This Office Property is Off-Market.

1215 Dunn Avenue
Jacksonville, FL 32206 ·

68,000 SF · Office For Sale

N/A

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Northside Medical Plaza

Price N/A Occupancy 95%
Building Size 68,000 SF No. Stories 1
Property Type Office Building Class B
Property Sub-type Medical Office Tenancy Multiple
Property Use Type Investment Year Built 1982
Cap Rate 8.14% Lot Size 5.33 AC
Listing ID: 14151933 Date Created: 03/15/2005 Last Updated: 07/08/2005

Description

In addition to an opportunity to own two medical buildings (Arlington Medical Plaza and Northside Medical Plaza) in Jacksonville, FL totaling approximately 118,000 square feet, the anchor tenant will deliver a new 7 year NN lease with 1.5% annual escalations at closing. The anchor tenant, Florida Family Partners, has been practicing at both locations for years, and at the Arlington Building for 30 years. They have developed a strong and loyal patient base.
The building boats a 8.14% CAP rate on first year's actual NOI. Lease will be structured:
1. 31,800 square feet @ $23.00/sf
2. New 7 year NN lease, net of
parking.
3. 1.5% annual increases to lease

Property has high retail traffic as it is next to Publix, and other major national anchor tenants. Less than 5 minutes from Jacksonville International Airport and 15 minutes from downtown Jacksonville.
Less than 1 mile from the on ramp to I-95, the property has neighboring tenants such as Publix, CVS/Eckerds and Advance Auto. Less than 5 minutes from a new 1.3 Million square foot Mall to be delivered in 2006.

Highlights

  • Anchor Tenant will Deliver New 7 Year NN Lease with 1.5% escalations
  • 8.14% CAP Rate on First Year's Income
  • CVS/Eckerds, Publix, Advance Auto, and Major Shopping all within 1/2 Mile
  • New Roof to be Delivered by Closing
  • 95% Occupied in High Traffic Retail Artery

Research

1215 Dunn Avenue, Jacksonville, FL 32206 (Duval County)

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