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    Property profile & analytics

    6015 Morrow E St Jacksonville, FL 32217-2121

    • Office buildings
    • 9,296 SF
    • 0.59 lot acres
    OFF-MARKET
    Last Sale
    Jul 13, 2021
    $575,000
    Value Estimations
    $580,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-3332174
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • NOW Hiring Heroes, Inc. / Employment Consultant / Executive Search Firm
    • Braddy & Associates Realty / Property Management Company / Real Estate Agency
    • Body Ethics / Massage Therapist
    • Prestige Home Decor, LLC / Interior Designer
    • All Purpose Notary Public - Notarization by Appointment / Translation Service / Notary Public

    Property Details for 6015 Morrow E St

    Year built
    1986
    Construction
    WOOD
    Lot size
    0.59 lot acres
    Property size
    9,296 SF
    Zone code
    CCG-1
    Property type
    Office buildings
    APN
    154027-0070
    APU
    1540270070

    Description

    The Morrow Building, located at 6015 E Morrow St, Jacksonville, FL 32217, offers exceptional executive office suites for lease. This Class B building, constructed in 1986 and renovated in 2021, comprises 9,263 square feet across two stories. The building features a total of 20 suites, with 1,250 square feet currently available for lease. Two spaces are immediately available, ranging from 260 to 320 square feet. Monthly rent starts at $399, inclusive of all utilities: water, sewer, electricity, Wi-Fi, pest control, and common area cleaning. Tenants enjoy the convenience of 24-hour building access and a strategic location providing easy access to major highways. This is an excellent opportunity for businesses seeking efficient, well-maintained office space in a desirable Jacksonville location. The building offers a blend of modern amenities and a convenient location, making it an ideal choice for professionals and businesses seeking a productive and comfortable work environment. The available spaces are perfect for small businesses or entrepreneurs seeking a professional and cost-effective office solution. Don't miss this chance to secure your ideal workspace in this well-maintained and conveniently located building.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $530,000
      ML approach
      $585,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $577,000
      Market price range: $577k - $1.70M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Jacksonville
    County
    Duval
    State
    Florida
    Longitude
    -81.6232
    Latitude
    30.2606
    CBSA code
    27260
    CBSA name
    JACKSONVILLE, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $8,868
    $36,796
    $445,904
    $482,700
    -
    $36,796
    $445,904
    $482,700

    Comparable in this City

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      4221 Baymeadows Rd

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    • Value Estimation by Request
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      2700 University Blvd W Ste A3

      OFFICE BUILDING • 922 SF
      2700 University Blvd W Ste A3, Jacksonville, FL 32217-2120
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    • Value Estimation
      $1,000,000
      8,937 SF

      6025 Chester Ave

      OFFICE BUILDING • 8,937 SF
      6025 Chester Ave, Jacksonville, FL 32217-2242
      View Details
    • Value Estimation
      $605,000
      4,259 SF

      8818 Goodbys Executive Dr

      OFFICE BUILDING • 4,259 SF
      8818 Goodbys Executive Dr, Jacksonville, FL 32217-4605
      View Details
    • Value Estimation
      $605,000
      4,259 SF

      8826 Goodbys Executive Dr

      OFFICE BUILDING • 4,259 SF
      8826 Goodbys Executive Dr, Jacksonville, FL 32217-4693
      View Details
    • Value Estimation by Request
      1,320 SF

      6111 Powers Ave

      OFFICE BUILDING • 1,320 SF
      6111 Powers Ave, Jacksonville, FL 32217-2213
      View Details

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    Jacksonville, FL 32217-2121
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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