Lakefront Office/Flex Investment
For Sale
$2,499,000
8669 Baypine Road JACKSONVILLE, Jacksonville, FL 32256
Two-building waterfront office/flex campus with abundant parking and a triple-net lease structure.
Property Size18,546 SF
Price / SF$134.75
Days on Market38
Property Features for 8669 Baypine Road JACKSONVILLE
General Information
Standard status
Active
Size
18,546 SF
Zoning
IBP
Occupancy
100%
Additional Details
Cap Rate
6.59%
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$67,081
Amenities
Carpet
Tinted Windows
true
Central Business District,Curb and Gutters,Landscaped,Retention Pond,Sidewalk
3.05
Ground Level,Over 30 Spaces
Paved,Asphalt
Slab
Street Paved,County Road
18546
2
Building Details
Building Size
18,546 SF
Year Built
1994
Buildings
2
Tenancy
Multi
Listing Agency:
(904) 569-5862
Listed By:
Kelly Regan
(904) 569-5862
Source:
Movetojacksonville
Added: Jul 7
Changed: Aug 11
Last Checked: Aug 12 at 3:50AM
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 Kelly Regan
Investment Insights
Based on property information with market context.
The property is a stabilized two-building office/flex campus totaling 18,510 SF, set on a professionally maintained waterfront setting. It includes a main building of 13,704 SF and a second building of 4,806 SF, supported by abundant parking and mature landscaping. The offering is presented under a Triple-Net (NNN) lease structure, and the current ownership has completed capital improvements as noted in the remarks.
Located within Jacksonville’s Baypine/Deerwood business corridor, the campus is described as lakefront and provides immediate access to Interstate 95 and Butler Boulevard (JTB). The site is positioned for office-focused tenants seeking a campus environment, with the property described as having strong curb appeal and a maintained presentation.
The property is reported to be 100% occupied by a long-term established organization with more than 15 years of occupancy history, and a recently exercised renewal option is in place. Rent is structured as an NNN lease with contractual 5% annual rent escalations, and the remarks cite a 6.59% cap rate based on current income, with additional income growth tied to future escalations. For buyers and operators, the combination of a long-term tenant, campus setting, and contractual rent growth parameters supports a practical, steady holding profile consistent with NNN investment objectives.
Located within Jacksonville’s Baypine/Deerwood business corridor, the campus is described as lakefront and provides immediate access to Interstate 95 and Butler Boulevard (JTB). The site is positioned for office-focused tenants seeking a campus environment, with the property described as having strong curb appeal and a maintained presentation.
The property is reported to be 100% occupied by a long-term established organization with more than 15 years of occupancy history, and a recently exercised renewal option is in place. Rent is structured as an NNN lease with contractual 5% annual rent escalations, and the remarks cite a 6.59% cap rate based on current income, with additional income growth tied to future escalations. For buyers and operators, the combination of a long-term tenant, campus setting, and contractual rent growth parameters supports a practical, steady holding profile consistent with NNN investment objectives.
Key Highlights
- 18,510 SF two‑building lakefront office/flex campus on a professionally maintained waterfront site
- Includes a 13,704 SF main building plus a 4,806 SF second building
- 100% occupied with long‑term tenant in place (over 15 years) and recently exercised renewal option
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
$131,024
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
5.24%
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%
$2,620,480
$2.6M
Cap Rate 7%
$1,871,771
$1.9M
Cap Rate 9%
$1,455,822
$1.5M
Market Conditions
NOI Build-Up for 18,546 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
$198.1K $10.68/SF
− Vacancy
−$10.9K −$0.59/SF
EGI
$187.2K $10.09/SF
− OpEx
−$56.2K −$3.03/SF
NOI
$131.0K $7.06/SF
Area
ZIP 32256
Vacancy
5.50%
Lease Rate
$10.68 /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%
$2,620,480
Cap Rate 7%
$1,871,771
Cap Rate 9%
$1,455,822
Alternative Uses
Best Use
Office B
$3.71M
$3.25M – $4.33M
NOI $259,718 @ 7.0% cap · market cap 10.39%
Second Best
Industrial
$1.87M
$1.64M – $2.18M
NOI $131,024 @ 7.0% cap · market cap 5.24%
Theoretical Best
Office A
$4.95M
$4.33M – $5.77M
NOI $346,291 @ 7.0% cap · market cap 13.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
757
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32256, FL
53,611
Population
27,735
Households
1.9
Avg Household Size
37
Median Age
53%
College-Educated
97%
High-School Grad
61.4 sq mi
ZIP Area
873
Density / Sq Mi
$73,203
Median Household Income
$47,360
Median Earnings
$1,586
Median Rent
$360,200
Median Home Value
Market
Vacancy Rate% for Office in Jacksonville, FL
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Frequently Asked Questions
What type of property is this?
Flex space - Two-building waterfront office/flex campus with abundant parking and a triple-net lease structure.
Where is this flex space located?
The property is located at 8669 Baypine Road JACKSONVILLE Jacksonville, FL.
What is the asking price?
The asking price for this property is $2,499,000.
What are key features of this property?
This property features: 18,510 SF two‑building lakefront office/flex campus on a professionally maintained waterfront site; Includes a 13,704 SF main building plus a 4,806 SF second building; 100% occupied with long‑term tenant in place (over 15 years) and recently exercised renewal option
