Occupied Office Building with Expansion
For Sale
Contact for pricing
13351 Progress Boulevard, Alachua, FL 32615
15,000 SF office building on 2.58 acres, 100% occupied by two national tenants.
Property Size15,000 SF
Lot Size2.58 Acres
Price / SF$166.67
Days on Market106
Property Features for 13351 Progress Boulevard
General Information
Standard status
Active
Size
15,000 SF
Lot size
2.58 Acres
Property subtype
Office, Industrial
Zoning
PUD
Occupancy
100%
Investment Type
Owner/User
Additional Details
Asking Price
$2,500,000
Building Details
Year Built
2002
Tenancy
Multi
Listing Agency:
Avison Young - Gainesville
Listed By:
Rick Cain · License #FL SL3127464
(352) 505-7588
Source:
Crexi
Added: May 26
Changed: Sep 8
Last Checked: Sep 8 at 5:00AM
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 Avison Young - Gainesville
Investment Insights
Based on property information with market context.
This 15,000 SF office facility is 100% occupied and leased to two national tenants. The building’s current setup supports fully leased office use, offering a stabilized occupancy profile for an owner looking for an income-producing property.
The property sits on a 2.58-acre lot with development potential for an additional 15,000 SF facility. This creates an opportunity to expand on-site capacity while retaining the existing leased footprint.
The offering is structured as a sale transaction.
The property sits on a 2.58-acre lot with development potential for an additional 15,000 SF facility. This creates an opportunity to expand on-site capacity while retaining the existing leased footprint.
The offering is structured as a sale transaction.
Key Highlights
- 15,000 SF office facility 100% occupied
- Leased to two national tenants
- 2.58‑acre lot with development potential
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
$187,110
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
7.48%
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%
$3,742,200
$3.7M
Cap Rate 7%
$2,673,000
$2.7M
Cap Rate 9%
$2,079,000
$2.1M
Market Conditions
NOI Build-Up for 15,000 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
$297.0K $19.80/SF
− Vacancy
−$47.5K −$3.17/SF
EGI
$249.5K $16.63/SF
− OpEx
−$62.4K −$4.16/SF
NOI
$187.1K $12.47/SF
Area
Alachua County, FL
Vacancy
16.00%
Lease Rate
$19.80 /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%
$3,742,200
Cap Rate 7%
$2,673,000
Cap Rate 9%
$2,079,000
Alternative Uses
Best Use
Office B
$2.67M
$2.34M – $3.12M
NOI $187,110 @ 7.0% cap · market cap 7.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.78M
$3.31M – $4.41M
NOI $264,708 @ 7.0% cap · market cap 10.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
115
Businesses Nearby
Explore this area
Business Placement
Demographics for 32615, FL
16,524
Population
6,908
Households
2.4
Avg Household Size
44
Median Age
40%
College-Educated
95%
High-School Grad
137.8 sq mi
ZIP Area
120
Density / Sq Mi
$79,983
Median Household Income
$49,772
Median Earnings
$1,131
Median Rent
$289,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - 15,000 SF office building on 2.58 acres, 100% occupied by two national tenants.
Where is this office building located?
The property is located at 13351 Progress Boulevard Alachua, FL.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 15,000 SF office facility 100% occupied; Leased to two national tenants; 2.58‑acre lot with development potential
