Flexible Flex Space
For Sale
$1,195,000
979-985 NW 31st Ave, Pompano Beach, FL 33069
Multi-bay commercial space combines offices, warehouse areas, storage, and a kitchen for adaptable business operations.
Property Size3,764 SF
Price / SF$317.48
Days on Market600
Property Features for 979-985 NW 31st Ave
General Information
Standard status
Active
Size
3,764 SF
Property subtype
General Commercial
Warehouse & Industrial
Clear Height
24 ft
Drive-In Doors
4
Taxes and HOA fees
Annual Taxes
$22,800
Amenities
gated community
3
454074
Building Details
Year Built
2002
Stories
1
Listing Agency:
Compass Florida, LLC
(954) 812-4801
Listed By:
Richard Salter · License #F10532951
(954) 812-4801
Source:
Xome
Added: Jan 8, 2025
Changed: Aug 30
Last Checked: Aug 30 at 8:00PM
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 Compass Florida, LLC
Investment Insights
Based on property information with market context.
Built in 2002, this flex space condo combines office and warehouse components within 3,764 square feet. The layout includes four separate bays, with three measuring 837 square feet each and one measuring 1,253 square feet. A mezzanine uses the available 24-foot ceiling height to add storage capacity.
The property contains six offices, four grade-level warehouse doors, two bathrooms, two storage rooms, and a kitchen. Its bay arrangement allows portions of the space to be separated for distinct operations or occupancy. The gated community is secured after hours and provides code access. The property is located in Pompano Beach near heavily traveled arteries with access in multiple directions.
The property contains six offices, four grade-level warehouse doors, two bathrooms, two storage rooms, and a kitchen. Its bay arrangement allows portions of the space to be separated for distinct operations or occupancy. The gated community is secured after hours and provides code access. The property is located in Pompano Beach near heavily traveled arteries with access in multiple directions.
Key Highlights
- 3,764‑square‑foot flex space condo built in 2002
- Four bays: three at 837 square feet and one at 1,253 square feet
- 24‑foot ceiling height with mezzanine storage
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
$74,290
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
6.22%
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%
$1,485,800
$1.5M
Cap Rate 7%
$1,061,286
$1.1M
Cap Rate 9%
$825,444
$825.4K
Market Conditions
NOI Build-Up for 3,764 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
$116.5K $30.96/SF
− Vacancy
−$17.5K −$4.64/SF
EGI
$99.1K $26.32/SF
− OpEx
−$24.8K −$6.58/SF
NOI
$74.3K $19.74/SF
Area
Pompano Beach, FL
Vacancy
15.00%
Lease Rate
$30.96 /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%
$1,485,800
Cap Rate 7%
$1,061,286
Cap Rate 9%
$825,444
Alternative Uses
Best Use
Office B
$1.06M
$928.6K – $1.24M
NOI $74,290 @ 7.0% cap · market cap 6.22%
Second Best
Flex RnD
$717.2K
$627.6K – $836.7K
NOI $50,204 @ 7.0% cap · market cap 4.20%
Theoretical Best
Office A
$1.47M
$1.28M – $1.71M
NOI $102,757 @ 7.0% cap · market cap 8.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
24 ft
Clear height
4
Drive-in doors
Location Intelligence
Trade Area within ½ mile
822
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33069, FL
28,817
Population
16,052
Households
1.8
Avg Household Size
42
Median Age
32%
College-Educated
86%
High-School Grad
9.4 sq mi
ZIP Area
3,066
Density / Sq Mi
$57,462
Median Household Income
$35,725
Median Earnings
$1,685
Median Rent
$253,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Multi-bay commercial space combines offices, warehouse areas, storage, and a kitchen for adaptable business operations.
Where is this flex space located?
The property is located at 979-985 NW 31st Ave Pompano Beach, FL.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: 3,764‑square‑foot flex space condo built in 2002; Four bays: three at 837 square feet and one at 1,253 square feet; 24‑foot ceiling height with mezzanine storage
