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    Historic Downtown Office Building Title is generated by Realmo AI

    121 W Forsyth Street, Jacksonville, FL 32202

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    Fully remodeled historic building offers flexible suites with secure amenities and convenient downtown access.

    Type:Office/Medical/Retail
    Added:
    Jun 2, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 3 at 2:40 am

    Property Features for 121 W Forsyth Street

    General Information

    Standard status
    Active
    Property subtype
    Office/Medical/Retail

    Building Details

    Year Built
    1918

    Properties For Sale

    at 121 W Forsyth Street Contact us

    We can help!

    Listing Contact
    John Hodges
    John Hodges

    Listing agent John Hodges

    Listing office International Management Company LLC

    Listing date Jun 2, 2026

    Source Imc-jax

    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 International Management Company LLC

    HighLights

    • Built in 1918; 121 W. Forsyth St. historic Atlantic National Bank Building with white Sylacauga marble on lower floors and white terra cotta on upper floors
    • Lobby renovation completed Feb 2021; tenant conference center and lounge completed Feb 2021
    • Flexible layout with small suites to full floors available, with tenant conference center and lounge
    • Unique underground corridor connects the building to a parking garage with abundant parking and exits near the County Courthouse
    • CCTV throughout the building and on‑site security
    • Located in an SBA HUBZone; guaranteed parking allocation available in the garage

    Overview

    121 W. Forsyth Street is a fully remodeled, historic office building in the heart of Downtown Jacksonville. The exterior features distinctive white marble on the bottom two floors and white terra cotta on the upper eight, complemented by ornate facade detailing and two-story entrance columns. Interior improvements include a renovated lobby completed in February 2021, along with a tenant conference center and lounge completed in February 2021.

    The building is set up for multiple occupancy sizes, with options ranging from small suites through full floors. A unique underground corridor connects the building to an on-site parking garage, with multiple exits located near the County Courthouse. On-site security is supported by CCTV throughout the building, and the property offers guaranteed parking allocation in the garage. The asset also operates within a SBA HUBZone.

    For tenants, this combination of turn-key readiness and flexible suite sizing supports a wide range of office users, including organizations that need conference and collaboration space. For investors, the building’s remodeled common areas and security-focused environment offer a strong platform for leasing, supported by the convenience of structured parking and central proximity to major downtown civic and workplace destinations.
    Location Intelligence

    Current Use by Public Records

    Jacksonville University College ... Law School Murphy & Ellis, PLLC Law Firm Zisser Family Law Law Firm Robert H Ellis Law Firm Elliot Zisser Law Firm

    Suggested Use

    Restaurant Spa & Massage Center Dental Office Real Estate Agency Hair Salon Nail Salon Daycare Center Building Supply Gym & Fitness Center Kitchen & Bath Showroom

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Jacksonville
    County
    Duval
    State
    Florida
    Longitude
    -81.6600685
    Latitude
    30.3278347

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    FAQs

    What type of property is this?
    Office units - Fully remodeled historic building offers flexible suites with secure amenities and convenient downtown access.
    Where is this office units located?
    The property is located at 121 W Forsyth Street Jacksonville, FL.
    What are key features of this property?
    This property features: Built in 1918; 121 W. Forsyth St. historic Atlantic National Bank Building with white Sylacauga marble on lower floors and white terra cotta on upper floors; Lobby renovation completed Feb 2021; tenant conference center and lounge completed Feb 2021; Flexible layout with small suites to full floors available, with tenant conference center and lounge
    (904) 737-8846
    We can help!
    Listing Contact
    John Hodges
    John Hodges
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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