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    Remodeled Office Building For Lease Title is generated by Realmo AI

    2112 S Congress Ave, Palm Springs, FL 33406

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    Two-story office building with recent upgrades and ample parking.

    Type:Office
    Property size:
    24,000 SF
    Added:
    Oct 20, 2022
    Days on Market:
    1324
    Last Refresh:
    May 12 at 11:38 pm

    Property Features for 2112 S Congress Ave

    General Information

    Standard status
    Active
    Size
    24,000 SF
    Property subtype
    Office

    Spaces For Lease

    at 2112 S Congress Ave Contact us

    105 $32/Mo

    Size
    922 SF
    Type
    Office
    <p>Updated suite featuring a private office and an open work area with large windows.</p>
    Contact us

    103 $32/Mo

    Size
    1,129 SF
    Type
    Office
    Large private office and an open work space.
    Contact us

    208 $32/Mo

    Size
    2,274 SF
    Type
    Office
    Fresh paint and LED lighting. Building standard finishes. Reception area, 10 offices,...
    show more
    Contact us

    We can help!

    Listing Contact
    Jason Sundook
    Jason Sundook

    Listing agent Jason Sundook License #FL 602243

    Listing office NAI Merin Hunter Codman, Inc. West Palm Beach

    Listing date Oct 20, 2022

    Source Crexi

    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 NAI Merin Hunter Codman, Inc. West Palm Beach

    HighLights

    • Fully remodeled in 2022, including lobby, common areas, bathrooms, and exterior.
    • Approved for medical use.
    • Convenient location: Minutes from the airport, Downtown West Palm Beach, area hospitals, and I‑95.
    • Move‑in ready spec suites and customizable space available.
    • High visibility on Congress Avenue with monument signage available.
    • Security features: Timed access, FOB access, and security cameras.

    Overview

    This 24,000-square-foot, two-story office building is located on Congress Avenue and features attractive landscaping and ample surface parking. The property offers high visibility, and street signage is available for qualified tenants. The building is under new ownership and has been fully remodeled. It is approved for medical use and offers move-in-ready spec suites and customizable spaces. The location is described as convenient and central, situated near Forest Hill Boulevard, just minutes from I-95, the airport, Downtown West Palm Beach, and area hospitals. Recent upgrades in 2022 include paint, flooring, Dune ceiling tiles, LED lighting, and artwork in the lobby and common areas. Bathroom upgrades feature paint, flooring, quartz countertops, sinks, phenolic partitions, and LED lighting. The building also has updated tenant signage, new suite door handles and locks, a virtual directory, timed and FOB access for after hours, security cameras, exterior paint and landscaping, and a new elevator motor and cab remodel is upcoming.
    Property Profile Location Intelligence

    Current Use by Public Records

    Office buildings

    Map

    City
    Palm Springs
    County
    Palm Beach
    State
    Florida
    Longitude
    -80.0908
    Latitude
    26.6662

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    FAQs

    What type of property is this?
    Office building - Two-story office building with recent upgrades and ample parking.
    Where is this office building located?
    The property is located at 2112 S Congress Ave Palm Springs, FL.
    What is the lease rate?
    The lease rate is $32 SF/Yr.
    What are key features of this property?
    This property features: Fully remodeled in 2022, including lobby, common areas, bathrooms, and exterior.; Approved for medical use.; Convenient location: Minutes from the airport, Downtown West Palm Beach, area hospitals, and I‑95.
    (561) 471-8000 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Jason Sundook
    Jason Sundook
    Real Estate License ID: FL 602243
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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