Building Details

Year Built 1977

Buildings 1

Building Size 2,070 SF

Listing Agency: Coastal Realty Advisors LLC

Listed By: Fred A Barboni · License #3100540 Show Phone

Source: Compass

Added: May 2, 2024 Changed: Oct 2 Last Checked: Oct 15 at 2:04AM

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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 Realty Advisors LLC

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Investment Insights

Based on property information with market context.

This freestanding professional office building contains 2,070 square feet on a 0.29-acre parcel and is currently arranged for medical office use. Built in 1977, the property includes vinyl flooring, central building features, a burglar alarm, on-site parking, and landscaped grounds. Flexible PADD(city)/urb zoning applies within the CRA development area.

The building occupies a corner at 701 Park Avenue in Lake Park, placing it within walking distance of the public marina, Nautilus 220, restaurants, shops, and additional public parking. Kelsey Park, Barracuda Bay Aquatic Complex, Publix, Costco, Walmart, and Target are also minutes away, with access to major roads.

Key Highlights

• 2,070‑square‑foot freestanding office building on 0.29 acres
• Currently configured for medical office use
• Flexible PADD(city)/urb zoning within the CRA development area

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$27,274

Cap Rate

5.51%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$545,480 $545.5K

Cap Rate 7%

$389,629 $389.6K

Cap Rate 9%

$303,044 $303.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,070 SF

Gross rent

$49.7K $24.00/SF

− Vacancy

−$4.2K −$2.04/SF

EGI

$45.5K $21.96/SF

− OpEx

−$18.2K −$8.78/SF

NOI

$27.3K $13.18/SF

Area

Palm Beach County, FL

Vacancy

8.50%

Lease Rate

$24.00 /SF/Yr

Expense Ratio

40.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$545,480

Cap Rate 7%

$389,629

Cap Rate 9%

$303,044

Alternative Uses

Best Use

Office B

$783.8K

$685.8K – $914.4K (±1% cap)

NOI $54,865 @ 7.0% cap · market cap 11.08%

Second Best

Healthcare Medical

$389.6K

$340.9K – $454.6K (±1% cap)

NOI $27,274 @ 7.0% cap · market cap 5.51%

Theoretical Best

Office A

$1.46M

$1.28M – $1.70M (±1% cap)

NOI $102,047 @ 7.0% cap · market cap 20.62%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Office buildings

Suggested Use

Top Pick Parking Lot & Garage (Bike/Boat/Book/etc) Store Butcher Locksmith Tanning Salon Cafe & Coffee Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,259

Businesses Nearby

Explore this area Business Placement

Demographics for 33403, FL

13,779

Population

5,906

Households

2.3

Avg Household Size

38

Median Age

26%

College-Educated

86%

High-School Grad

3.3 sq mi

ZIP Area

4,175

Density / Sq Mi

$69,050

Median Household Income

$34,019

Median Earnings

$1,426

Median Rent

$340,100

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

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Frequently Asked Questions

What type of property is this?

Office building - Medical-office configuration with flexible PADD(city)/urb zoning in the CRA development area.

Where is this office building located?

The property is located at 701 Park Avenue Lake Park, FL.

What is the asking price?

The asking price for this property is $495,000.

What are key features of this property?

This property features: 2,070‑square‑foot freestanding office building on 0.29 acres; Currently configured for medical office use; Flexible PADD(city)/urb zoning within the CRA development area