Single-Story Office
For Sale
$3,000,000
801 SPENCER Drive, West Palm Beach, FL 33409
Existing commercial improvements with GC zoning support office use and potential owner occupancy.
Property Size3,665 SF
Lot Size0.29 Acres
Price / SF$818.55
Days on Market57
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
Site & Location
Neighborhood
Palm Beach Lakes South Neighborhood Association
Road Access
Yes
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:
Darlenestreit
Added: Aug 31
Changed: Oct 26
Last Checked: Oct 24 at 11:38PM
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
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Investment Insights
Based on property information with market context.
This single-story office building contains 3,665 SF of commercial space on approximately 0.29 acres. Built in 1964, the property offers an existing office configuration suited to continued professional use or owner occupancy. GC zoning provides the stated land-use framework for the site.
Located at 801 Spencer Drive in West Palm Beach, the property is offered individually or in combination with the adjacent 2701 Okeechobee Boulevard parcel. The combined assemblage provides road access on three sides, supporting multiple access points and broader site-planning flexibility. The property’s existing improvements and assemblage option create alternatives for office use or future redevelopment planning.
Located at 801 Spencer Drive in West Palm Beach, the property is offered individually or in combination with the adjacent 2701 Okeechobee Boulevard parcel. The combined assemblage provides road access on three sides, supporting multiple access points and broader site-planning flexibility. The property’s existing improvements and assemblage option create alternatives for office use or future redevelopment planning.
Key Highlights
- 3,665 SF single‑story commercial office building
- Approximately 0.29 acres
- GC zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$127,758
Cap Rate
4.26%
Suggested Prices Based on Cap Rates
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
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 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.
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Current Use
Lease Details
Yes
Paved road access
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
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office building - Existing commercial improvements with GC zoning support office use and potential owner occupancy.
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; GC zoning
