Two-Tenant Office
New
For Sale
$930,000
13119 Professional Dr, Jacksonville, FL 32225
Fully occupied professional-office property with concrete panel construction and a roof replacement completed in 2022.
Property Size3,000 SF
Lot Size0.51 Acres
Price / SF$310
Days on Market2
Property Features for 13119 Professional Dr
General Information
Standard status
Active
Size
3,000 SF
Lot size
0.51 Acres
Property subtype
Office
Occupancy
100%
Additional Details
Cap Rate
7.42%
Office Units
2
Amenities
Prime Location in the Only Professional Office Park in the Area Off of Atlantic Blvd, Harbour Place Professional Park
Roof Replaced in 2022
4.8% Vacancy Rate for Office Space Between 1,000-5,000SF in the Surrounding Area
Ample Parking and Easy Accessibility
Building Details
Building Size
3,000 SF
Year Built
1998
Buildings
1
Construction
concrete panel
Tenancy
Multi
Listed By:
Edwinn Bruchman · License #License(s): FL: SL3486353
(904) 672-1402
Source:
Marcusmillichap
Added: Sep 16
Last Checked: Sep 16 at 2:27PM
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 Edwinn Bruchman
Investment Insights
Based on property information with market context.
This 3,000-square-foot office building sits on 0.51 acres within Harbour Place Professional Park in Jacksonville. Constructed in 1998, the property has concrete panel exterior walls and received a roof replacement in 2022. The building is configured for two occupants and is currently 100% occupied.
Suite 100 is leased to Mid-Florida Prosthetics & Orthotics for medical use, with the tenant having completed its own buildout. Suite 200 is leased to Railway Systems Suppliers, Inc. The property is positioned within a professional office park serving medical and professional office users, with approximately 81,000 people residing within a 3-mile radius.
Suite 100 is leased to Mid-Florida Prosthetics & Orthotics for medical use, with the tenant having completed its own buildout. Suite 200 is leased to Railway Systems Suppliers, Inc. The property is positioned within a professional office park serving medical and professional office users, with approximately 81,000 people residing within a 3-mile radius.
Key Highlights
- 3,000 SF office building on 0.51 acres
- 100% occupied two‑tenant configuration
- Built in 1998 with concrete panel exterior walls
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
$41,172
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
4.43%
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%
$823,440
$823.4K
Cap Rate 7%
$588,171
$588.2K
Cap Rate 9%
$457,467
$457.5K
Market Conditions
NOI Build-Up for 3,000 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
$70.6K $23.52/SF
− Vacancy
−$15.7K −$5.22/SF
EGI
$54.9K $18.30/SF
− OpEx
−$13.7K −$4.57/SF
NOI
$41.2K $13.72/SF
Area
ZIP 32225
Vacancy
22.20%
Lease Rate
$23.52 /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%
$823,440
Cap Rate 7%
$588,171
Cap Rate 9%
$457,467
Alternative Uses
Best Use
Office B
$588.2K
$514.7K – $686.2K
NOI $41,172 @ 7.0% cap · market cap 4.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$697.8K
$610.6K – $814.1K
NOI $48,846 @ 7.0% cap · market cap 5.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Office units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
829
Businesses Nearby
Explore this area
Business Placement
Demographics for 32225, FL
57,441
Population
23,289
Households
2.5
Avg Household Size
39
Median Age
42%
College-Educated
96%
High-School Grad
26.3 sq mi
ZIP Area
2,184
Density / Sq Mi
$87,715
Median Household Income
$46,778
Median Earnings
$1,673
Median Rent
$324,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Jacksonville, FL
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Frequently Asked Questions
What type of property is this?
Office building - Fully occupied professional-office property with concrete panel construction and a roof replacement completed in 2022.
Where is this office building located?
The property is located at 13119 Professional Dr Jacksonville, FL.
What is the asking price?
The asking price for this property is $930,000.
What are key features of this property?
This property features: 3,000 SF office building on 0.51 acres; 100% occupied two‑tenant configuration; Built in 1998 with concrete panel exterior walls
