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Building Details

Year Built 1974

Listing Agency: OCEAN KULTURE REALTY LLC

Listed By: GALINA BOLES

Source: Crexi

Added: Jan 24, 2024 Changed: Oct 2 Last Checked: Oct 14 at 9:03PM

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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 OCEAN KULTURE REALTY LLC

Investment Insights

Based on property information with market context.

This medical office building for sale is located in a heavily trafficked area. The property features a large reception area, six rooms, and two bathrooms. An employee common area is also included. The building provides twelve parking spaces for patients, with additional parking available for employees behind the building. The property is being sold as an investment and is currently under a five-year lease. The building has a size of 1840 square feet.

Key Highlights

• Investment property with existing 5‑year lease in place
• High‑traffic location ideal for medical practice
• Equipped as a medical office with a large reception area, 6 rooms, and 2 bathrooms

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$29,808

Cap Rate

7.86%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$596,160 $596.2K

Cap Rate 7%

$425,829 $425.8K

Cap Rate 9%

$331,200 $331.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,840 SF

Gross rent

$55.2K $30.00/SF

− Vacancy

−$5.5K −$3.00/SF

EGI

$49.7K $27.00/SF

− OpEx

−$19.9K −$10.80/SF

NOI

$29.8K $16.20/SF

Area

Jacksonville, FL

Vacancy

10.00%

Lease Rate

$30.00 /SF/Yr

Expense Ratio

40.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$596,160

Cap Rate 7%

$425,829

Cap Rate 9%

$331,200

Alternative Uses

Best Use

Healthcare Medical

$425.8K

$372.6K – $496.8K (±1% cap)

NOI $29,808 @ 7.0% cap · market cap 7.86%

Second Best

Office B

$378.0K

$330.8K – $441.1K (±1% cap)

NOI $26,463 @ 7.0% cap · market cap 6.98%

Theoretical Best

Office A

$504.1K

$441.1K – $588.1K (±1% cap)

NOI $35,284 @ 7.0% cap · market cap 9.31%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Medical Office Space

Suggested Use

Top Pick Parking Lot & Garage Skin Care Clinic Hotel & Motel Grocery & Convenience Store Veterinary Clinic Pharmacy

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,848

Businesses Nearby

Well-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 Office in Jacksonville, FL

13.5% 2019

15.8% 2020

21% 2021

20.1% 2022

19.8% 2023

21.3% 2024

22.6% 2025

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Frequently Asked Questions

What type of property is this?

Medical Office Space - Medical office building in high-traffic area, currently leased.

Where is this medical office space located?

The property is located at 4131 UNIVERSITY Boulevard 5 Jacksonville, FL.

What is the asking price?

The asking price for this property is $379,000.

What are key features of this property?

This property features: Investment property with existing 5‑year lease in place; High‑traffic location ideal for medical practice; Equipped as a medical office with a large reception area, 6 rooms, and 2 bathrooms