Office and Gym Conversion
For Sale
$3,250,000
96549 PARLIAMENT Drive, Fernandina Beach, FL 32034
Two 2007-built buildings totaling 15,680 SF, with 56 paved parking spaces and a porte cochere entry.
Property Size15,680 SF
Price / SF$207.27
Days on Market51
Property Features for 96549 PARLIAMENT Drive
General Information
Standard status
Active
Size
15,680 SF
Total Parking Spaces
56
Property subtype
General Commercial
Amenities
Heat Pump
3
Paved Driveway, Driveway.
435 x 233
Security Lighting, Sidewalks. Curbs Walk, Paved Road.
Building Details
Year Built
2007
Stories
1
Listing Agency:
AMELIA COASTAL REALTY LLC
(904) 261-2770
Listed By:
Tara Thousand · License #3378223
Source:
Xome
Added: Jul 13
Changed: Aug 14
Last Checked: Aug 31 at 12:54PM
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 AMELIA COASTAL REALTY LLC
Investment Insights
Based on property information with market context.
This offering includes two buildings totaling 15,680 SF, built in 2007 and described as maintained in pristine condition. The main building provides 10,640 SF of office and gym space that can be converted to many other commercial uses. The rear building totals 5,040 SF and is currently occupied by two tenants, generating income for the property.
The buildings are located on Nassauville Road, just half a mile south of SR 200.
On-site parking includes 56 paved spaces, with a porte cochere located above the entrance.
The buildings are located on Nassauville Road, just half a mile south of SR 200.
On-site parking includes 56 paved spaces, with a porte cochere located above the entrance.
Key Highlights
- Two buildings totaling 15,680 SF, built in 2007 (main 10,640 SF office & gym space; rear 5,040 SF).
- Rear building includes 2 tenants in place for existing income.
- 56 paved parking spaces plus a porte cochere entry.
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
$219,583
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
6.76%
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%
$4,391,660
$4.4M
Cap Rate 7%
$3,136,900
$3.1M
Cap Rate 9%
$2,439,811
$2.4M
Market Conditions
NOI Build-Up for 15,680 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
$376.3K $24.00/SF
− Vacancy
−$83.5K −$5.33/SF
EGI
$292.8K $18.67/SF
− OpEx
−$73.2K −$4.67/SF
NOI
$219.6K $14.00/SF
Area
Nassau 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%
$4,391,660
Cap Rate 7%
$3,136,900
Cap Rate 9%
$2,439,811
Alternative Uses
Best Use
Office B
$3.14M
$2.74M – $3.66M
NOI $219,583 @ 7.0% cap · market cap 6.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.18M
$3.66M – $4.88M
NOI $292,777 @ 7.0% cap · market cap 9.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
183
Businesses Nearby
Explore this area
Business Placement
Demographics for 32034, FL
38,167
Population
21,768
Households
1.8
Avg Household Size
56
Median Age
54%
College-Educated
97%
High-School Grad
65.0 sq mi
ZIP Area
587
Density / Sq Mi
$97,756
Median Household Income
$48,467
Median Earnings
$1,399
Median Rent
$484,200
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 building - Two 2007-built buildings totaling 15,680 SF, with 56 paved parking spaces and a porte cochere entry.
Where is this office building located?
The property is located at 96549 PARLIAMENT Drive Fernandina Beach, FL.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: Two buildings totaling 15,680 SF, built in 2007 (main 10,640 SF office & gym space; rear 5,040 SF).; Rear building includes 2 tenants in place for existing income.; 56 paved parking spaces plus a porte cochere entry.
