Southside/Mandarin Office/Medical Space
For Sale
$599,000
2965 Plummer Cove Road, Jacksonville, FL 32223
Office/medical space for sale in a high-demand location.
Property Size3,600 SF
Price / SF$166.39
Days on Market217
Property Features for 2965 Plummer Cove Road
General Information
Standard status
Active
Size
3,600 SF
Property subtype
Office
Listing Agency:
(904) 399-5222
Listed By:
Jeff Frandsen
Source:
Nmrk
Added: Jan 27
Changed: Aug 24
Last Checked: Sep 1 at 3:50PM
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 Jeff Frandsen
Investment Insights
Based on property information with market context.
This office/medical space, totaling approximately 3,600 square feet across two stories, is available for purchase. The property is situated in the Southside/Mandarin area, adjacent to I-295, providing convenient access to major transportation routes for both staff and clients. The location benefits from strong demographics and a stable residential base within the Mandarin submarket. The limited commercial inventory in this area contributes to the desirability of properties for long-term value and tenant demand. The property is suitable for a small business, medical or professional office, or an owner-user seeking low overhead and ease of operation. The local retail area along San Jose Boulevard provides additional amenities and services.
Key Highlights
- High‑demand Mandarin submarket location with strong demographics and limited commercial inventory.
- Convenient Southside/Mandarin location next to I‑295 with immediate access to major corridors.
- ±3,600 SF space suitable for office, medical, or owner‑user.**
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
Location Intelligence
Trade Area within ½ mile
948
Businesses Nearby
Balanced
Demand for This Use
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.
Similar Off Market Nearby
- Petco Vaccination Clinic — 11111 San Jose Blvd #57, Jacksonville, FL 32223
- Capital Veterinary Specialists, JAX and Animal ER — 3001 Hartley Rd, Jacksonville, FL 32257
- Vet Wellcare Vaccinations Clinic at Pet Supermarket — 10485 San Jose Blvd, Jacksonville, FL 32257
Frequently Asked Questions
What type of property is this?
Medical Office Space - Office/medical space for sale in a high-demand location.
Where is this medical office space located?
The property is located at 2965 Plummer Cove Road 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: High‑demand Mandarin submarket location with strong demographics and limited commercial inventory.; Convenient Southside/Mandarin location next to I‑295 with immediate access to major corridors.; ±3,600 SF space suitable for office, medical, or owner‑user.**
