Multi-Tenant Office
For Sale
$9,500,000
6676 Corporate Center Pky, Jacksonville, FL 32216
Fully occupied multi-tenant office building on approximately 4.95 acres with long-term tenants.
Property Size59,800 SF
Lot Size4.95 Acres
Price / SF$158.86
Days on Market175
Property Features for 6676 Corporate Center Pky
General Information
Standard status
Active
Size
59,800 SF
Class
A
Lot size
4.95 Acres
Property subtype
Multi Tenant Office
Occupancy
100%
Site & Location
Traffic Count
170,000 vehicles/day
Highway Access
Yes
Road Access
Yes
Building Details
Building Size
59,800 SF
Year Built
2005
Tenancy
Multi
Listing Agency:
NAI Hallmark
(904) 404-4455
Listed By:
Daniel Burkhardt · License #3260896
(904) 404-4455
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 12
Last Checked: Aug 12 at 3:10AM
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 NAI Hallmark
Investment Insights
Based on property information with market context.
The property is a multi-tenant office building totaling 59,800 square feet, situated on approximately 4.95 acres. It is fully occupied by Lancer Insurance, Brooks Rehabilitation, and ITEL, with the space used for materials testing operations supporting insurance-claim activities integral to its business. The tenancy has a WALT of over six years, reflecting long-duration occupancy by the current tenants.
The building is located within Southpoint Office Park in Jacksonville, Florida. The remarks describe immediate proximity to the interchange of I-95 and J. Turner Butler, as well as access to SR-202 (J. Turner Butler Blvd)/I-95, and convenient connectivity to US-1 and I-295 for broader access throughout the Jacksonville MSA.
The tenant base includes Brooks Rehabilitation, Lancer Insurance, and ITEL Laboratories, providing an in-place operating mix within the multi-tenant office configuration.
The building is located within Southpoint Office Park in Jacksonville, Florida. The remarks describe immediate proximity to the interchange of I-95 and J. Turner Butler, as well as access to SR-202 (J. Turner Butler Blvd)/I-95, and convenient connectivity to US-1 and I-295 for broader access throughout the Jacksonville MSA.
The tenant base includes Brooks Rehabilitation, Lancer Insurance, and ITEL Laboratories, providing an in-place operating mix within the multi-tenant office configuration.
Key Highlights
- Fully occupied 59,800 SF multi‑tenant office building built in 2005 on approx. 4.95 acres
- 100% leased with a WALT of 6+ years, with tenancy including Lancer Insurance, Brooks Rehabilitation, and iTel Laboratories
- Anchored by ITEL Laboratories, which uses specialized laboratory and materials testing space supporting insurance claims and forensic analysis
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
$860,044
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
9.05%
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%
$17,200,880
$17.2M
Cap Rate 7%
$12,286,343
$12.3M
Cap Rate 9%
$9,556,044
$9.6M
Market Conditions
NOI Build-Up for 59,800 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
$1.44M $24.00/SF
− Vacancy
−$288.5K −$4.82/SF
EGI
$1.15M $19.18/SF
− OpEx
−$286.7K −$4.79/SF
NOI
$860.0K $14.38/SF
Area
Jacksonville, FL
Vacancy
20.10%
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%
$17,200,880
Cap Rate 7%
$12,286,343
Cap Rate 9%
$9,556,044
Alternative Uses
Best Use
Office B
$12.29M
$10.75M – $14.33M
NOI $860,044 @ 7.0% cap · market cap 9.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$16.38M
$14.33M – $19.11M
NOI $1,146,725 @ 7.0% cap · market cap 12.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
170,000 VPD
Traffic count
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,909
Businesses Nearby
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Fully occupied multi-tenant office building on approximately 4.95 acres with long-term tenants.
Where is this office building located?
The property is located at 6676 Corporate Center Pky Jacksonville, FL.
What is the asking price?
The asking price for this property is $9,500,000.
What are key features of this property?
This property features: Fully occupied 59,800 SF multi‑tenant office building built in 2005 on approx. 4.95 acres; 100% leased with a WALT of 6+ years, with tenancy including Lancer Insurance, Brooks Rehabilitation, and iTel Laboratories; Anchored by ITEL Laboratories, which uses specialized laboratory and materials testing space supporting insurance claims and forensic analysis
