Two-Story Office
New
For Sale
$1,200,000
637 Park Street, Jacksonville, FL 32204
Flexible office layout offers separate floor access, restrooms on both levels, and substantial rear parking.
Property Size4,182 SF
Price / SF$286.94
Days on Market6
Property Features for 637 Park Street
General Information
Standard status
Active
Size
4,182 SF
Property subtype
Office
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Building Size
4,182 SF
Year Built
1958
Buildings
1
Stories
2
Listing Agency:
(352) 213-1995
Listed By:
Caleb Noble, MSRE
Source:
Naiglobal
Added: Aug 2
Changed: Aug 3
Last Checked: Aug 6 at 3:57AM
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 Caleb Noble, MSRE
Investment Insights
Based on property information with market context.
This 4,182 SF office building was constructed in 1958 and includes two floors with separate access to each level. Restrooms are provided on both floors, and the layout can accommodate either a single occupant or multiple tenants. A sizable parking area is located behind the building, with frontage along Oak Street.
The property fronts Park Street in Downtown Jacksonville’s Brooklyn submarket, providing direct street exposure and access to the Downtown core. I-95 and I-10 are nearby, with the I-95 and I-10 interchange within one mile. Seller financing may be considered subject to the buyer’s financial strength.
The property fronts Park Street in Downtown Jacksonville’s Brooklyn submarket, providing direct street exposure and access to the Downtown core. I-95 and I-10 are nearby, with the I-95 and I-10 interchange within one mile. Seller financing may be considered subject to the buyer’s financial strength.
Key Highlights
- 4,182 SF two‑story office building constructed in 1958
- Separate access points serve each floor, supporting single- or multi‑tenant occupancy
- Restrooms located on both levels
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
$60,146
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
5.01%
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%
$1,202,920
$1.2M
Cap Rate 7%
$859,229
$859.2K
Cap Rate 9%
$668,289
$668.3K
Market Conditions
NOI Build-Up for 4,182 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
$100.4K $24.00/SF
− Vacancy
−$20.2K −$4.82/SF
EGI
$80.2K $19.18/SF
− OpEx
−$20.0K −$4.79/SF
NOI
$60.1K $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%
$1,202,920
Cap Rate 7%
$859,229
Cap Rate 9%
$668,289
Alternative Uses
Best Use
Office B
$859.2K
$751.8K – $1.00M
NOI $60,146 @ 7.0% cap · market cap 5.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.15M
$1.00M – $1.34M
NOI $80,194 @ 7.0% cap · market cap 6.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,136
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 - Flexible office layout offers separate floor access, restrooms on both levels, and substantial rear parking.
Where is this office building located?
The property is located at 637 Park Street Jacksonville, FL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 4,182 SF two‑story office building constructed in 1958; Separate access points serve each floor, supporting single- or multi‑tenant occupancy; Restrooms located on both levels
