Industrial Flex Space with
New
For Sale
$4,395,000
2436-2472 Dennis St, Jacksonville, FL 32204
Four-building industrial property with adaptable improvements, multiple loading options, and IL light industrial zoning.
Property Size47,552 SF
Lot Size2.51 Acres
Price / SF$92.43
Days on Market4
Property Features for 2436-2472 Dennis St
General Information
Standard status
Active
Size
47,552 SF
Lot size
2.51 Acres
Property subtype
4 Building Industrial Portfolio
Zoning
IL
Warehouse & Industrial
Clear Height
22 ft
Dock-High Doors
1
Drive-In Doors
8
Voltage
240 V
Three-Phase Power
Yes
Additional Details
Opportunity Zone
Yes
Highway Access
Yes
Building Details
Building Size
47,552 SF
Buildings
4
Listing Agency:
NAI Hallmark | Jacksonville
(850) 287-2697
Listed By:
Jason J. Purdy · License #3354221
(850) 287-2697
Source:
Naiglobal
Added: Aug 20
Changed: Aug 21
Last Checked: Aug 22 at 5:07AM
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 NAI Hallmark | Jacksonville
Investment Insights
Based on property information with market context.
This four-building flex property contains 47,552 SF of industrial improvements on a 2.51-acre site. The buildings offer 12' to 22' clear heights, one dock-high door, and eight drive-in doors, providing varied loading configurations for industrial operations. Three-phase 240V power is also available across the property.
The site is positioned near Downtown Jacksonville, west of I-95 and north of I-10, with access to major transportation routes and the surrounding urban core. IL, or Light Industrial, zoning supports a range of industrial uses. The property is also within an Opportunity Zone.
The site is positioned near Downtown Jacksonville, west of I-95 and north of I-10, with access to major transportation routes and the surrounding urban core. IL, or Light Industrial, zoning supports a range of industrial uses. The property is also within an Opportunity Zone.
Key Highlights
- 47,552 SF across four industrial buildings
- 2.51‑acre site with IL (Light Industrial) zoning
- 12' to 22' clear heights
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
$320,848
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
7.30%
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%
$6,416,960
$6.4M
Cap Rate 7%
$4,583,543
$4.6M
Cap Rate 9%
$3,564,978
$3.6M
Market Conditions
NOI Build-Up for 47,552 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
$399.4K $8.40/SF
− Vacancy
−$22.0K −$0.46/SF
EGI
$377.5K $7.94/SF
− OpEx
−$56.6K −$1.19/SF
NOI
$320.8K $6.75/SF
Area
Jacksonville, FL
Vacancy
5.50%
Lease Rate
$8.40 /SF/Yr
Expense Ratio
15.00%
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%
$6,416,960
Cap Rate 7%
$4,583,543
Cap Rate 9%
$3,564,978
Alternative Uses
Best Use
Flex RnD
$7.39M
$6.47M – $8.62M
NOI $517,413 @ 7.0% cap · market cap 11.77%
Second Best
Warehouse
$4.58M
$4.01M – $5.35M
NOI $320,848 @ 7.0% cap · market cap 7.30%
Theoretical Best
Office A
$13.03M
$11.40M – $15.20M
NOI $911,857 @ 7.0% cap · market cap 20.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
22 ft
Clear height
1
Dock-high doors
8
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
434
Businesses Nearby
Under-served
Demand for This Use
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 Industrial in Jacksonville, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Four-building industrial property with adaptable improvements, multiple loading options, and IL light industrial zoning.
Where is this flex space located?
The property is located at 2436-2472 Dennis St Jacksonville, FL.
What is the asking price?
The asking price for this property is $4,395,000.
What are key features of this property?
This property features: 47,552 SF across four industrial buildings; 2.51‑acre site with IL (Light Industrial) zoning; 12' to 22' clear heights
