Multi-Tenant Warehouse with
For Sale
$3,000,000
Pending
7001 Norton Avenue, West Palm Beach, FL 33405
Own a 9,000 SF multi-tenant warehouse with four in-place tenants on 0.47 acres.
Property Size9,000 SF
Lot Size0.47 Acres
Days on Market331
Property Features for 7001 Norton Avenue
General Information
Standard status
Pending
Size
9,000 SF
Lot size
0.47 Acres
Property subtype
Commercial
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$26,264
Amenities
Other Roof
Phases3
Building Details
Year Built
1986
Tenancy
Multi
Listing Agency:
Palm Beach
Listed By:
Franny Frisbie · License #BK3290923
(215) 353-8636
Source:
Corcoran
Added: Oct 10, 2025
Changed: Sep 4
Last Checked: Aug 3 at 5:48AM
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 Palm Beach
Investment Insights
Based on property information with market context.
This offering features a 9,000 SF warehouse property situated on a 0.47-acre site. The building is currently occupied by four existing tenants, providing in-place income. The property also presents an ownership path for buyers looking to reimagine the site for future development.
Located within The Park and SoSo’s warehouse district, the property offers convenient proximity to major local destinations. It is about 5 miles to the WPB airport, roughly 3 miles to downtown West Palm Beach, and approximately 5 miles to Worth Ave and the Palm Beach beaches.
For investors, the current multi-tenant occupancy may support an owner’s interest in generating rental income without waiting for new tenancy. For buyers with development plans, the combination of a defined site footprint and existing warehouse structure provides a starting point to evaluate redevelopment options. Either way, this is a straightforward warehouse ownership opportunity with documented current tenancy and an easy-to-understand site scale.
Located within The Park and SoSo’s warehouse district, the property offers convenient proximity to major local destinations. It is about 5 miles to the WPB airport, roughly 3 miles to downtown West Palm Beach, and approximately 5 miles to Worth Ave and the Palm Beach beaches.
For investors, the current multi-tenant occupancy may support an owner’s interest in generating rental income without waiting for new tenancy. For buyers with development plans, the combination of a defined site footprint and existing warehouse structure provides a starting point to evaluate redevelopment options. Either way, this is a straightforward warehouse ownership opportunity with documented current tenancy and an easy-to-understand site scale.
Key Highlights
- Multi‑tenant warehouse totaling 9,000 SF with 4 in‑place tenants
- 1986‑built warehouse property on 0.47 acres (20,298 SF)
- Located in The Park and SoSo’s warehouse district, near downtown and beaches
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
$100,246
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
3.34%
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%
$2,004,920
$2.0M
Cap Rate 7%
$1,432,086
$1.4M
Cap Rate 9%
$1,113,844
$1.1M
Market Conditions
NOI Build-Up for 9,000 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
$129.6K $14.40/SF
− Vacancy
−$11.7K −$1.30/SF
EGI
$117.9K $13.10/SF
− OpEx
−$17.7K −$1.97/SF
NOI
$100.2K $11.14/SF
Area
West Palm Beach, FL
Vacancy
9.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
15.00%
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%
$2,004,920
Cap Rate 7%
$1,432,086
Cap Rate 9%
$1,113,844
Alternative Uses
Best Use
Warehouse
$1.43M
$1.25M – $1.67M
NOI $100,246 @ 7.0% cap · market cap 3.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.34M
$5.55M – $7.39M
NOI $443,681 @ 7.0% cap · market cap 14.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
711
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33405, FL
19,369
Population
9,557
Households
2
Avg Household Size
41
Median Age
34%
College-Educated
82%
High-School Grad
4.5 sq mi
ZIP Area
4,304
Density / Sq Mi
$82,945
Median Household Income
$46,450
Median Earnings
$1,432
Median Rent
$401,200
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
- CubeSmart Self Storage — 7501 S Dixie Hwy, West Palm Beach, FL 33405
Frequently Asked Questions
What type of property is this?
Warehouse - Own a 9,000 SF multi-tenant warehouse with four in-place tenants on 0.47 acres.
Where is this warehouse located?
The property is located at 7001 Norton Avenue West Palm Beach, FL.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: Multi‑tenant warehouse totaling 9,000 SF with 4 in‑place tenants; 1986‑built warehouse property on 0.47 acres (20,298 SF); Located in The Park and SoSo’s warehouse district, near downtown and beaches
