Office Suite in Blackstone
For Sale
Contact for pricing
233 East Bay Street, Jacksonville, FL 32202
For sale office suite with utilities included and in-suite trash removal plus maintained restrooms and common areas.
Property Size2,454 SF
Price / SF$275
Days on Market68
Property Features for 233 East Bay Street
General Information
Standard status
Active
Size
2,454 SF
Property subtype
Office
Zoning
CCBD
Building Details
Year Built
1974
Tenancy
Single
Listing Agency:
Coldwell Banker Commercial Premier Saint Augustine
Listed By:
Eric Maimo · License #FL
Source:
Crexi
Added: Jun 17
Changed: Aug 15
Last Checked: Aug 23 at 4:37AM
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 Coldwell Banker Commercial Premier Saint Augustine
Investment Insights
Based on property information with market context.
Located in the Blackstone Building at 233 East Bay Street in Downtown Jacksonville, this office suite offers a turnkey setup for professional use. The space is approximately 2,454 square feet and is supported by building-maintained amenities, including fully maintained restrooms and common areas.
According to the property remarks, this opportunity is positioned in the heart of Downtown Jacksonville for convenient day-to-day operations and client access. The building includes all utilities as part of the offering, and the suite is supported by in-suite trash removal services.
This suite is suited for a range of professional office users who want a managed, service-supported workplace. With utilities included and ongoing maintenance for restrooms and common areas, the space is designed to reduce operational friction for office teams and help keep the day-to-day environment consistent for occupants and visitors.
According to the property remarks, this opportunity is positioned in the heart of Downtown Jacksonville for convenient day-to-day operations and client access. The building includes all utilities as part of the offering, and the suite is supported by in-suite trash removal services.
This suite is suited for a range of professional office users who want a managed, service-supported workplace. With utilities included and ongoing maintenance for restrooms and common areas, the space is designed to reduce operational friction for office teams and help keep the day-to-day environment consistent for occupants and visitors.
Key Highlights
- Office suite in the Blackstone Building with year built 1974
- Utilities included
- In‑suite trash removal service included
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
$35,293
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
5.23%
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%
$705,860
$705.9K
Cap Rate 7%
$504,186
$504.2K
Cap Rate 9%
$392,144
$392.1K
Market Conditions
NOI Build-Up for 2,454 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
$58.9K $24.00/SF
− Vacancy
−$11.8K −$4.82/SF
EGI
$47.1K $19.18/SF
− OpEx
−$11.8K −$4.79/SF
NOI
$35.3K $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%
$705,860
Cap Rate 7%
$504,186
Cap Rate 9%
$392,144
Alternative Uses
Best Use
Office B
$504.2K
$441.2K – $588.2K
NOI $35,293 @ 7.0% cap · market cap 5.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$672.3K
$588.2K – $784.3K
NOI $47,058 @ 7.0% cap · market cap 6.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,563
Businesses Nearby
Explore this area
Business Placement
Demographics for 32202, FL
6,544
Population
2,789
Households
2.3
Avg Household Size
38
Median Age
17%
College-Educated
78%
High-School Grad
2.0 sq mi
ZIP Area
3,272
Density / Sq Mi
$40,070
Median Household Income
$30,938
Median Earnings
$1,024
Median Rent
$229,100
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 units - For sale office suite with utilities included and in-suite trash removal plus maintained restrooms and common areas.
Where is this office units located?
The property is located at 233 East Bay Street Jacksonville, FL.
What is the asking price?
The asking price for this property is $674,850.
What are key features of this property?
This property features: Office suite in the Blackstone Building with year built 1974; Utilities included; In‑suite trash removal service included
