Four-Building Flex
For Sale
Contact for pricing
2472 Dennis Street, Jacksonville, FL 32204
Four-building industrial property with multiple loading points and IL Light Industrial zoning.
Property Size47,552 SF
Lot Size2.51 Acres
Price / SF$92.43
Days on Market14
Property Features for 2472 Dennis Street
General Information
Standard status
Active
Size
47,552 SF
Lot size
2.51 Acres
Property subtype
Industrial
Zoning
IL Light Industrial
Investment Type
Redevelopment
Additional Details
Opportunity Zone
Yes
Highway Access
Yes
Building Details
Buildings
4
Listing Agency:
NAI Hallmark
(850) 287-2697
Listed By:
Jason Purdy · License #FL 3354221
Source:
Crexi
Added: Aug 18
Changed: Aug 28
Last Checked: Aug 28 at 3:04AM
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
Investment Insights
Based on property information with market context.
This flex-space property includes four industrial buildings totaling 47,552 SF on a 2.51-acre site. Multiple loading points serve the improvements, while IL Light Industrial zoning supports the property’s industrial classification. The configuration is identified for owner-user, development, or investment applications.
Located at 2472 Dennis Street in Jacksonville, the property is near Downtown Jacksonville, west of I-95 and north of I-10. Its position places the site near major transportation corridors and the urban core. The property is also within an Opportunity Zone.
Located at 2472 Dennis Street in Jacksonville, the property is near Downtown Jacksonville, west of I-95 and north of I-10. Its position places the site near major transportation corridors and the urban core. The property is also within an Opportunity Zone.
Key Highlights
- 47,552 SF industrial property on 2.51 acres
- Four‑building flex‑space configuration
- Multiple loading points across the property
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
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
440
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 multiple loading points and IL Light Industrial zoning.
Where is this flex space located?
The property is located at 2472 Dennis Street 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 industrial property on 2.51 acres; Four‑building flex‑space configuration; Multiple loading points across the property
