Commercial Entertainment Retail Property For
For Sale
Contact for pricing
6347 Philips Hwy, Jacksonville, FL 32216
9,600 SF entertainment and retail property on 1.42 acres.
Property Size9,600 SF
Lot Size1.42 Acres
Price / SF$260.42
Days on Market749
Property Features for 6347 Philips Hwy
General Information
Standard status
Active
Size
9,600 SF
Class
B
Total Parking Spaces
120
Lot size
1.42 Acres
Property subtype
Hospitality, Retail, Special Purpose
Zoning
CCG-2
Investment Type
Owner/User
Building Details
Year Built
2000
Year Renovated
2023
Buildings
1
Stories
1
Listing Agency:
Goldstein Commercial Properties
Listed By:
Barry Goldstein · License #FL BK129656
Source:
Crexi
Added: Aug 16, 2024
Changed: Aug 8
Last Checked: Sep 1 at 1:50AM
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 Goldstein Commercial Properties
Investment Insights
Based on property information with market context.
This 9,600 SF commercial entertainment and retail property is available for sale. Constructed in 2000, the property is situated on 1.42 acres and features 191' of frontage on Philips Highway. Currently used as an entertainment venue, the property includes a full kitchen with a hood. It benefits from a location with high traffic, with over 48,320 cars passing by daily on Philips & Bowden. The property features on-site parking and is located in a strong commercial corridor, just south of University Boulevard. The zoning allows for various uses, including CCG-2 Building and IL for the parking lot. This property has the potential to cater to a variety of needs, whether for a new entertainment venture or to expand an existing retail business.
Key Highlights
- High‑traffic location with 48,320+ cars passing by daily.
- 9,600 SF commercial property** suitable for entertainment or retail.
- Zoning allows for various uses (CCG‑2 Building and IL for parking lot).
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
$108,501
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
4.34%
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%
$2,170,020
$2.2M
Cap Rate 7%
$1,550,014
$1.6M
Cap Rate 9%
$1,205,567
$1.2M
Market Conditions
NOI Build-Up for 9,600 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
$172.8K $18.00/SF
− Vacancy
−$17.8K −$1.85/SF
EGI
$155.0K $16.15/SF
− OpEx
−$46.5K −$4.84/SF
NOI
$108.5K $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%
$2,170,020
Cap Rate 7%
$1,550,014
Cap Rate 9%
$1,205,567
Alternative Uses
Best Use
Retail
$1.55M
$1.36M – $1.81M
NOI $108,501 @ 7.0% cap · market cap 4.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.63M
$2.30M – $3.07M
NOI $184,090 @ 7.0% cap · market cap 7.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,004
Businesses Nearby
10k
Monthly Visits Nearby
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
Market
Vacancy Rate% for Retail in Jacksonville, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail property - 9,600 SF entertainment and retail property on 1.42 acres.
Where is this retail property located?
The property is located at 6347 Philips Hwy Jacksonville, FL.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: High‑traffic location with **48,320+ cars passing by daily**.; 9,600 SF commercial property** suitable for entertainment or retail.; Zoning allows for various uses (CCG‑2 Building and IL for parking lot).
