Restored Historic Riverside Office
For Sale
Contact for pricing
2717 Riverside Ave, Jacksonville, FL 32205
Meticulously restored office property with modern amenities in Jacksonville, Florida.
Property Size6,447 SF
Price / SF$418.02
Days on Market994
Property Features for 2717 Riverside Ave
General Information
Standard status
Active
Size
6,447 SF
Class
A
Property subtype
Office
Zoning
CRO
Building Details
Year Built
1924
Year Renovated
2019
Buildings
2
Stories
3
Listing Agency:
NAI Hallmark
(904) 404-4451
Listed By:
Daniel Burkhardt · License #FL 3260896
Source:
Crexi
Added: Dec 4, 2023
Changed: Aug 19
Last Checked: Aug 23 at 5:25PM
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.
This property, located at 2717 Riverside Avenue, Jacksonville, Florida 32205, presents a unique opportunity. The property has been meticulously restored to retain its historic charm, while offering modern amenities. It consists of two buildings: a 5,611 square foot main building and an 836 square foot back building containing a garage and a second story office or storage space. The total property size is 6,447 square feet.
Key Highlights
- Meticulously restored historic property offering historic charm from 1924.
- Modern, state‑of‑the‑art office amenities.
- Two buildings included: a 5,611 SF main building and an 836 SF back building.
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
$92,721
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
3.44%
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%
$1,854,420
$1.9M
Cap Rate 7%
$1,324,586
$1.3M
Cap Rate 9%
$1,030,233
$1.0M
Market Conditions
NOI Build-Up for 6,447 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
$154.7K $24.00/SF
− Vacancy
−$31.1K −$4.82/SF
EGI
$123.6K $19.18/SF
− OpEx
−$30.9K −$4.79/SF
NOI
$92.7K $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%
$1,854,420
Cap Rate 7%
$1,324,586
Cap Rate 9%
$1,030,233
Alternative Uses
Best Use
Office B
$1.32M
$1.16M – $1.55M
NOI $92,721 @ 7.0% cap · market cap 3.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.77M
$1.55M – $2.06M
NOI $123,628 @ 7.0% cap · market cap 4.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,431
Businesses Nearby
Explore this area
Business Placement
Demographics for 32205, FL
29,605
Population
16,188
Households
1.8
Avg Household Size
37
Median Age
36%
College-Educated
90%
High-School Grad
7.7 sq mi
ZIP Area
3,845
Density / Sq Mi
$60,609
Median Household Income
$43,122
Median Earnings
$1,190
Median Rent
$257,900
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 - Meticulously restored office property with modern amenities in Jacksonville, Florida.
Where is this office building located?
The property is located at 2717 Riverside Ave Jacksonville, FL.
What is the asking price?
The asking price for this property is $2,695,000.
What are key features of this property?
This property features: Meticulously restored historic property offering historic charm from 1924.; Modern, state‑of‑the‑art office amenities.; Two buildings included: a 5,611 SF main building and an 836 SF back building.
