Lake Worth Beach Agricultural
For Sale
Contact for pricing
Pending
8087 Palomino Dr, Wellington, FL 33467
6.3351 acres with warehouse and office space.
Property Size6,000 SF
Lot Size6.34 Acres
Days on Market648
Property Features for 8087 Palomino Dr
General Information
Standard status
Pending
Size
6,000 SF
Lot size
6.34 Acres
Property subtype
Land
Zoning
AR-Agricultural Residential
Listing Agency:
Tobin Real Estate, Inc
Listed By:
Louie Granteed · License #FL SL3292689
Source:
Crexi
Added: Nov 19, 2024
Changed: Aug 8
Last Checked: Jul 24 at 11:28AM
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 Tobin Real Estate, Inc
Investment Insights
Based on property information with market context.
Located in Unincorporated, City of Lake Worth Beach, Florida, this property features two adjacent parcels totaling 6.3351 acres (289,239 square feet). The site includes 5,559 square feet of warehouse storage and 441 square feet of office space, constructed in 1993. The property is enclosed by a 6-foot chain-link fence and includes some paved and asphalt areas. Currently zoned AR – Agricultural Residential, the land has 301 feet of frontage on Palamino Drive. It is currently operated as an Agricultural Nursery and Landscaping business. The land is level with ample open space. The property is situated on the west side and borders the Florida Turnpike between Lake Worth Road and Forrest Hill Boulevard. Accessibility is available on the north side via Arrowhead Drive and Crockett Way, and on the south side through Palomino Drive. The location is suitable for a single-family residential redevelopment or for continuing its use as a centrally located Agricultural Nursery and Landscaping business. The City of Lake Worth Beach has a population of 37,000 residents. The median household income within one mile is $64,331.00, with an estimated population growth of 1.60% over the next few years. The daytime employee count within a 3-mile radius is estimated at 28,000.
Key Highlights
- Income‑producing property with existing 5,559 sq ft warehouse and 441 sq ft office space, ideal for owner/user with subleasing options.
- Large 6.3351‑acre parcel zoned AR – Agricultural Residential, offering redevelopment potential or continuation as an agricultural business.
- Prime location in Unincorporated Lake Worth Beach with accessibility from multiple roads and backing up to the Florida Turnpike.
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
$78,654
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
3.16%
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%
$1,573,080
$1.6M
Cap Rate 7%
$1,123,629
$1.1M
Cap Rate 9%
$873,933
$873.9K
Market Conditions
NOI Build-Up for 6,000 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
$97.9K $16.32/SF
− Vacancy
−$5.4K −$0.90/SF
EGI
$92.5K $15.42/SF
− OpEx
−$13.9K −$2.31/SF
NOI
$78.7K $13.11/SF
Area
Palm Beach County, FL
Vacancy
5.50%
Lease Rate
$16.32 /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%
$1,573,080
Cap Rate 7%
$1,123,629
Cap Rate 9%
$873,933
Alternative Uses
Best Use
Warehouse
$1.12M
$983.2K – $1.31M
NOI $78,654 @ 7.0% cap · market cap 3.16%
Second Best
Industrial
$925.3K
$809.7K – $1.08M
NOI $64,774 @ 7.0% cap · market cap 2.60%
Theoretical Best
Office A
$4.23M
$3.70M – $4.93M
NOI $295,788 @ 7.0% cap · market cap 11.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
196
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 33467, FL
55,813
Population
25,675
Households
2.2
Avg Household Size
50
Median Age
42%
College-Educated
93%
High-School Grad
18.7 sq mi
ZIP Area
2,985
Density / Sq Mi
$93,053
Median Household Income
$50,733
Median Earnings
$1,975
Median Rent
$413,600
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
- Country Joe's Nursery, Inc. — 6150 State Road 7 (HWY 441, Lake Worth Beach, FL 33449
- Power Group Total Care LLC — 10555 Anderson Ln, Wellington, FL 33449
Frequently Asked Questions
What type of property is this?
Nursery and garden center - 6.3351 acres with warehouse and office space.
Where is this nursery and garden center located?
The property is located at 8087 Palomino Dr Wellington, FL.
What is the asking price?
The asking price for this property is $2,488,888.
What are key features of this property?
This property features: Income‑producing property with existing 5,559 sq ft warehouse and 441 sq ft office space, ideal for owner/user with subleasing options.; Large 6.3351‑acre parcel zoned AR – Agricultural Residential, offering redevelopment potential or continuation as an agricultural business.; Prime location in Unincorporated Lake Worth Beach with accessibility from multiple roads and backing up to the Florida Turnpike.
