639 Northwest Enterprise Drive
About This Property for Sale
Marketing description
CBRE, as the exclusive agent, is pleased to present 639 NW Enterprise Drive — a 1.42-acre development parcel situated in the premier St. Lucie West Commerce Park within Port St. Lucie, Florida. The site is positioned on NW Enterprise Drive, one of the commerce park’s primary internal roadways, with immediate access to I-95, Florida’s Turnpike, and St. Lucie West Boulevard.
This is a rare dual-entitled site carrying two fully approved site plans from the City of Port St. Lucie — eliminating 12+ months of entitlement risk regardless of the chosen development path. The primary plan provides for a 16,920 SF multi-bay warehouse/office facility with 6 individually demised bays. The alternate plan, approved by City Council on February 24, 2025, provides for a 22,604 SF self-service storage facility with 28 units across three buildings. Utilities are available at the site, stormwater management is engineered to SFWMD standards, and both plans accommodate appropriate vehicular access.
Offered at $975,000, this represents an exceptional land basis of just $57.62 per buildable SF on the warehouse plan or $43.13 per buildable SF on the storage plan — a fraction of completed small-bay product trading above $200 psf and nearly $300 psf in Palm Beach County. The dual entitlements give a buyer immediate optionality to execute the strategy that best fits current market conditions, whether that’s a multi-tenant industrial build-and-hold, a condo sell-off to owner-users, or a self-storage development capitalizing on PSL’s explosive population growth.
Investment highlights
• Dual-Entitlement Optionality — Two fully approved site plans give the buyer a strategic advantage unavailable on comparable parcels: the ability to pivot between a 16,920 SF multi-bay warehouse targeting the small-bay industrial undersupply, or a 22,604 SF self-storage facility capitalizing on PSL’s 37%+ population surge since 2020. This optionality compresses decision timelines and de-risks the investment from day one.
• Compressed Capital Lifecycle — By acquiring a site with full entitlements on both plans, a developer can move immediately into the construction phase, drastically reducing carry costs and accelerating the path to stabilization or exit. The approved site plans eliminate the 12–18 months of entitlement processing that typically precedes ground-breaking in St. Lucie County.
• Value-Add Basis — At $57.62 per buildable SF on the warehouse plan — or $43.13 on the storage plan — the site offers a significant cost advantage compared to completed small-bay industrial product trading above $200 psf and nearly $300 psf in Palm Beach County. This spread creates compelling development margins across multiple exit strategies.
• Structural Undersupply — South Florida’s small-bay industrial vacancy remains at a historic low of 2.3%–3.0%, far outperforming the 8.5%–9.8% vacancy in big-box product. With virtually no speculative small-bay construction in the Treasure Coast pipeline, the warehouse plan’s 3,171–4,236 SF bays are positioned to deliver into a captive tenant base with limited competing options.
• Occupancy Advantage — The repeal of Florida’s Business Rent Tax (effective Oct. 1, 2025) provides a ~2–3% reduction in gross occupancy costs for commercial tenants statewide. Combined with PSL’s $17–$18/SF NNN average industrial rents versus $19–$25/SF in Palm Beach County, the BRT repeal further incentivizes tenant migration from higher-cost southern markets into the Treasure Coast.
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