Phillips Highway Commercial
For Sale
Contact for pricing
2919 PHILIPS Highway, Jacksonville, FL 32207
Commercial building on Phillips Highway, suitable for retail.
Property Size1,511 SF
Price / SF$155.53
Days on Market751
Property Features for 2919 PHILIPS Highway
General Information
Standard status
Active
Size
1,511 SF
Property subtype
Retail
Lease Type
NNN
Building Details
Year Built
1945
Listing Agency:
BSMR REALTY
(904) 610-3662
Listed By:
CHARLIE HAWA · License #3032659
Source:
Crexi
Added: Jul 21, 2024
Changed: Aug 8
Last Checked: Aug 8 at 11:32AM
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 BSMR REALTY
Investment Insights
Based on property information with market context.
The property is a 1,511 square foot building located on Phillips Highway, with proximity to I-95 and downtown. Currently operating as a convenience store, the property will be vacant upon sale. The property is suitable for retail or commercial use.
Key Highlights
- Close proximity to I‑95 and downtown.
- Building is located on Phillips Highway.
- Currently operating as a convenience store.
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
$17,078
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
7.27%
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%
$341,560
$341.6K
Cap Rate 7%
$243,971
$244.0K
Cap Rate 9%
$189,756
$189.8K
Market Conditions
NOI Build-Up for 1,511 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
$27.2K $18.00/SF
− Vacancy
−$2.8K −$1.85/SF
EGI
$24.4K $16.15/SF
− OpEx
−$7.3K −$4.84/SF
NOI
$17.1K $11.30/SF
Area
Jacksonville, FL
Vacancy
10.30%
Lease Rate
$18.00 /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%
$341,560
Cap Rate 7%
$243,971
Cap Rate 9%
$189,756
Alternative Uses
Best Use
Specialty Retail
$321.7K
$281.5K – $375.3K
NOI $22,520 @ 7.0% cap · market cap 9.58%
Second Best
Retail
$244.0K
$213.5K – $284.6K
NOI $17,078 @ 7.0% cap · market cap 7.27%
Theoretical Best
Office A
$413.9K
$362.2K – $482.9K
NOI $28,975 @ 7.0% cap · market cap 12.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
669
Businesses Nearby
95k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 92%
Shops & Services 8%
Walmart
Superstores
87,741 visits/mo
0.2 miles
Murphy USA
Shops & Services
7,647 visits/mo
0.4 miles
Demographics for 32207, FL
36,207
Population
18,866
Households
1.9
Avg Household Size
39
Median Age
38%
College-Educated
86%
High-School Grad
11.4 sq mi
ZIP Area
3,176
Density / Sq Mi
$60,875
Median Household Income
$45,478
Median Earnings
$1,139
Median Rent
$254,800
Median Home Value
Market
Vacancy Rate% for Retail in Jacksonville, FL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- SUNRISE — 3597 Emerson St, Jacksonville, FL 32207
- Soriya Food Market — 3561 Emerson St, Jacksonville, FL 32207
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Commercial building on Phillips Highway, suitable for retail.
Where is this grocery and convenience store located?
The property is located at 2919 PHILIPS Highway Jacksonville, FL.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: Close proximity to I‑95 and downtown.; Building is located on Phillips Highway.; Currently operating as a convenience store.
