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33167499
33167501

13121 Atlantic Blvd, Jacksonville, FL 32225

EB
FL FL SL3486353
Marcus & Millichap - Jacksonville
Listed by Marcus & Millichap - Jacksonville
$1,885,000
7 days on market
Updated 7 days ago

Harbour Place Professional Park Offices

Details
Property Type Office
Sub Type Traditional Office, Medical Office
Square Footage 6,768
Net Rentable (SqFt) 6,768
Units 25
Cap Rate 7.03%
NOI $132,578
Occupancy 100%
Tenancy Multi
Lease Type NNN
Rent Bumps Yes
Lease Options Yes
Pro-Forma Cap Rate 7.59%
Pro-Forma NOI $143,135
Price per SqFt $279
Class B
Year Built 2002
Year Renovated 2022
Buildings 1
Stories 1
Acreage 0.600
Zoning PUD
Parking Spaces spaces
Investment Type Value Add
Tenant Credit No Credit Rating

Office | 7.03% CAP | 6,768 SqFt

Marketing description

Marcus and Millichap is pleased to present the subject property, located at 13121 Atlantic Blvd. Jacksonville, FL 32225. Located within the only exclusive professional office park in the area, Harbour Place Professional Park, this 6,768 SF structure is situated upon 0.6 acres and was built in 2002, has concrete panel exterior walls, and was reroofed in 2022. There is heavy commercial and residential use nearby, with the property fronting Atlantic Blvd., 54,000 vehicles per day, and there are ~193,000 residents within a 5-mile radius with an average household income of ~$117,000. Directly across the street, there is a Publix-anchored neighborhood retail center, and other major retailers such as Lowe's, Winn-Dixie, The Home Depot, and BJ's Wholesale Club are right down the road. Two tenants occupy all 4 suites in the building, Proactive Life Skills and Pacifica Care. Proactive Life Skills has leased its 3 suites since 2017 and is in its fourth year of a seven-year lease, and Pacifica Care has been in its space since 2011, and is in a 6-month option that can potentially be extended, or their tenancy can be replaced with an owner-user or new tenant. Both tenants have below-market rents, resulting in the property having rents ~27% below market; the base rent/SF for the property is $19.41/SF, whereas for the market it is $26.66/SF. Therefore, a prospective investor or owner-user can capitalize on potential rental increases as soon as July 2026 for suite 100 and by April 2030 for suites 200, 300, and/or 400.

Investment highlights

  • Located In the Only Professional Office Park in The Area
  • Heavy Commercial and Residential Use Nearby
  • Atlantic Blvd Fronts the Property, 54,000 Vehicles Per Day
  • Reroofed in 2022
  • Below Market Rents With Lease Flexibility
  • 4.0% Vacancy Rate for Office Space Between 500-10,000SF in the Surrounding Area

Listing Contacts

EB
FL FL SL3486353
Marcus & Millichap - Jacksonville
Listed by Marcus & Millichap - Jacksonville

Valuation Calculator

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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$132,578.00
$11,048.17/mo

Valuation Metrics

0
DSCR
7.03%
Cap Rate
7.03%
ROI

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Additional Information

Name
Edwinn Bruchman
License
FL SL3486353
Brokerage
Marcus & Millichap
Brokerage Phone
(904) 672-1400
Title
Real Estate Agent
Brokerage Address
818 Jimmy Buffett Memorial Highway
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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