2402 N Market St 15,000 SF Retail Building Jacksonville, FL 32206 $2,400,000 ($160/SF)

Metro 1 is proud to present a rare opportunity to plant a flagship inside the Phoenix Arts & Innovation District (PHXJAX) — the most closely watched regenerative development on Jacksonville’s Historic Eastside — anchored by The Bunker, an iconic 14,078± SF industrial building at 2402 Market Street.
This is an investment in a neighborhood on the rise, not just a building. PHXJAX is a Future of Cities regenerative placemaking project transforming 10 properties across 8.3 acres — roughly 120,000 SF of adaptively reused warehouse space — into a walkable district of studios, galleries, retail, restaurants, and event venues just two miles north of downtown. The vision is already out of the renderings stage: Emerald Station, the district’s first delivered building, opened in October 2024 with a ribbon-cutting led by Mayor Donna Deegan and the City Council. The City has since unanimously approved a $5.5M incentive package and rezoned the district for commercial and multifamily residential use. The Bunker is your entry point into all of it.
Why the District, Why Now:
• Neighborhood in Motion: Owning here means owning a piece of the Eastside’s transformation — a bike-friendly, culture-dense corridor already drawing 10,000+ annual visitors through events like JAX PorchFest, the 14th Street mural walls, and new F&B concepts like Naked Kitchen
• Public & Private Momentum Aligned: $5.5M in City incentives, PUD rezoning, and delivered phase-one product de-risk what was speculative just two years ago. The district sits in the same urban-core wave as the Jaguars stadium renovation and its companion $300M Eastside community benefits agreement
• Set Your Basis Before the Curve: Early positioning in a placemaking district means acquiring ahead of stabilization, not after — as future phases lease up around you, the whole neighborhood compounds behind your investment
• The Asset That Anchors It: 14,078 SF of authentic, two-story industrial architecture purpose-built for a destination hospitality operator — brewery production, taproom, full-service kitchen, event programming, and live entertainment — positioning your tenant as the social centerpiece of the corridor
The Numbers Behind the Story:
• Stabilized NOI of $402,117 (Year 6), 8.0% unlevered yield on cost, 12% unlevered IRR
• $21,117 in REV Grant Incentive Income supporting operations and lease-up
• Base rents projected at $25.00–$35.00 PSF for second-generation tenants, backed by proven demand for authentic destination venues
The Bunker offers immediate income potential and long-term appreciation — but the real thesis is the district. As PHXJAX establishes itself as the Eastside’s premier cultural and nightlife hub, the buyers who move now own the ground floor of the neighborhood’s next chapter. The ones who wait pay for someone else’s conviction.
Immediate opportunity for qualified buyers. Contact Metro 1 for the offering memorandum and financial proforma.