Airplane Hangar-Style
For Sale
$1,200,000
3232 OLD KINGS Road, Jacksonville, FL 32254
COMMERCIAL - Jacksonville, FL
Property Size7,440 SF
Lot Size1.40 Acres
Price / SF$161.29
Days on Market95
Property Features for 3232 OLD KINGS Road
General Information
Property type
Commercial Sale
Property subtype
Other
Fencing
Chain Link
Lot features
Irregular Lot
Directions
Head N on Edgewood Ave, turn right onto Old Kings Rd and head SE for .5 miles, property is on your right
Subdivision
074-Paxon
Standard status
Active
APN
0882850000
Size
7,440 SF
Lot size
1.40 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4192
Utilities
Sewer type
Septic Tank
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1940
Listing Agency:
KELLER WILLIAMS ST JOHNS · Keller Williams Realty
(904) 867-7694
Listed By:
CHRISTINA WELCH · License #3186165
(904) 404-1640
Added: May 27
Changed: Aug 4
Last Checked: Aug 29 at 7:06PM
MLS# 2147536
Copyright © 2026 realMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
3232 Old Kings Rd is an airplane hangar-style warehouse totaling 7,440 SF on approximately 1.4 acres, zoned IL (Light Industrial). The building includes 2 loading docks and 3 roll-up doors, with expansive open warehouse space plus 2 office spaces and 1 bathroom. Outdoor parking and storage area support logistics, storage, and fleet-style operations.
The property sits directly alongside the railroad in Jacksonville’s industrial corridor. The exterior perimeter is fenced with chain link, and the space is served by window and wall/window cooling units. Water is provided by public supply, with sewer via a septic tank, and the building was built in 1940.
The warehouse is tenant occupied under a NNN lease with approximately one year remaining, providing immediate income. The current tenant has expressed interest in remaining long term and signing a new lease.
The property sits directly alongside the railroad in Jacksonville’s industrial corridor. The exterior perimeter is fenced with chain link, and the space is served by window and wall/window cooling units. Water is provided by public supply, with sewer via a septic tank, and the building was built in 1940.
The warehouse is tenant occupied under a NNN lease with approximately one year remaining, providing immediate income. The current tenant has expressed interest in remaining long term and signing a new lease.
Key Highlights
- Approximately 1.4 acres zoned IL (Light Industrial)
- 7,440 SF airplane hangar‑style warehouse with expansive open space
- 2 loading docks plus 3 roll‑up doors
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
$50,200
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
4.18%
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%
$1,004,000
$1.0M
Cap Rate 7%
$717,143
$717.1K
Cap Rate 9%
$557,778
$557.8K
Market Conditions
NOI Build-Up for 7,440 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
$62.5K $8.40/SF
− Vacancy
−$3.4K −$0.46/SF
EGI
$59.1K $7.94/SF
− OpEx
−$8.9K −$1.19/SF
NOI
$50.2K $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%
$1,004,000
Cap Rate 7%
$717,143
Cap Rate 9%
$557,778
Alternative Uses
Best Use
Warehouse
$717.1K
$627.5K – $836.7K
NOI $50,200 @ 7.0% cap · market cap 4.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.04M
$1.78M – $2.38M
NOI $142,669 @ 7.0% cap · market cap 11.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Dock-high doors
Location Intelligence
Trade Area within ½ mile
346
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32254, FL
14,545
Population
6,331
Households
2.3
Avg Household Size
37
Median Age
10%
College-Educated
73%
High-School Grad
12.4 sq mi
ZIP Area
1,173
Density / Sq Mi
$36,449
Median Household Income
$29,443
Median Earnings
$1,111
Median Rent
$85,100
Median Home Value
Market
Vacancy Rate% for Industrial in Jacksonville, FL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Storage Zone Self Storage and Business Centers — 2343 Edgewood Ave N, Jacksonville, FL 32254
- CrownMotors Sales & Service, Inc. — 5510 New Kings Rd, Jacksonville, FL 32209
Frequently Asked Questions
What type of property is this?
Warehouse - Light Industrial IL warehouse tenant occupied under an NNN lease with approximately one year remaining.
Where is this warehouse located?
The property is located at 3232 OLD KINGS Road Jacksonville, FL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Approximately 1.4 acres zoned IL (Light Industrial); 7,440 SF airplane hangar‑style warehouse with expansive open space; 2 loading docks plus 3 roll‑up doors
