Retail-Flex
For Sale
Contact for pricing
3506 University Blvd S, Jacksonville, FL 32216
Retail-flex building offered for sale with 22,208 square feet of total space.
Property Size22,208 SF
Price / SF$134.64
Days on Market123
Property Features for 3506 University Blvd S
General Information
Standard status
Active
Size
22,208 SF
Class
B
Total Parking Spaces
12
Property subtype
Retail, Office, Industrial
Zoning
PUD
Lease Type
NNN
Building Details
Year Built
1983
Listing Agency:
Three Lions Real Estate Group
(215) 534-8245
Listed By:
Luke Feldman · License #FL 3368872
Source:
Crexi
Added: May 1
Changed: Aug 21
Last Checked: Aug 29 at 10:53PM
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 Three Lions Real Estate Group
Investment Insights
Based on property information with market context.
This retail-flex building is offered for sale with a total size of 22,208 square feet. The property is marketed for retail use and also fits a flex configuration, supporting a range of commercial tenant requirements.
The address is 3506 University Blvd S., Jacksonville, FL 32216.
Prospective tenants and buyers should review the space directly to confirm layout and specific suitability for their intended operations.
The address is 3506 University Blvd S., Jacksonville, FL 32216.
Prospective tenants and buyers should review the space directly to confirm layout and specific suitability for their intended operations.
Key Highlights
- Retail‑flex building built in 1983
- 22,208 sq ft total space
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
$250,999
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
8.39%
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%
$5,019,980
$5.0M
Cap Rate 7%
$3,585,700
$3.6M
Cap Rate 9%
$2,788,878
$2.8M
Market Conditions
NOI Build-Up for 22,208 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
$399.7K $18.00/SF
− Vacancy
−$41.2K −$1.85/SF
EGI
$358.6K $16.15/SF
− OpEx
−$107.6K −$4.84/SF
NOI
$251.0K $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%
$5,019,980
Cap Rate 7%
$3,585,700
Cap Rate 9%
$2,788,878
Alternative Uses
Best Use
Retail
$3.59M
$3.14M – $4.18M
NOI $250,999 @ 7.0% cap · market cap 8.39%
Second Best
Flex RnD
$3.45M
$3.02M – $4.03M
NOI $241,645 @ 7.0% cap · market cap 8.08%
Theoretical Best
Office A
$6.08M
$5.32M – $7.10M
NOI $425,861 @ 7.0% cap · market cap 14.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,735
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32216, FL
42,847
Population
19,796
Households
2.2
Avg Household Size
37
Median Age
32%
College-Educated
92%
High-School Grad
12.7 sq mi
ZIP Area
3,374
Density / Sq Mi
$63,253
Median Household Income
$44,078
Median Earnings
$1,311
Median Rent
$244,800
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 - Retail-flex building offered for sale with 22,208 square feet of total space.
Where is this flex space located?
The property is located at 3506 University Blvd S Jacksonville, FL.
What is the asking price?
The asking price for this property is $2,990,000.
What are key features of this property?
This property features: Retail‑flex building built in 1983; 22,208 sq ft total space
