Two-Parcel Industrial Warehouse
For Sale
$2,020,800
435 Cassat Ave & 450 Ryan Avenue, Jacksonville, FL 32254
Leased and owner-occupy warehouse parcels totaling 22,310± SF under CCG-2 zoning near I-10 and I-95.
Property Size22,310 SF
Price / SF$90.58
Days on Market84
Property Features for 435 Cassat Ave & 450 Ryan Avenue
General Information
Standard status
Active
Size
22,310 SF
Property subtype
Industrial
Zoning
CCG-2
Additional Details
Highway Access
Yes
Building Details
Building Size
22,310 SF
Year Built
1961
Listing Agency:
Pine Street/RPS
Listed By:
Mark Wainwright · License #508359
(904) 728-1085
Source:
Pinestreetrps
Added: Jun 16
Changed: Sep 5
Last Checked: Sep 6 at 6:07AM
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 Pine Street/RPS
Investment Insights
Based on property information with market context.
This for-sale offering includes two commercial parcels totaling 22,310± SF of warehouse space, both zoned CCG-2. 435 Cassat Avenue is currently leased to a stable tenant with a signed lease through early 2027. 450 Ryan Avenue is available for owner-occupancy, allowing an operator to secure warehouse space while maintaining control over one of the parcels within the combined offering.
The properties are positioned near major roadways, with access to I-10 and I-95. The area also provides convenient proximity to Beaver Street and other industrial connectivity that can support day-to-day logistics. Jacksonville International Airport is described as a short drive away, which may be relevant for businesses requiring frequent travel.
For tenants and owner-operators, the combination of a leased parcel and an available parcel can fit multiple strategies, including acquiring space with an in-place lease while planning for occupancy or business expansion. Buyers considering this asset for their operating needs may find the owner-occupancy option at 450 Ryan Avenue useful, while the lease term on 435 Cassat Avenue provides additional structure within the overall portfolio. The offering’s straightforward two-parcel setup supports clear decision-making around occupancy and leasing plans.
The properties are positioned near major roadways, with access to I-10 and I-95. The area also provides convenient proximity to Beaver Street and other industrial connectivity that can support day-to-day logistics. Jacksonville International Airport is described as a short drive away, which may be relevant for businesses requiring frequent travel.
For tenants and owner-operators, the combination of a leased parcel and an available parcel can fit multiple strategies, including acquiring space with an in-place lease while planning for occupancy or business expansion. Buyers considering this asset for their operating needs may find the owner-occupancy option at 450 Ryan Avenue useful, while the lease term on 435 Cassat Avenue provides additional structure within the overall portfolio. The offering’s straightforward two-parcel setup supports clear decision-making around occupancy and leasing plans.
Key Highlights
- Two commercial parcels totaling 22,310± SF under CCG‑2 zoning in Jacksonville, FL
- 435 Cassat Avenue is leased to a stable tenant with a signed lease through early 2027
- 450 Ryan Avenue is available for owner‑occupancy
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
$150,532
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
7.45%
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%
$3,010,640
$3.0M
Cap Rate 7%
$2,150,457
$2.2M
Cap Rate 9%
$1,672,578
$1.7M
Market Conditions
NOI Build-Up for 22,310 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
$187.4K $8.40/SF
− Vacancy
−$10.3K −$0.46/SF
EGI
$177.1K $7.94/SF
− OpEx
−$26.6K −$1.19/SF
NOI
$150.5K $6.75/SF
Area
Jacksonville, FL
Vacancy
5.50%
Lease Rate
$8.40 /SF/Yr
Expense Ratio
15.00%
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%
$3,010,640
Cap Rate 7%
$2,150,457
Cap Rate 9%
$1,672,578
Alternative Uses
Best Use
Warehouse
$2.15M
$1.88M – $2.51M
NOI $150,532 @ 7.0% cap · market cap 7.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.11M
$5.35M – $7.13M
NOI $427,817 @ 7.0% cap · market cap 21.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
721
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32254, FL
14,545
Population
6,331
Households
2.3
Avg Household Size
37
Median Age
10%
College-Educated
73%
High-School Grad
12.4 sq mi
ZIP Area
1,173
Density / Sq Mi
$36,449
Median Household Income
$29,443
Median Earnings
$1,111
Median Rent
$85,100
Median Home Value
Market
Vacancy Rate% for Industrial in Jacksonville, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Leased and owner-occupy warehouse parcels totaling 22,310± SF under CCG-2 zoning near I-10 and I-95.
Where is this warehouse located?
The property is located at 435 Cassat Ave & 450 Ryan Avenue Jacksonville, FL.
What is the asking price?
The asking price for this property is $2,020,800.
What are key features of this property?
This property features: Two commercial parcels totaling 22,310± SF under CCG‑2 zoning in Jacksonville, FL; 435 Cassat Avenue is leased to a stable tenant with a signed lease through early 2027; 450 Ryan Avenue is available for owner‑occupancy
