Historic Office Building on
For Sale
$1,600,000
2165 River Boulevard, Jacksonville, FL 32204
Unique office building with historic architectural features and waterfront view.
Property Size4,555 SF
Price / SF$351.26
Days on Market141
Property Features for 2165 River Boulevard
General Information
Standard status
Active
Size
4,555 SF
Property subtype
Office
Listing Agency:
CBRE - Jacksonville
(904) 630-6346
Listed By:
Oliver Barakat · License #633995
(904) 630-6346
Source:
Cbre
Added: Mar 25
Changed: Jul 6
Last Checked: Aug 11 at 4:29PM
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 CBRE - Jacksonville
Investment Insights
Based on property information with market context.
The Bensel House, located at 2165 River Boulevard, is an office building with unique architectural and historic features. The property showcases a Prairie-home style design, a grand entrance with a central staircase crafted from white oak, mahogany ceilings, and original oak floors. It also features an original fireplace with decorative pottery tiles. The layout includes six private offices, a large conference room, a full-sized well-appointed kitchen, and 2.5 bathrooms. The building is located in the Riverside Historic District and offers a waterfront view along the St Johns River. On-site parking is available. The building has a 400 amp panel and a 200 amp subpanel. The property is within walking distance to parks, restaurants, shopping, and the 5 Points entertainment district, and it is also located minutes from Downtown, I-95, and I-10. The property size is 4,555 square feet.
Key Highlights
- Breathtaking waterfront view along the St Johns River
- Historically significant building in the Riverside Historic District
- Walking distance to parks, restaurants, shopping and 5 Points entertainment district
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
$65,510
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
4.09%
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%
$1,310,200
$1.3M
Cap Rate 7%
$935,857
$935.9K
Cap Rate 9%
$727,889
$727.9K
Market Conditions
NOI Build-Up for 4,555 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
$109.3K $24.00/SF
− Vacancy
−$22.0K −$4.82/SF
EGI
$87.3K $19.18/SF
− OpEx
−$21.8K −$4.79/SF
NOI
$65.5K $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%
$1,310,200
Cap Rate 7%
$935,857
Cap Rate 9%
$727,889
Alternative Uses
Best Use
Office B
$935.9K
$818.9K – $1.09M
NOI $65,510 @ 7.0% cap · market cap 4.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.25M
$1.09M – $1.46M
NOI $87,347 @ 7.0% cap · market cap 5.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,505
Businesses Nearby
Explore this area
Business Placement
Demographics for 32204, FL
8,673
Population
5,342
Households
1.6
Avg Household Size
39
Median Age
41%
College-Educated
88%
High-School Grad
2.7 sq mi
ZIP Area
3,212
Density / Sq Mi
$54,462
Median Household Income
$47,872
Median Earnings
$1,132
Median Rent
$342,700
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 building - Unique office building with historic architectural features and waterfront view.
Where is this office building located?
The property is located at 2165 River Boulevard Jacksonville, FL.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Breathtaking waterfront view along the St Johns River; Historically significant building in the Riverside Historic District; Walking distance to parks, restaurants, shopping and 5 Points entertainment district
