Class B+ Medical Office
For Sale
Contact for pricing
6820 Southpoint Pkwy, Jacksonville, FL 32216
More than 20,000 SF of Class B+ medical office space offered for sale in the Butler Corridor submarket.
Property Size20,754 SF
Price / SF$198.96
Days on Market684
Property Features for 6820 Southpoint Pkwy
General Information
Standard status
Active
Size
20,754 SF
Class
Class B+
Property subtype
OFFICE
Building Details
Tenancy
Multi
Listing Agency:
Pine Street/RPS, LLC
(904) 728-1085
Listed By:
Mark Wainwright · License #508359
(904) 728-1085
Source:
Moodyscre
Added: Oct 10, 2024
Changed: Aug 14
Last Checked: Aug 23 at 12:47PM
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 Pine Street/RPS, LLC
Investment Insights
Based on property information with market context.
Pine Street / RPS, LLC is offering 20,754 SF of Class B+ medical office space for sale. The building is described as having multiple tenants, supporting both investor and owner-user interest.
Located in the Butler Corridor submarket at 6820 Southpoint Pkwy, Jacksonville, FL 32216, the property offers accessibility to Downtown Jacksonville and the Beaches. The location is also noted for its close proximity to St. Vincents Hospital.
This is a medical office asset positioned for tenants seeking convenient access to a major hospital network and strong regional connectivity within the Butler Corridor area.
Located in the Butler Corridor submarket at 6820 Southpoint Pkwy, Jacksonville, FL 32216, the property offers accessibility to Downtown Jacksonville and the Beaches. The location is also noted for its close proximity to St. Vincents Hospital.
This is a medical office asset positioned for tenants seeking convenient access to a major hospital network and strong regional connectivity within the Butler Corridor area.
Key Highlights
- 20,754 SF Class B+ medical office space
- For sale with multiple tenants
- Butler Corridor submarket location
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
$336,215
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
8.14%
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%
$6,724,300
$6.7M
Cap Rate 7%
$4,803,071
$4.8M
Cap Rate 9%
$3,735,722
$3.7M
Market Conditions
NOI Build-Up for 20,754 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
$622.6K $30.00/SF
− Vacancy
−$62.3K −$3.00/SF
EGI
$560.4K $27.00/SF
− OpEx
−$224.1K −$10.80/SF
NOI
$336.2K $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 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%
$6,724,300
Cap Rate 7%
$4,803,071
Cap Rate 9%
$3,735,722
Alternative Uses
Best Use
Healthcare Medical
$4.80M
$4.20M – $5.60M
NOI $336,215 @ 7.0% cap · market cap 8.14%
Second Best
Office B
$4.26M
$3.73M – $4.97M
NOI $298,484 @ 7.0% cap · market cap 7.23%
Theoretical Best
Office A
$5.69M
$4.97M – $6.63M
NOI $397,979 @ 7.0% cap · market cap 9.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,642
Businesses Nearby
Under-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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - More than 20,000 SF of Class B+ medical office space offered for sale in the Butler Corridor submarket.
Where is this medical office space located?
The property is located at 6820 Southpoint Pkwy Jacksonville, FL.
What is the asking price?
The asking price for this property is $4,129,268.
What are key features of this property?
This property features: 20,754 SF Class B+ medical office space; For sale with multiple tenants; Butler Corridor submarket location
