Single-Story Office
New
For Sale
$3,000,000
801 SPENCER Drive, West Palm Beach, FL 33409
GC-zoned commercial property suited to owner-user office occupancy or continued investment use.
Property Size3,665 SF
Lot Size0.29 Acres
Price / SF$818.55
Days on Market3
Property Features for 801 SPENCER Drive
General Information
Standard status
Active
Size
3,665 SF
Lot size
0.29 Acres
Property subtype
Office
Zoning
GC
Taxes and HOA fees
Annual Taxes
$17,912
Building Details
Building Size
3,665 SF
Year Built
1964
Buildings
1
Stories
1
Listing Agency:
EXP Realty LLC
Listed By:
Scott A. Huston · License #3246465
(954) 804-8346
Source:
Meyerlucas
Added: Aug 31
Changed: Sep 1
Last Checked: Sep 1 at 9:12PM
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 EXP Realty LLC
Investment Insights
Based on property information with market context.
Built in 1964, this single-story office property contains 3,665 SF of commercial space on approximately 0.29 acres. The existing building supports professional office use and provides an established improvement for an owner-user or investor.
The property is located in West Palm Beach and carries GC zoning. It may also be acquired with the adjacent property at 2701 Okeechobee Boulevard, creating a combined site with road access on three sides and additional flexibility for access and future site planning.
The property is located in West Palm Beach and carries GC zoning. It may also be acquired with the adjacent property at 2701 Okeechobee Boulevard, creating a combined site with road access on three sides and additional flexibility for access and future site planning.
Key Highlights
- 3,665 SF single‑story commercial office building
- Approximately 0.29 acres
- Built in 1964
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
$127,758
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
4.26%
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%
$2,555,160
$2.6M
Cap Rate 7%
$1,825,114
$1.8M
Cap Rate 9%
$1,419,533
$1.4M
Market Conditions
NOI Build-Up for 3,665 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
$202.3K $55.20/SF
− Vacancy
−$32.0K −$8.72/SF
EGI
$170.3K $46.48/SF
− OpEx
−$42.6K −$11.62/SF
NOI
$127.8K $34.86/SF
Area
West Palm Beach, FL
Vacancy
15.80%
Lease Rate
$55.20 /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%
$2,555,160
Cap Rate 7%
$1,825,114
Cap Rate 9%
$1,419,533
Alternative Uses
Best Use
Office B
$1.83M
$1.60M – $2.13M
NOI $127,758 @ 7.0% cap · market cap 4.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.58M
$2.26M – $3.01M
NOI $180,677 @ 7.0% cap · market cap 6.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,502
Businesses Nearby
Explore this area
Business Placement
Demographics for 33409, FL
33,061
Population
13,715
Households
2.4
Avg Household Size
34
Median Age
27%
College-Educated
80%
High-School Grad
6.3 sq mi
ZIP Area
5,248
Density / Sq Mi
$65,206
Median Household Income
$34,994
Median Earnings
$1,633
Median Rent
$282,900
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 building - GC-zoned commercial property suited to owner-user office occupancy or continued investment use.
Where is this office building located?
The property is located at 801 SPENCER Drive 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: 3,665 SF single‑story commercial office building; Approximately 0.29 acres; Built in 1964
