Corner Auto Garage
For Sale
$325,000
3204 N Pearl Street, Jacksonville, FL 32206
Corner lot auto garage setup with recent improvements, near UF Health and I-95 access in a commercial neighborhood zone.
Property Size1,092 SF
Price / SF$297.62
Days on Market43
Property Features for 3204 N Pearl Street
General Information
Standard status
Active
Size
1,092 SF
Property subtype
Commercial
Zoning
CN
Site & Location
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$830
Building Details
Building Size
1,092 SF
Year Built
1949
Listing Agency:
ONE REALTY CORP
(904) 955-6639
Listed By:
RAJ MODY
(904) 955-6639
Source:
Giffordproperties
Added: Jul 12
Changed: Aug 23
Last Checked: Aug 22 at 9:58AM
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 ONE REALTY CORP
Investment Insights
Based on property information with market context.
This property is set up as an auto garage and includes recent improvements, with updated photos expected soon as the current image is described as outdated. It is offered for sale and may also be available for lease. Seller financing is noted as available, subject to terms and conditions (OAC).
The site is described as a convenient location near UF Health and I-95, with easy access to MLK Jr. Parkway and I-95. Public remarks indicate a commercial neighborhood setting (Zone CN) and highlight surrounding commercial presence and ongoing new development and redevelopment. The property is also positioned as an anchor in an emerging urban corridor.
The property is on a corner lot, which the remarks cite as supporting strong visibility and traffic counts. The listing also notes the asset can be purchased as part of a three-property portfolio with two nearby properties (a restaurant and an additional retail building), with a discount if all three are bought together.
The site is described as a convenient location near UF Health and I-95, with easy access to MLK Jr. Parkway and I-95. Public remarks indicate a commercial neighborhood setting (Zone CN) and highlight surrounding commercial presence and ongoing new development and redevelopment. The property is also positioned as an anchor in an emerging urban corridor.
The property is on a corner lot, which the remarks cite as supporting strong visibility and traffic counts. The listing also notes the asset can be purchased as part of a three-property portfolio with two nearby properties (a restaurant and an additional retail building), with a discount if all three are bought together.
Key Highlights
- Year built 1949 with an auto garage setup and recent improvements
- Corner lot in a Commercial Neighborhood (Zone CN) in an area of surrounding new development and re‑development
- Convenient to UF Health and minutes to Downtown Jacksonville and the historic Springfield district
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
$12,342
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
3.80%
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%
$246,840
$246.8K
Cap Rate 7%
$176,314
$176.3K
Cap Rate 9%
$137,133
$137.1K
Market Conditions
NOI Build-Up for 1,092 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
$19.7K $18.00/SF
− Vacancy
−$2.0K −$1.85/SF
EGI
$17.6K $16.15/SF
− OpEx
−$5.3K −$4.84/SF
NOI
$12.3K $11.30/SF
Area
Jacksonville, FL
Vacancy
10.30%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$246,840
Cap Rate 7%
$176,314
Cap Rate 9%
$137,133
Alternative Uses
Best Use
Retail
$176.3K
$154.3K – $205.7K
NOI $12,342 @ 7.0% cap · market cap 3.80%
Second Best
Industrial
$86.7K
$75.9K – $101.1K
NOI $6,068 @ 7.0% cap · market cap 1.87%
Theoretical Best
Office A
$299.1K
$261.8K – $349.0K
NOI $20,940 @ 7.0% cap · market cap 6.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
648
Businesses Nearby
39k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 69%
Dining 29%
Electronics 2%
Burger King
Dining
9,066 visits/mo
0.5 miles
Family Dollar
Shops & Services
7,648 visits/mo
0.5 miles
Dollar General
Shops & Services
4,768 visits/mo
0.5 miles
Exxon
Shops & Services
4,217 visits/mo
0.4 miles
76
Shops & Services
3,275 visits/mo
0.4 miles
Demographics for 32206, FL
18,283
Population
9,415
Households
1.9
Avg Household Size
38
Median Age
21%
College-Educated
82%
High-School Grad
6.2 sq mi
ZIP Area
2,949
Density / Sq Mi
$37,585
Median Household Income
$34,353
Median Earnings
$866
Median Rent
$153,500
Median Home Value
Market
Vacancy Rate% for Retail in Jacksonville, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Auto shop - Corner lot auto garage setup with recent improvements, near UF Health and I-95 access in a commercial neighborhood zone.
Where is this auto shop located?
The property is located at 3204 N Pearl Street Jacksonville, FL.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Year built 1949 with an auto garage setup and recent improvements; Corner lot in a Commercial Neighborhood (Zone CN) in an area of surrounding new development and re‑development; Convenient to UF Health and minutes to Downtown Jacksonville and the historic Springfield district
