Converted Residence Office
For Sale
$444,900
2050 FORBES Street, Jacksonville, FL 32204
Converted 1917 residence offers private offices, a lobby, two bathrooms, and ample parking for office use.
Property Size1,962 SF
Price / SF$226.76
Days on Market196
Property Features for 2050 FORBES Street
General Information
Standard status
Active
Size
1,962 SF
Zoning
RMD-B
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$5,771
Amenities
Lobby
Accessible Approach with Ramp
Central Air
Central
Additional Parking, Carport
Building Details
Year Built
1917
Listed By:
VITALY SKURATOV
(904) 537-9710
Source:
Evrealestate
Added: Feb 20
Changed: Sep 3
Last Checked: Sep 2 at 2:59PM
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 VITALY SKURATOV
Investment Insights
Based on property information with market context.
This converted 1917 family home has been repurposed as an office building and includes multiple private rooms/offices plus a lobby. The property also features two bathrooms and plenty of parking, supporting everyday client and staff access.
Situated in the heart of historical 5 points, Riverside, the location is described as within walking distance to shopping, local restaurants, and parks. It is also conveniently close to the interstate.
The property is listed as zoned RMD-B, with Building Type 1201 noted as “converted residence.”
Situated in the heart of historical 5 points, Riverside, the location is described as within walking distance to shopping, local restaurants, and parks. It is also conveniently close to the interstate.
The property is listed as zoned RMD-B, with Building Type 1201 noted as “converted residence.”
Key Highlights
- Converted 1917 residence used as an office building in the Historic 5 Points area of Riverside
- Multiple private rooms/offices plus a lobby
- Two bathrooms
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
$28,217
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
6.34%
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%
$564,340
$564.3K
Cap Rate 7%
$403,100
$403.1K
Cap Rate 9%
$313,522
$313.5K
Market Conditions
NOI Build-Up for 1,962 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
$47.1K $24.00/SF
− Vacancy
−$9.5K −$4.82/SF
EGI
$37.6K $19.18/SF
− OpEx
−$9.4K −$4.79/SF
NOI
$28.2K $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%
$564,340
Cap Rate 7%
$403,100
Cap Rate 9%
$313,522
Alternative Uses
Best Use
Office B
$403.1K
$352.7K – $470.3K
NOI $28,217 @ 7.0% cap · market cap 6.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$537.5K
$470.3K – $627.1K
NOI $37,623 @ 7.0% cap · market cap 8.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,032
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 - Converted 1917 residence offers private offices, a lobby, two bathrooms, and ample parking for office use.
Where is this office building located?
The property is located at 2050 FORBES Street Jacksonville, FL.
What is the asking price?
The asking price for this property is $444,900.
What are key features of this property?
This property features: Converted 1917 residence used as an office building in the Historic 5 Points area of Riverside; Multiple private rooms/offices plus a lobby; Two bathrooms
