Two-Unit Office Condo
For Sale
Contact for pricing
11555 Central Pkwy, Jacksonville, FL 32224
Well-maintained office condo units with recent roof updates and multiple private offices for professional use.
Property Size2,310 SF
Price / SF$270.56
Days on Market100
Property Features for 11555 Central Pkwy
General Information
Standard status
Active
Size
2,310 SF
Property subtype
Office
Zoning
IBP
Additional Details
Office Units
2
Building Details
Year Built
2004
Units
2
Tenancy
Multi
Listing Agency:
Harrison Commercial Properties
Listed By:
Fernanda Biselli · License #FL
(850) 421-3535
Source:
Crexi
Added: Jun 2
Changed: Aug 31
Last Checked: Sep 8 at 8:31AM
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 Harrison Commercial Properties
Investment Insights
Based on property information with market context.
This property consists of two functional office units configured as office condo spaces. The buildings have been well maintained, and recent updates include a roof renovation. Unit 603 includes three individual offices, a conference room, and an additional office layout designed for team-based work. Unit 604 offers a lobby or reception area, additional workspace, a large executive office, and further associate-level office space. Both units are set up to support professional services and day-to-day office operations.
The property is located in the Southeast Jacksonville market, across from the University of North Florida campus. It is positioned within the offices at East Park, which provides context for an established professional setting in the St. Johns area.
For buyers seeking turnkey office space, the two-unit layout can support an owner-occupant strategy or provide flexibility for separate tenants within the same property. The mix of private offices, conference space in Unit 603, and reception-oriented entry in Unit 604 can accommodate a range of office users that require structured workspace and client-ready presentation. Recent roof renovations further support ongoing maintenance considerations for an office condo ownership.
The property is located in the Southeast Jacksonville market, across from the University of North Florida campus. It is positioned within the offices at East Park, which provides context for an established professional setting in the St. Johns area.
For buyers seeking turnkey office space, the two-unit layout can support an owner-occupant strategy or provide flexibility for separate tenants within the same property. The mix of private offices, conference space in Unit 603, and reception-oriented entry in Unit 604 can accommodate a range of office users that require structured workspace and client-ready presentation. Recent roof renovations further support ongoing maintenance considerations for an office condo ownership.
Key Highlights
- Two office condo units in Southeast Jacksonville, built in 2004
- Unit 603 layout includes 3 individual offices plus a conference room
- Unit 603 includes 1 ADA restroom and a breakroom
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
$33,222
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
5.32%
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%
$664,440
$664.4K
Cap Rate 7%
$474,600
$474.6K
Cap Rate 9%
$369,133
$369.1K
Market Conditions
NOI Build-Up for 2,310 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
$55.4K $24.00/SF
− Vacancy
−$11.1K −$4.82/SF
EGI
$44.3K $19.18/SF
− OpEx
−$11.1K −$4.79/SF
NOI
$33.2K $14.38/SF
Area
Jacksonville, FL
Vacancy
20.10%
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%
$664,440
Cap Rate 7%
$474,600
Cap Rate 9%
$369,133
Alternative Uses
Best Use
Office B
$474.6K
$415.3K – $553.7K
NOI $33,222 @ 7.0% cap · market cap 5.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$632.8K
$553.7K – $738.3K
NOI $44,297 @ 7.0% cap · market cap 7.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
1,048
Businesses Nearby
Explore this area
Business Placement
Demographics for 32224, FL
42,395
Population
17,221
Households
2.5
Avg Household Size
36
Median Age
54%
College-Educated
97%
High-School Grad
20.9 sq mi
ZIP Area
2,028
Density / Sq Mi
$80,774
Median Household Income
$48,043
Median Earnings
$1,690
Median Rent
$425,500
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 - Well-maintained office condo units with recent roof updates and multiple private offices for professional use.
Where is this office units located?
The property is located at 11555 Central Pkwy Jacksonville, FL.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Two office condo units in Southeast Jacksonville, built in 2004; Unit 603 layout includes 3 individual offices plus a conference room; Unit 603 includes 1 ADA restroom and a breakroom
