Flex Space with Drive-In
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For Sale
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391 Corporate Way, Orange Park, FL 32073
Flexible warehouse and office configuration with grade-level access and substantial clear height.
Property Size9,522 SF
Price / SF$157.53
Days on Market5
Property Features for 391 Corporate Way
General Information
Standard status
Active
Size
9,522 SF
Property subtype
INDUSTRIAL
Listing Agency:
CBRE | Jacksonville
(904) 563-3163
Listed By:
Bruce Jackson
(904) 563-3163
Source:
Moodyscre
Added: Aug 7
Changed: Aug 10
Last Checked: Aug 11 at 11:04AM
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 CBRE | Jacksonville
Investment Insights
Based on property information with market context.
This flex property combines approximately 9,552 square feet of office and warehouse area on approximately 0.75 acres. The building was constructed in 1997 using CMU and a steel frame, with a column-free interior that supports adaptable workspace and storage arrangements. Grade-level access is provided through three drive-in roll-up doors, each measuring 12 feet wide by 15 feet high. Clear heights range from 12 feet 6 inches to 13 feet 6 inches.
The property is located approximately 1 mile from I-295 and NAS JAX, providing access to major transportation and employment destinations in the surrounding area.
The property is located approximately 1 mile from I-295 and NAS JAX, providing access to major transportation and employment destinations in the surrounding area.
Key Highlights
- Approximately 9,552 SF flex building on approximately 0.75 acres
- Three 12' wide by 15' high drive‑in roll‑up doors
- Column‑free, grade‑level warehouse interior
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
$133,346
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
8.89%
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%
$2,666,920
$2.7M
Cap Rate 7%
$1,904,943
$1.9M
Cap Rate 9%
$1,481,622
$1.5M
Market Conditions
NOI Build-Up for 9,522 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
$228.5K $24.00/SF
− Vacancy
−$50.7K −$5.33/SF
EGI
$177.8K $18.67/SF
− OpEx
−$44.4K −$4.67/SF
NOI
$133.3K $14.00/SF
Area
Clay County, FL
Vacancy
22.20%
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%
$2,666,920
Cap Rate 7%
$1,904,943
Cap Rate 9%
$1,481,622
Alternative Uses
Best Use
Office B
$1.90M
$1.67M – $2.22M
NOI $133,346 @ 7.0% cap · market cap 8.89%
Second Best
Warehouse
$1.17M
$1.02M – $1.36M
NOI $81,686 @ 7.0% cap · market cap 5.45%
Theoretical Best
Office A
$2.54M
$2.22M – $2.96M
NOI $177,795 @ 7.0% cap · market cap 11.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
820
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32073, FL
43,527
Population
17,301
Households
2.5
Avg Household Size
41
Median Age
27%
College-Educated
92%
High-School Grad
16.8 sq mi
ZIP Area
2,591
Density / Sq Mi
$76,139
Median Household Income
$40,947
Median Earnings
$1,392
Median Rent
$258,100
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flexible warehouse and office configuration with grade-level access and substantial clear height.
Where is this flex space located?
The property is located at 391 Corporate Way Orange Park, FL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Approximately 9,552 SF flex building on approximately 0.75 acres; Three 12' wide by 15' high drive‑in roll‑up doors; Column‑free, grade‑level warehouse interior
