245 Adams StJacksonville, FL 32202

Property Details for 245 Adams St

Year built

1954

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.13 AC

Property size (Sq ft)

7,366 SF

Zone code

CCBD

Property type

Office properties

Property subtype

Office buildings

APN

073442-0000

APU

734420000

Description

This exceptional investment opportunity presents a fully leased, two-story creative office building situated in the heart of Downtown Jacksonville, Florida. The property, located at 245 E Adams Street, boasts 7,440 square feet and is currently 100% occupied by a tenant operating a music education business since May 9, 2023. The building, constructed in 1954, sits on a 5,745 square foot lot and is zoned CCBD. The tenant is on a Net Net Net (NNN) lease with a remaining term of approximately four years, extending to November 9, 2028, with a 5-year renewal option. Annual rent increases of 4% are built into the lease. The asking price is $1,500,000, representing a compelling cap rate of 7.37% and a price per square foot of $201.61. The property includes five dedicated parking spaces in the rear, with ample street parking available due to its convenient location across from a public parking garage. Before and after tenant build-out photos are available. This is an excellent buy-and-hold investment with a stable tenant and significant upside potential. The property offers great exposure and is an ideal addition to any commercial real estate portfolio.

• CAP approach

  CAP return

  Valuation

  6%

  $1,330,669

  6.5%

  $1,228,310

  7%

  $1,140,573

• Comparable approach

  Method

  Valuation

  Relative Method

  $500,962

  Geo Method

  $500,962

• Alternative Use

  Use

  Valuation

  Residential

  $1,523,104

  Hospitality

  $1,395,155

  Educational

  $1,160,752

  Medical

  $1,200,672

  Retail

  $1,805,615

Location Insight

City

Jacksonville

County

Duval

State

Florida

Latitude

30.3272

Longitude

-81.654

CBSA code

27260

CBSA name

JACKSONVILLE, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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