12-Unit Flex
For Sale
Contact for pricing
8111 Garden Road, Riviera Beach, FL 33404
Industrial complex with individual overhead doors, substantial electrical capacity, and sprinkler protection.
Property Size24,000 SF
Price / SF$239.58
Days on Market20
Property Features for 8111 Garden Road
General Information
Standard status
Active
Size
24,000 SF
Property subtype
Industrial
Warehouse & Industrial
Clear Height
17 ft
Power
800 amps
Three-Phase Power
Yes
Sprinkler System
Yes
Building Details
Construction
CBS
Listing Agency:
Reichel Realty & Investments Inc
Listed By:
William Reichel · License #FL
Source:
Crexi
Added: Aug 24
Changed: Sep 12
Last Checked: Sep 12 at 4:48AM
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 Reichel Realty & Investments Inc
Investment Insights
Based on property information with market context.
Dover Center is a 12-unit flex property totaling approximately ±24,000 square feet at 8111 Garden Road in Riviera Beach, Florida. The complex uses CBS construction with a double T concrete and built-up roof system, 17-foot clear ceilings, and fire sprinkler protection. Each unit includes a 12-foot wide by 14-foot high overhead door. Electrical service consists of 3-phase 800 amp capacity for the building, with 125 amp service provided to each unit.
The property occupies the southwest corner of Garden Road and Fiscal Court within the Central Industrial Park North subdivision. Approximately ±17,600 square feet of leases are scheduled to expire within the next 6-7 months, creating a near-term leasing event across a substantial portion of the complex.
The property occupies the southwest corner of Garden Road and Fiscal Court within the Central Industrial Park North subdivision. Approximately ±17,600 square feet of leases are scheduled to expire within the next 6-7 months, creating a near-term leasing event across a substantial portion of the complex.
Key Highlights
- 12‑unit industrial complex totaling approximately ±24,000 square feet
- CBS construction with double T concrete and built‑up roof system
- 17‑foot clear ceilings with fire sprinkler protection
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
$527,904
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
9.18%
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%
$10,558,080
$10.6M
Cap Rate 7%
$7,541,486
$7.5M
Cap Rate 9%
$5,865,600
$5.9M
Market Conditions
NOI Build-Up for 24,000 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
$864.0K $36.00/SF
− Vacancy
−$51.8K −$2.16/SF
EGI
$812.2K $33.84/SF
− OpEx
−$284.3K −$11.84/SF
NOI
$527.9K $22.00/SF
Area
Palm Beach County, FL
Vacancy
6.00%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
35.00%
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%
$10,558,080
Cap Rate 7%
$7,541,486
Cap Rate 9%
$5,865,600
Alternative Uses
Best Use
Flex RnD
$7.54M
$6.60M – $8.80M
NOI $527,904 @ 7.0% cap · market cap 9.18%
Second Best
Warehouse
$4.49M
$3.93M – $5.24M
NOI $314,617 @ 7.0% cap · market cap 5.47%
Theoretical Best
Office A
$16.90M
$14.79M – $19.72M
NOI $1,183,150 @ 7.0% cap · market cap 20.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
17 ft
Clear height
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
885
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 33404, FL
31,869
Population
15,990
Households
2
Avg Household Size
42
Median Age
27%
College-Educated
87%
High-School Grad
7.3 sq mi
ZIP Area
4,366
Density / Sq Mi
$60,225
Median Household Income
$35,521
Median Earnings
$1,507
Median Rent
$305,600
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial complex with individual overhead doors, substantial electrical capacity, and sprinkler protection.
Where is this flex space located?
The property is located at 8111 Garden Road Riviera Beach, FL.
What is the asking price?
The asking price for this property is $5,750,000.
What are key features of this property?
This property features: 12‑unit industrial complex totaling approximately ±24,000 square feet; CBS construction with double T concrete and built‑up roof system; 17‑foot clear ceilings with fire sprinkler protection
