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 Market12
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
Additional Details
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: Sep 10
Last Checked: Sep 9 at 6:57PM
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.
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 = 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
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Open Analytics
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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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
