Fully Renovated Office Condominium
For Sale
$599,000
9521 Shellie Road Suite 1, Jacksonville, FL 32257
Fully renovated office condominium suite with conference room, breakroom, and three restrooms, including a private executive office.
Property Size2,384 SF
Price / SF$251.26
Days on Market45
Property Features for 9521 Shellie Road Suite 1
General Information
Standard status
Active
Size
2,384 SF
Class
B
Property subtype
Office Condo
Occupancy
100%
Additional Details
Business Included
Yes
Office Units
2
Building Details
Building Size
2,384 SF
Year Built
2007
Tenancy
Single
Listing Agency:
United Real Estate Gallery
(904) 614-9715
Listed By:
Stephen Edmonds · License #3304148
Source:
Naiglobal
Added: Jul 19
Changed: Aug 13
Last Checked: Aug 31 at 2:19PM
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 United Real Estate Gallery
Investment Insights
Based on property information with market context.
9521 Shellie Road offers a fully renovated office condominium suite that combines two office condominium units into one efficient layout. The suite includes a conference room, a dedicated breakroom, three restrooms, and a private executive office with an en-suite restroom.
The property is leased through March 31, 2029, with 3% annual rent increases in place.
Designed for professional office use, the interior configuration supports client meetings and day-to-day operations with separate common and private work areas.
The property is leased through March 31, 2029, with 3% annual rent increases in place.
Designed for professional office use, the interior configuration supports client meetings and day-to-day operations with separate common and private work areas.
Key Highlights
- 2,384 SF investment office condominium suite in a building built in 2007
- Two office condominium units combined into a single fully renovated suite
- Suite layout includes a conference room, dedicated breakroom, and three restrooms
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
$34,287
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
5.72%
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%
$685,740
$685.7K
Cap Rate 7%
$489,814
$489.8K
Cap Rate 9%
$380,967
$381.0K
Market Conditions
NOI Build-Up for 2,384 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
$57.2K $24.00/SF
− Vacancy
−$11.5K −$4.82/SF
EGI
$45.7K $19.18/SF
− OpEx
−$11.4K −$4.79/SF
NOI
$34.3K $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%
$685,740
Cap Rate 7%
$489,814
Cap Rate 9%
$380,967
Alternative Uses
Best Use
Office B
$489.8K
$428.6K – $571.5K
NOI $34,287 @ 7.0% cap · market cap 5.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$653.1K
$571.5K – $761.9K
NOI $45,716 @ 7.0% cap · market cap 7.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Office units
100%
Occupancy
Single-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
485
Businesses Nearby
Explore this area
Business Placement
Demographics for 32257, FL
41,439
Population
18,465
Households
2.2
Avg Household Size
40
Median Age
36%
College-Educated
93%
High-School Grad
12.3 sq mi
ZIP Area
3,369
Density / Sq Mi
$75,180
Median Household Income
$45,772
Median Earnings
$1,441
Median Rent
$305,000
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 - Fully renovated office condominium suite with conference room, breakroom, and three restrooms, including a private executive office.
Where is this office units located?
The property is located at 9521 Shellie Road Suite 1 Jacksonville, FL.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 2,384 SF investment office condominium suite in a building built in 2007; Two office condominium units combined into a single fully renovated suite; Suite layout includes a conference room, dedicated breakroom, and three restrooms
