Established Service Garage Business
For Sale
Contact for pricing
2973 Philips Hwy, Jacksonville, FL 32207
Commercial property with an established service garage business for sale.
Property Size2,339 SF
Price / SF$341.47
Days on Market812
Property Features for 2973 Philips Hwy
General Information
Standard status
Active
Size
2,339 SF
Property subtype
Retail
Zoning
CCG-2
Occupancy
100%
Investment Type
Owner/User
Net Operating Income
$30,078
Building Details
Year Built
1941
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
Landmark Commercial Realty Group Inc
Listed By:
Stephen Nebrat · License #BK605752
(904) 477-1017
Source:
Crexi
Added: Jun 13, 2024
Changed: Aug 16
Last Checked: Aug 31 at 10:50AM
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 Landmark Commercial Realty Group Inc
Investment Insights
Based on property information with market context.
This commercial property, with a size of 2339 square feet, features an established service garage business. It presents an opportunity for investors or entrepreneurs seeking a turnkey operation. The property is currently used by the owner. Seller may entertain Seller Financing with 50% down.
Key Highlights
- Established service garage business included.
- Turnkey operation for investors or entrepreneurs.
- Potential for Seller Financing with 50% down.
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
$26,436
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
3.31%
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%
$528,720
$528.7K
Cap Rate 7%
$377,657
$377.7K
Cap Rate 9%
$293,733
$293.7K
Market Conditions
NOI Build-Up for 2,339 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
$42.1K $18.00/SF
− Vacancy
−$4.3K −$1.85/SF
EGI
$37.8K $16.15/SF
− OpEx
−$11.3K −$4.84/SF
NOI
$26.4K $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%
$528,720
Cap Rate 7%
$377,657
Cap Rate 9%
$293,733
Alternative Uses
Best Use
Retail
$377.7K
$330.5K – $440.6K
NOI $26,436 @ 7.0% cap · market cap 3.31%
Second Best
Industrial
$185.7K
$162.5K – $216.6K
NOI $12,997 @ 7.0% cap · market cap 1.63%
Theoretical Best
Office A
$640.8K
$560.7K – $747.6K
NOI $44,853 @ 7.0% cap · market cap 5.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
867
Businesses Nearby
2k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Mobil
Shops & Services
2,131 visits/mo
0.1 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.
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Frequently Asked Questions
What type of property is this?
Auto shop - Commercial property with an established service garage business for sale.
Where is this auto shop located?
The property is located at 2973 Philips Hwy Jacksonville, FL.
What is the asking price?
The asking price for this property is $798,700.
What are key features of this property?
This property features: Established service garage business included.; Turnkey operation for investors or entrepreneurs.; Potential for Seller Financing with 50% down.
