Flex Space With Office and
For Sale
$269,900
10438 Lem Turner Rd, Jacksonville, FL 32218
CCG-1-zoned commercial property with office, garage, and trailer-based workspace near I-95 and I-295.
Property Size1,309 SF
Price / SF$206.19
Days on Market434
Property Features for 10438 Lem Turner Rd
General Information
Standard status
Active
Size
1,309 SF
Zoning
CCG-1
Site & Location
Highway Access
Yes
Road Access
Yes
Listing Agency:
COMPASS FLORIDA LLC
(904) 891-4455
Listed By:
RACHELLE MILLER · License #3313873
(904) 891-4455
Source:
Exprealty
Added: Jun 16, 2025
Changed: Aug 21
Last Checked: Aug 23 at 5:19AM
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.
This flex space property at 10438 Lem Turner Rd includes a primary office building, an oversized garage for storage, and a trailer configured for additional office use. The combination of enclosed office areas and accessory storage space supports a range of commercial operating needs within a single property.
The property is zoned CCG-1 and sits along Lem Turner Road in Jacksonville, with proximity to both I-95 and I-295. Its corridor setting includes nearby national retailers and residential development, placing the site within an established commercial area.
The property is zoned CCG-1 and sits along Lem Turner Road in Jacksonville, with proximity to both I-95 and I-295. Its corridor setting includes nearby national retailers and residential development, placing the site within an established commercial area.
Key Highlights
- CCG‑1 zoning supports the property's commercial use profile
- Main office building paired with an oversized storage garage
- Trailer currently configured as additional office space
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
$18,331
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
6.79%
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%
$366,620
$366.6K
Cap Rate 7%
$261,871
$261.9K
Cap Rate 9%
$203,678
$203.7K
Market Conditions
NOI Build-Up for 1,309 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
$31.4K $24.00/SF
− Vacancy
−$7.0K −$5.33/SF
EGI
$24.4K $18.67/SF
− OpEx
−$6.1K −$4.67/SF
NOI
$18.3K $14.00/SF
Area
ZIP 32218
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%
$366,620
Cap Rate 7%
$261,871
Cap Rate 9%
$203,678
Alternative Uses
Best Use
Office B
$261.9K
$229.1K – $305.5K
NOI $18,331 @ 7.0% cap · market cap 6.79%
Second Best
Flex RnD
$131.3K
$114.9K – $153.2K
NOI $9,189 @ 7.0% cap · market cap 3.40%
Theoretical Best
Office A
$349.2K
$305.5K – $407.4K
NOI $24,442 @ 7.0% cap · market cap 9.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
168
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32218, FL
67,040
Population
27,895
Households
2.4
Avg Household Size
37
Median Age
26%
College-Educated
90%
High-School Grad
96.7 sq mi
ZIP Area
693
Density / Sq Mi
$68,363
Median Household Income
$37,322
Median Earnings
$1,416
Median Rent
$260,300
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?
Flex space - CCG-1-zoned commercial property with office, garage, and trailer-based workspace near I-95 and I-295.
Where is this flex space located?
The property is located at 10438 Lem Turner Rd Jacksonville, FL.
What is the asking price?
The asking price for this property is $269,900.
What are key features of this property?
This property features: CCG‑1 zoning supports the property's commercial use profile; Main office building paired with an oversized storage garage; Trailer currently configured as additional office space
