Renovated Office Building For
For Sale
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8818 Goodby's Executive Dr, Jacksonville, FL 32217
Renovated office building with creek views, convenient location.
Property Size4,609 SF
Price / SF$201.56
Days on Market264
Property Features for 8818 Goodby's Executive Dr
General Information
Standard status
Active
Size
4,609 SF
Class
A
Property subtype
Office
Zoning
CO
Building Details
Year Built
1986
Year Renovated
2020
Stories
2
Listing Agency:
Petra
(904) 962-2655
Listed By:
Ashleigh Shim · License #SL3573882
Source:
Crexi
Added: Dec 3, 2025
Changed: Aug 12
Last Checked: Aug 23 at 1:03PM
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 Petra
Investment Insights
Based on property information with market context.
This renovated office building is situated in a location off Baymeadows Road near San Jose Boulevard, offering views of Goodby’s Creek. The property is approximately 20 minutes from downtown Jacksonville and 20 minutes from St. Johns County. The layout includes 9 offices, a reception area, 4 bathrooms, a kitchen, 2 conference rooms, 2 open areas, a printer/supply room, and an IT closet. The property contains 4,609 square feet.
Key Highlights
- Great location off Baymeadows Rd near San Jose Blvd.
- Beautiful views of Goodby’s Creek from all offices.**
- 9 offices, 2 conference rooms, and 2 spacious open areas.**
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
$66,287
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
7.14%
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%
$1,325,740
$1.3M
Cap Rate 7%
$946,957
$947.0K
Cap Rate 9%
$736,522
$736.5K
Market Conditions
NOI Build-Up for 4,609 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
$110.6K $24.00/SF
− Vacancy
−$22.2K −$4.82/SF
EGI
$88.4K $19.18/SF
− OpEx
−$22.1K −$4.79/SF
NOI
$66.3K $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%
$1,325,740
Cap Rate 7%
$946,957
Cap Rate 9%
$736,522
Alternative Uses
Best Use
Office B
$947.0K
$828.6K – $1.10M
NOI $66,287 @ 7.0% cap · market cap 7.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.26M
$1.10M – $1.47M
NOI $88,382 @ 7.0% cap · market cap 9.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
192
Businesses Nearby
Explore this area
Business Placement
Demographics for 32217, FL
20,543
Population
9,632
Households
2.1
Avg Household Size
41
Median Age
39%
College-Educated
94%
High-School Grad
5.4 sq mi
ZIP Area
3,804
Density / Sq Mi
$69,742
Median Household Income
$44,147
Median Earnings
$1,190
Median Rent
$291,300
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 - Renovated office building with creek views, convenient location.
Where is this office building located?
The property is located at 8818 Goodby's Executive Dr Jacksonville, FL.
What is the asking price?
The asking price for this property is $929,000.
What are key features of this property?
This property features: Great location off Baymeadows Rd near San Jose Blvd.; Beautiful views of Goodby’s Creek from all offices.**; 9 offices, 2 conference rooms, and 2 spacious open areas.**
