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    Property profile & analytics

    7489 Commonwealth Ave Jacksonville, FL 32220

    • Warehouses
    • 230,184 SF
    • 39.32 lot acres
    For Lease
    View listing
    Last Sale
    Jul 01, 2022
    $8,900,000
    Value Estimations
    $8,455,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-7256721
    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

    • Warehouses

    Property Details for 7489 Commonwealth Ave

    Year built
    2023
    Lot size
    39.32 lot acres
    Property size
    230,184 SF
    Zone code
    IBP
    Property type
    Warehouses
    APN
    004889-0600
    APU
    48890600

    Description

    This state-of-the-art, 230,060-square-foot Class A industrial distribution center, built in 2023, is situated in Jacksonville, Florida's Westside Submarket at 7489 Commonwealth Ave, 32220. The property features a single building with 121,938 square feet of immediately available space, divisible to a minimum of 54,080 square feet. The maximum contiguous space available is 121,938 square feet. The building boasts a 32-foot ceiling height, ideal for warehousing and distribution needs. Ample parking is provided with 170 spaces. The property is zoned IBP and offers 2,500 amp, 480-volt, 3-phase power. Its strategic location provides convenient access to I-295, I-10, JAXPORT Blount Island Marine Terminals, and Jacksonville International Airport, making it an excellent distribution hub. The 39.32-acre lot offers significant expansion potential. This facility is designed for efficient cross-dock and rear loading operations, serving a vast market within an 8-hour drive of 60 million consumers.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $8,580,000
      ML approach
      $9,145,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $5,241,000
      Market price range: $5.24M - $30.0M

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

    Location Insight

    • Map
    • Local Demand
    City
    Jacksonville
    County
    Duval
    State
    Florida
    Longitude
    -81.7745
    Latitude
    30.343
    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
    $0.00
    $3,425,560
    $0.00
    $3,425,560
    -
    $3,425,560
    $0.00
    $3,425,560

    Comparable in this City

    • Value Estimation by Request
      1,680 SF

      8997 Commonwealth Ave

      WAREHOUSE, STORAGE • 1,680 SF
      8997 Commonwealth Ave, Jacksonville, FL 32220
      View Details
    • Value Estimation
      $250,000
      2.03 Acres

      8925 Beaver St

      STORAGE YARD, OPEN STORAGE • 2.03 Acres
      8925 Beaver St, Jacksonville, FL 32220-2209
      View Details
    • Value Estimation
      $235,000
      0.05 Acres

      8540 Beaver St

      STORAGE YARD, OPEN STORAGE • 0.05 Acres
      8540 Beaver St, Jacksonville, FL 32220-2200
      View Details
    • Value Estimation
      $2,530,000
      228 SF

      7004 5th W St, Unit 1

      STORAGE YARD, OPEN STORAGE • 228 SF
      7004 5th W St, Jacksonville, FL 32220
      View Details
    • Value Estimation
      $235,000
      0.24 Acres

      1038 Bulls Bay Hwy

      STORAGE YARD, OPEN STORAGE • 0.24 Acres
      1038 Bulls Bay Hwy, Jacksonville, FL 32220-2515
      View Details
    • Value Estimation
      $295,000
      2,080 SF

      8026 Beaver St

      WAREHOUSE, STORAGE • 2,080 SF
      8026 Beaver St, Jacksonville, FL 32220-2620
      View Details

    Similar Nearby for Sale

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      Highway 90 Commercial Opportunity

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      Jacksonville Industrial Land - $750K

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      Two cleared lots in a convenient Jacksonville location.
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      Commercial PUD Land For Sale

      2.27 acres of commercial land entitled for retail.
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    Similar Nearby for Lease

    • Contact for pricing
      302,200 SF

      Jacksonville Warehouse Space Available

      302,200 sq ft warehouse space for lease.
      2992 Pickettville Rd, Jacksonville, FL 32220
      View Details
    • $6 SF/Yr
      400,000 SF

      Westside Cross-Dock Distribution Facility

      400,000-SF cross-dock facility near major transportation routes.
      12400 Presidents Ct, Jacksonville, FL 32220
      View Details
    • Contact for pricing
      177,660 SF

      76 Chaffee Rd

      Distribution properties • 177,660 SF
      76 Chaffee Rd, Jacksonville, FL 32220
      View Details
    • Contact for pricing
      230,060 SF

      Commonwealth Logistics Center: Jacksonville

      Class A Warehouse Space Available in Jacksonville, FL
      7489 Commonwealth Ave, Jacksonville, FL 32220
      View Details
    • Contact for pricing
      500,000 SF

      Modern Warehouse with High Ceilings

      500,000 SF warehouse with customizable space and convenient access.
      514 Addor Ln, Jacksonville, FL 32220
      View Details
    • $4,800 /Mo

      Land for Rent

      Land available for rent at $4,800 per month, NNN.
      Bulls Bay Hwy, Jacksonville, FL 32220
      View Details
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    7489 Commonwealth Ave
    Jacksonville, FL 32220
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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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