Updated Office Condo with Private
For Sale
$330,000
1004-10175 Fortune Parkway, Jacksonville, FL 32256
Updated office condo layout includes reception, four private offices, kitchen, and restroom for flexible professional use.
Property Size1,062 SF
Price / SF$310.73
Days on Market114
Property Features for 1004-10175 Fortune Parkway
General Information
Standard status
Active
Size
1,062 SF
Taxes and HOA fees
Annual Taxes
$4,119
Listing Agency:
PROPERTY THEATER LLC
(904) 803-9287
Listed By:
RICHARD B SKINNER
(904) 803-9287
Source:
Exprealty
Added: Apr 22
Changed: Aug 11
Last Checked: Aug 12 at 1:12PM
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 PROPERTY THEATER LLC
Investment Insights
Based on property information with market context.
This updated office condo features a highly functional original floor plan with a reception area, four large private offices, a kitchen, and a restroom. The unit also includes an attic space. It is currently used as a spa, but the layout is suitable for conversion to professional office use.
The condo is located adjacent to an overflow parking area, supporting convenient onsite parking access. The office park is managed by a well funded condominium association.
For tenants or buyers seeking a compact, office-ready setup, the private office configuration supports teams that need enclosed workspaces, while the reception and restroom/kitchen amenities support client-facing or service-oriented operations. Because units do not come available often in the office park, this offering may appeal to buyers looking for a move-in-ready space within an established, professionally managed condo environment.
The condo is located adjacent to an overflow parking area, supporting convenient onsite parking access. The office park is managed by a well funded condominium association.
For tenants or buyers seeking a compact, office-ready setup, the private office configuration supports teams that need enclosed workspaces, while the reception and restroom/kitchen amenities support client-facing or service-oriented operations. Because units do not come available often in the office park, this offering may appeal to buyers looking for a move-in-ready space within an established, professionally managed condo environment.
Key Highlights
- Updated office condo layout with a reception area, four private offices, kitchen, and restroom
- Includes an attic space
- Condo association is well funded and managed
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
$14,872
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
4.51%
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%
$297,440
$297.4K
Cap Rate 7%
$212,457
$212.5K
Cap Rate 9%
$165,244
$165.2K
Market Conditions
NOI Build-Up for 1,062 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
$25.5K $24.00/SF
− Vacancy
−$5.7K −$5.33/SF
EGI
$19.8K $18.67/SF
− OpEx
−$5.0K −$4.67/SF
NOI
$14.9K $14.00/SF
Area
ZIP 32256
Vacancy
22.20%
Lease Rate
$24.00 /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%
$297,440
Cap Rate 7%
$212,457
Cap Rate 9%
$165,244
Alternative Uses
Best Use
Office B
$212.5K
$185.9K – $247.9K
NOI $14,872 @ 7.0% cap · market cap 4.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$283.3K
$247.9K – $330.5K
NOI $19,830 @ 7.0% cap · market cap 6.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
812
Businesses Nearby
Explore this area
Business Placement
Demographics for 32256, FL
53,611
Population
27,735
Households
1.9
Avg Household Size
37
Median Age
53%
College-Educated
97%
High-School Grad
61.4 sq mi
ZIP Area
873
Density / Sq Mi
$73,203
Median Household Income
$47,360
Median Earnings
$1,586
Median Rent
$360,200
Median Home Value
Market
Vacancy Rate% for Office in Jacksonville, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Updated office condo layout includes reception, four private offices, kitchen, and restroom for flexible professional use.
Where is this office units located?
The property is located at 1004-10175 Fortune Parkway Jacksonville, FL.
What is the asking price?
The asking price for this property is $330,000.
What are key features of this property?
This property features: Updated office condo layout with a reception area, four private offices, kitchen, and restroom; Includes an attic space; Condo association is well funded and managed
