
Market Conditions
NOI Build-Up for 1,500 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
$68.4K $45.60/SF
− Vacancy
−$15.4K −$10.26/SF
EGI
$53.0K $35.34/SF
− OpEx
−$13.3K −$8.84/SF
NOI
$39.8K $26.51/SF
Area
Palm Beach County, FL
Vacancy
22.50%
Lease Rate
$45.60 /SF/Yr
Expense Ratio
25.00%
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%
$795,160
Cap Rate 7%
$567,971
Cap Rate 9%
$441,756
Alternative Uses
Best Use
Office B
$568.0K
$497.0K – $662.6K
NOI $39,758 @ 7.0% cap · market cap 5.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.06M
$924.3K – $1.23M
NOI $73,947 @ 7.0% cap · market cap 10.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,035
Businesses Nearby
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 Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Two windowed private offices plus bullpen space make this an efficient owner-user or investor-tenant option.
Where is this office units located?
The property is located at 601 N Congress Avenue Suite 426 Delray Beach, FL.
What is the asking price?
The asking price for this property is $685,000.
What are key features of this property?
This property features: 1,500 SF office condo built in 2004; Two bright, spacious, private offices with windows; French doors open to a large open bullpen area
