Restaurant Building with
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For Sale
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6347 Philips Highway, Jacksonville, FL 32216
Freestanding food-service property with a bar, parking lot, and arterial-road access in Jacksonville.
Property Size10,580 SF
Lot Size1.42 Acres
Price / SF$198.49
Days on Market4
Property Features for 6347 Philips Highway
General Information
Standard status
Active
Size
10,580 SF
Lot size
1.42 Acres
Property subtype
Retail, Mixed Use, Business for Sale
Listing Agency:
Rore Investment Group
Listed By:
Charles Pessin · License #SL 3537442
Source:
Crexi
Added: Sep 14
Changed: Sep 16
Last Checked: Sep 16 at 2:06PM
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 Rore Investment Group
Investment Insights
Based on property information with market context.
This 10,580-square-foot restaurant and bar occupies a 1.42-acre parcel along Philips Highway in Jacksonville. The property includes an expansive interior and an on-site parking lot, supporting its established food-service configuration.
The site is positioned on Philips Highway, an arterial commercial corridor in Jacksonville. Its location provides direct roadway exposure and places the property within the local leisure and food-service market.
The site is positioned on Philips Highway, an arterial commercial corridor in Jacksonville. Its location provides direct roadway exposure and places the property within the local leisure and food-service market.
Key Highlights
- 10,580‑square‑foot restaurant and bar
- 1.42‑acre parcel along Philips Highway
- On‑site parking lot included
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
$157,684
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
7.51%
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%
$3,153,680
$3.2M
Cap Rate 7%
$2,252,629
$2.3M
Cap Rate 9%
$1,752,044
$1.8M
Market Conditions
NOI Build-Up for 10,580 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 $21.60/SF
− Vacancy
−$18.3K −$1.73/SF
EGI
$210.2K $19.87/SF
− OpEx
−$52.6K −$4.97/SF
NOI
$157.7K $14.90/SF
Area
Jacksonville, FL
Vacancy
8.00%
Lease Rate
$21.60 /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%
$3,153,680
Cap Rate 7%
$2,252,629
Cap Rate 9%
$1,752,044
Alternative Uses
Best Use
Specialty Retail
$2.25M
$1.97M – $2.63M
NOI $157,684 @ 7.0% cap · market cap 7.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.90M
$2.54M – $3.38M
NOI $202,882 @ 7.0% cap · market cap 9.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,004
Businesses Nearby
10k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Speedway
Shops & Services
10,179 visits/mo
0.5 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Jacksonville, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Freestanding food-service property with a bar, parking lot, and arterial-road access in Jacksonville.
Where is this conventional restaurant located?
The property is located at 6347 Philips Highway Jacksonville, FL.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 10,580‑square‑foot restaurant and bar; 1.42‑acre parcel along Philips Highway; On‑site parking lot included
