Adjoining Office Suites with Dual
For Sale
$690,000
91 BRANSCOMB Road, Green Cove Springs, FL 32043
SINGLE_FAMILY - Green Cove Springs, FL
Property Size2,491 SF
Lot Size0.42 Acres
Price / SF$276
Days on Market97
Property Features for 91 BRANSCOMB Road
General Information
Property type
Residential
Property subtype
Office
Zoning description
Professional/Office
Parking features
Off Street, Assigned, Parking Lot
Directions
Take the First Coast Expressway south to Henley Rd and turn off to travel south on Henley Rd. Take a left on Branscomb Rd and then immediately turn left into Lake Asbury Office Park. Units 9 & 10 are halfway down on the left.
Subdivision
163-Lake Asbury Area
Standard status
Active
APN
21052501009401610
Size
2,491 SF
Lot size
0.42 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2185
HOA Fee
$2,800 Annually
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Electric (Heating)
Cooling system
Heat Pump, Multi Units, Electric
Water source
Public
Water front features
Lagoon
Water front
1
Building Details
Year built
2006
Floors in Building
1
Number of units
2
Flooring type
Carpet
Building materials
Frame, Stucco
Roof type
Shingle
Listing Agency:
KELLER WILLIAMS ST JOHNS · Keller Williams Realty
(904) 867-7694
Listed By:
MELISSA CARSON HERMAN · License #3418096
(904) 535-4430
Added: May 18
Changed: Aug 4
Last Checked: Aug 22 at 3:06PM
MLS# 2145992
Copyright © 2026 realMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Well-finished office suites offered as Units 9 and 10, adjoining with two separate doors and configured with space for professional use. The building includes a total of six offices (with one office used for storage), two large conference rooms, a lobby area, an admin area, a bathroom, an IT/electrical room, a kitchen/breakroom, and an HVAC closet with additional storage. The layout can be made into two separate suites by adding another bathroom.
Set on a 0.42-acre site with a lagoon waterfront feature, the property has visibility from Henley Rd. Asbury Lake is described as north of the center of Clay County, in the Blanding Blvd and Henley Rd corridors, with convenient access toward Orange Park, Jacksonville, Oakleaf Plantation, and Green Cove Springs, along with connection to the First Coast Expressway.
Constructed in 2006, the 2,491 square foot building features frame and stucco construction with a shingle roof. Utilities include public water and public sewer, with cable available. Heating is provided by heat pump and electric systems; cooling includes electric and heat pump and is described as multi-unit. Parking is offered as assigned, off-street, with a parking lot.
Set on a 0.42-acre site with a lagoon waterfront feature, the property has visibility from Henley Rd. Asbury Lake is described as north of the center of Clay County, in the Blanding Blvd and Henley Rd corridors, with convenient access toward Orange Park, Jacksonville, Oakleaf Plantation, and Green Cove Springs, along with connection to the First Coast Expressway.
Constructed in 2006, the 2,491 square foot building features frame and stucco construction with a shingle roof. Utilities include public water and public sewer, with cable available. Heating is provided by heat pump and electric systems; cooling includes electric and heat pump and is described as multi-unit. Parking is offered as assigned, off-street, with a parking lot.
Key Highlights
- Units 9 and 10 offered together; adjoining offices with two separate doors
- Total of six offices (one office used for storage) plus two large conference rooms
- Lobby, admin area, bathroom, IT/electrical room, kitchen/breakroom and HVAC closet with storage
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
$34,884
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
5.06%
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%
$697,680
$697.7K
Cap Rate 7%
$498,343
$498.3K
Cap Rate 9%
$387,600
$387.6K
Market Conditions
NOI Build-Up for 2,491 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
$59.8K $24.00/SF
− Vacancy
−$13.3K −$5.33/SF
EGI
$46.5K $18.67/SF
− OpEx
−$11.6K −$4.67/SF
NOI
$34.9K $14.00/SF
Area
Clay County, FL
Vacancy
22.20%
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%
$697,680
Cap Rate 7%
$498,343
Cap Rate 9%
$387,600
Alternative Uses
Best Use
Office B
$498.3K
$436.1K – $581.4K
NOI $34,884 @ 7.0% cap · market cap 5.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$664.5K
$581.4K – $775.2K
NOI $46,512 @ 7.0% cap · market cap 6.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
140
Businesses Nearby
Explore this area
Business Placement
Demographics for 32043, FL
30,369
Population
13,331
Households
2.3
Avg Household Size
41
Median Age
31%
College-Educated
92%
High-School Grad
229.3 sq mi
ZIP Area
132
Density / Sq Mi
$80,698
Median Household Income
$46,310
Median Earnings
$1,370
Median Rent
$292,300
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Office suites adjoin with two separate doors and sit on a lagoon with visibility from Henley Rd.
Where is this office units located?
The property is located at 91 BRANSCOMB Road Green Cove Springs, FL.
What is the asking price?
The asking price for this property is $690,000.
What are key features of this property?
This property features: Units 9 and 10 offered together; adjoining offices with two separate doors; Total of six offices (one office used for storage) plus two large conference rooms; Lobby, admin area, bathroom, IT/electrical room, kitchen/breakroom and HVAC closet with storage
