Historic Two-Suite Office
For Sale
$599,000
1334 WALNUT Street, Jacksonville, FL 32206
Owner-user office property with private offices, conference space, kitchenette, ADA restrooms, and a month-to-month tenant in the second suite.
Property Size3,500 SF
Price / SF$171.14
Days on Market88
Property Features for 1334 WALNUT Street
General Information
Standard status
Active
Size
3,500 SF
Property subtype
Office
Additional Details
Office Units
2
Taxes and HOA fees
Annual Taxes
$7,346
Amenities
shared rear patio
Building Details
Building Size
3,500 SF
Year Built
1928
Buildings
1
Tenancy
Multi
Listing Agency:
BELLE EPOQUE REALTY SERVICES LLC
(904) 382-7695
Listed By:
THOMAS LOVE · License #3118560
Source:
Houseandhavenrealty
Added: May 12
Changed: Aug 2
Last Checked: Aug 7 at 1:10AM
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 BELLE EPOQUE REALTY SERVICES LLC
Investment Insights
Based on property information with market context.
Built in 1928, this office building contains approximately 3,500 SF arranged across two professional suites. The larger suite measures 2,333 SF and includes a reception area, multiple private offices, a conference room, kitchenette, and two ADA-compliant restrooms. The second suite contains roughly 1,167 SF and is occupied by a sitting tenant on a month-to-month basis. A shared rear patio provides additional outdoor space.
The property is located on Walnut Street in Jacksonville’s historic Springfield district, on a quiet, tree-lined street just off Main Street. Downtown Jacksonville’s central business district is within walkable distance, connecting the property to the surrounding downtown environment while retaining a neighborhood setting.
The property is located on Walnut Street in Jacksonville’s historic Springfield district, on a quiet, tree-lined street just off Main Street. Downtown Jacksonville’s central business district is within walkable distance, connecting the property to the surrounding downtown environment while retaining a neighborhood setting.
Key Highlights
- Approximately 3,500 SF divided between two professional office suites
- 2,333 SF owner‑user suite with reception, private offices, conference room, and kitchenette
- Roughly 1,167 SF second suite with a month‑to‑month sitting tenant
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
$50,337
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
8.40%
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%
$1,006,740
$1.0M
Cap Rate 7%
$719,100
$719.1K
Cap Rate 9%
$559,300
$559.3K
Market Conditions
NOI Build-Up for 3,500 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
$84.0K $24.00/SF
− Vacancy
−$16.9K −$4.82/SF
EGI
$67.1K $19.18/SF
− OpEx
−$16.8K −$4.79/SF
NOI
$50.3K $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%
$1,006,740
Cap Rate 7%
$719,100
Cap Rate 9%
$559,300
Alternative Uses
Best Use
Office B
$719.1K
$629.2K – $839.0K
NOI $50,337 @ 7.0% cap · market cap 8.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$958.8K
$839.0K – $1.12M
NOI $67,116 @ 7.0% cap · market cap 11.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,000
Businesses Nearby
Explore this area
Business Placement
Demographics for 32206, FL
18,283
Population
9,415
Households
1.9
Avg Household Size
38
Median Age
21%
College-Educated
82%
High-School Grad
6.2 sq mi
ZIP Area
2,949
Density / Sq Mi
$37,585
Median Household Income
$34,353
Median Earnings
$866
Median Rent
$153,500
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 - Owner-user office property with private offices, conference space, kitchenette, ADA restrooms, and a month-to-month tenant in the second suite.
Where is this office building located?
The property is located at 1334 WALNUT Street 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: Approximately 3,500 SF divided between two professional office suites; 2,333 SF owner‑user suite with reception, private offices, conference room, and kitchenette; Roughly 1,167 SF second suite with a month‑to‑month sitting tenant
