Two-Story Office
For Sale
Contact for pricing
2865 Plummer Cove Rd, Jacksonville, FL 32223
Two-story office space totaling about 3,600 SF, suited for medical or professional use in Jacksonville’s Mandarin area.
Property Size3,600 SF
Price / SF$166.39
Days on Market192
Property Features for 2865 Plummer Cove Rd
General Information
Standard status
Active
Size
3,600 SF
Property subtype
OFFICE
Additional Details
Highway Access
Yes
Building Details
Stories
2
Listing Agency:
Newmark Phoenix Realty Group | Jacksonville
(904) 399-5222
Listed By:
Jeffrey Frandsen · License #3383621
(850) 556-2108
Source:
Moodyscre
Added: Feb 27
Changed: Aug 19
Last Checked: Jul 23 at 2:10PM
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 Newmark Phoenix Realty Group | Jacksonville
Investment Insights
Based on property information with market context.
This two-story office building offers right-sized space totaling about 3,600 SF, configured across two levels to support flexible use for a small business or medical/professional office. The layout is designed for straightforward, day-to-day operation with a manageable footprint for owner-users seeking lower overhead.
Located at 2865 Plummer Cove Rd in Jacksonville, the property is described as being on the Southside/Mandarin side of the market, next to I-295 for convenient access to major corridors. The surrounding area is characterized as a high-demand Mandarin submarket, with an emphasis on strong residential demand and limited commercial inventory, and it sits within a local retail setting along San Jose Blvd.
For tenants or buyers evaluating office space in the Mandarin submarket, this building provides a compact two-story configuration with access-focused positioning near I-295.
Located at 2865 Plummer Cove Rd in Jacksonville, the property is described as being on the Southside/Mandarin side of the market, next to I-295 for convenient access to major corridors. The surrounding area is characterized as a high-demand Mandarin submarket, with an emphasis on strong residential demand and limited commercial inventory, and it sits within a local retail setting along San Jose Blvd.
For tenants or buyers evaluating office space in the Mandarin submarket, this building provides a compact two-story configuration with access-focused positioning near I-295.
Key Highlights
- Two‑story office space totaling about 3,600 SF for medical or professional use.
- Flexible layout with about 3,600 SF across two stories, suited for a small business, medical/professional office, or owner‑user.
- Convenient Southside/Mandarin location next to I‑295 with immediate access to major corridors.
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
$51,775
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
8.64%
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%
$1,035,500
$1.0M
Cap Rate 7%
$739,643
$739.6K
Cap Rate 9%
$575,278
$575.3K
Market Conditions
NOI Build-Up for 3,600 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
$86.4K $24.00/SF
− Vacancy
−$17.4K −$4.82/SF
EGI
$69.0K $19.18/SF
− OpEx
−$17.3K −$4.79/SF
NOI
$51.8K $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%
$1,035,500
Cap Rate 7%
$739,643
Cap Rate 9%
$575,278
Alternative Uses
Best Use
Healthcare Medical
$833.1K
$729.0K – $972.0K
NOI $58,320 @ 7.0% cap · market cap 9.74%
Second Best
Office B
$739.6K
$647.2K – $862.9K
NOI $51,775 @ 7.0% cap · market cap 8.64%
Theoretical Best
Office A
$986.2K
$862.9K – $1.15M
NOI $69,034 @ 7.0% cap · market cap 11.52%
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
875
Businesses Nearby
Explore this area
Business Placement
Demographics for 32223, FL
25,600
Population
10,639
Households
2.4
Avg Household Size
47
Median Age
40%
College-Educated
95%
High-School Grad
11.5 sq mi
ZIP Area
2,226
Density / Sq Mi
$91,599
Median Household Income
$50,736
Median Earnings
$1,500
Median Rent
$377,500
Median Home Value
Market
Vacancy Rate% for Office in Jacksonville, FL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Two-story office space totaling about 3,600 SF, suited for medical or professional use in Jacksonville’s Mandarin area.
Where is this office units located?
The property is located at 2865 Plummer Cove Rd Jacksonville, FL.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Two‑story office space totaling about 3,600 SF for medical or professional use.; Flexible layout with about 3,600 SF across two stories, suited for a small business, medical/professional office, or owner‑user.; Convenient Southside/Mandarin location next to I‑295 with immediate access to major corridors.
