Office Vacant-User

Deerwood Center

7898 Baymeadows Way, Jacksonville, FL 32256

Listing Price: $3,750,000

Gross SF
45,000
Rentable SF
45,000
Price/Gross SF
$83.33
Lot Size
2.54 acres
Year Built
1980

Investment Overview

Marcus & Millichap is proud to present 7898 Baymeadows Way, a three-story office building located in Jacksonville Florida. This building consists of 44,985 square feet of rentable area situated on 2.54 acres of land. This property is located just east of Phillips Highway (US-1) boasting traffic count over 44,500 VPD (Vehicles Per Day) and just west of Interstate 95 boasting traffic counts over 124,500 VPD, both providing access north and south. 7898 Baymeadows Way is approximately half of a mile north of Baymeadows Road, a major artery with access east and west boasting traffic count over 41,000 VPD. There are approximately 200 free surface parking spaces providing a healthy parking ratio of 4 parking spaces per 1000 feet of rentable space. The building was built in 1980 and underwent major renovations in 2011, including impact windows and a back-up generator.
This property is perfect for an investor interested in acquiring an asset to lease-up creating value or a user interested in laboratory and clinical use or medical and life sciences as the property was used previously for pharmaceutical research.
7898 Baymeadows Way is located within the Butler/Baymeadows office submarket within Jacksonville Florida. Jacksonville had strong growth in the office market for most of the past decade thanks to a low cost of living, increased wages, lower office rents, and available land. Office-using employment has seen an annual average increase of around 3 percent in the past decade, helping drive low vacancies. After office-using job growth stagnated throughout 2018 and into 2019, job growth in the professional and business sector accelerated once again in early 2020. However, this has not yet translated into strong office leasing demand which will likely be further impacted by the coronavirus pandemic.
Despite the economic uncertainty due to the coronavirus pandemic, office investment remains elevated in Butler/Baymeadows. In fact, the more than $70 million sales volume over the past year ranks the submarket second in Jacksonville behind Southside. Like neighboring Southside, pricing has jumped in recent years with cap rates compressing to the lower-8% range.

Investment Highlights

  • Over 45,000 Square Feet of Rentable Space
  • Excellent Value-Add Opportunity in Occupancy and Leasing
  • Ample surface Parking, Providing for a Healthy Parking Ratio of 4.00:1000
  • Exceptionally Maintained
  • Directly off Baymeadows Road, Which has Traffic Counts Over 41,000 VPD
  • Easy Asscess to I-95 (Interstate 95) and J Turner Butler Boulevard (SR-202)

Exclusively Listed By

Listing Price: $3,750,000

Gross SF
45,000
Rentable SF
45,000
Price/Gross SF
$83.33
Lot Size
2.54 acres
Year Built
1980

Investment Highlights

  • Over 45,000 Square Feet of Rentable Space
  • Excellent Value-Add Opportunity in Occupancy and Leasing
  • Ample surface Parking, Providing for a Healthy Parking Ratio of 4.00:1000
  • Exceptionally Maintained
  • Directly off Baymeadows Road, Which has Traffic Counts Over 41,000 VPD
  • Easy Asscess to I-95 (Interstate 95) and J Turner Butler Boulevard (SR-202)

Investment Overview

Marcus & Millichap is proud to present 7898 Baymeadows Way, a three-story office building located in Jacksonville Florida. This building consists of 44,985 square feet of rentable area situated on 2.54 acres of land. This property is located just east of Phillips Highway (US-1) boasting traffic count over 44,500 VPD (Vehicles Per Day) and just west of Interstate 95 boasting traffic counts over 124,500 VPD, both providing access north and south. 7898 Baymeadows Way is approximately half of a mile north of Baymeadows Road, a major artery with access east and west boasting traffic count over 41,000 VPD. There are approximately 200 free surface parking spaces providing a healthy parking ratio of 4 parking spaces per 1000 feet of rentable space. The building was built in 1980 and underwent major renovations in 2011, including impact windows and a back-up generator.
This property is perfect for an investor interested in acquiring an asset to lease-up creating value or a user interested in laboratory and clinical use or medical and life sciences as the property was used previously for pharmaceutical research.
7898 Baymeadows Way is located within the Butler/Baymeadows office submarket within Jacksonville Florida. Jacksonville had strong growth in the office market for most of the past decade thanks to a low cost of living, increased wages, lower office rents, and available land. Office-using employment has seen an annual average increase of around 3 percent in the past decade, helping drive low vacancies. After office-using job growth stagnated throughout 2018 and into 2019, job growth in the professional and business sector accelerated once again in early 2020. However, this has not yet translated into strong office leasing demand which will likely be further impacted by the coronavirus pandemic.
Despite the economic uncertainty due to the coronavirus pandemic, office investment remains elevated in Butler/Baymeadows. In fact, the more than $70 million sales volume over the past year ranks the submarket second in Jacksonville behind Southside. Like neighboring Southside, pricing has jumped in recent years with cap rates compressing to the lower-8% range.

Exclusively Listed By

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