11660 central parkway, jacksonville, fl.imagecache.simplycast.com/files/1204322/files/11660... ·...

January 1st, 2012 Availability Affordability without sacrificing your professional appearance is the best way to describe this “below market” distribution warehouse opportunity. Conveniently located in the very well-kept East Park Business Center at SR-9A and Beach Boulevard with easy access to the Port of Jacksonville (20 Minutes) and all interchanges to the North, South and West.

Start now for your January 1st Occupancy.

Price - $2,590,000 (Sale) $3.75 sqft NNN (Lease)

• 65,143 +/- Total Building Size

- 51,427 +/- sqft. Warehouse (79%)

- 13,680 +/- sqft. Office (21%)

• 6.16 Acres

• 26’ Ceiling Height

• 8 Dock High Doors (12’)

• IBP-2 Zoning

• Built 1984

• Tilt Wall Construction

• Sprinkler System

• Possible Expansion Potential

EAST PARK BUSINESS CENTER

11660 Central Parkway, Jacksonville, Fl.

Robert Buckmaster, P.A.,CCIM Broker/ Associate

904-392-5151 (Cell) - 904-672-1802(Work) 1740 Tree Blvd, Suite 115 St. Augustine Fl. 32084

All information furnished in regard to property, for sale or lease was obtained from sources we consider reliable, but no warranty or representation is made as to the accuracy thereof, and the same is submitted subject to errors, omissions, change of price, prior sale and/or withdrawal without notice.

Distribution Warehouse

Best “Sale” or “Lease” Value in East Park Business Center!!!

- - - For Sale or Lease - - -

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OFFICE WAREHOUSE FACILITY 11660 CENTRAL PARKWAY

JACKSONVILLE, FLORIDA 32224-2634



CENTRAL PARKWAY FACING WEST CENTRAL PARKWAY FACING EAST SUBJECT AT LEFT SUBJECT AT RIGHT

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ENTRANCE TO SUBJECT PROPERTY SUBJECT AS SEEN FROM ROADWAY



SUBJECT AS SEEN FROM ROADWAY WEST SIDE OF SUBJECT BUILDING

WESTERN PORTION OF SUBJECT SITE WESTERN PORTION OF SUBJECT SITE

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FACING NORTH FACING SOUTH



EAST SIDE OF SUBJECT BUILDING DRAINAGE ON FRONT/NORTH PORTION

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ENTRY/RECEPTION AREA SHOWROOM



UNFINISHED WORK AREA UNFINISHED WORK AREA

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OPEN OFFICE SPACE TYPICAL PRIVATE OFFICE



HALLWAY KITCHEN/BREAK ROOM

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WAREHOUSE WAREHOUSE



WAREHOUSE WAREHOUSE

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WAREHOUSE

STATE OF FLORIDA AREA

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JACKSONVILLE AREA

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NEIGHBORHOOD AREA

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DUVAL COUNTY PROPERTY APPRAISER’S MAP

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ZONING MAP

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FLOOD ZONE MAP

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SITE PLAN

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FIRST FLOOR

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SECOND FLOOR

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The City continues to demonstrate healthy occupancy and rental rates in the retail and

apartment sectors and unemployment has also remained low. Many point to the arrival of the

Jacksonville Jaguars as the reason for the City’s explosive growth during the 1990s. Another

boost to the City’s image came when the City hosted the 2005 Super Bowl game.

The very soft residential real estate market together with recent reports that the country

may be entering a recession, or that a recession has already begun, have fueled speculation in

some circles that some of the commercial real estate sectors may begin to experience decline

as well.

NEIGHBORHOOD DATA

Neighborhood boundaries can be defined by natural boundaries such as rivers and

streams, land uses, major highways or other physical characteristics. The subject property is

within Jacksonville’s Southeast Planning District in an area commonly known as “Eastpark”,

approximately 9 miles southeast of the Central Business District of Jacksonville. The subject

is located along the south side of Central Parkway just south of Beach Boulevard (US-90) and

just east of St. Johns Bluff Road. The neighborhood is generally bordered to the north by

Beach Boulevard, to the east by Hodges Boulevard, to the south by J. Turner Boulevard (State

Road 202) and to the west by Southside Boulevard (US Alt. 90).

East Park is a Development of Regional Impact. Some of the larger businesses in this

park include VW/Audi Parts Depot, Tech Packaging, Budweiser, and Clear Channel. There are

several multi-tenant buildings as well. Properties along Beach Boulevard within East Park are

mostly retail in nature. Interior parcels are mostly improved with single-user and multi-tenant

office/warehouse facilities. The general area is developing with a mixture of single-family, multi-

family, professional office, and industrial office/warehouse properties.

The intersection of Beach Boulevard and St. Johns Bluff Road is one of Jacksonville’s

busiest crossroads. Very intensive commercial development is found at this intersection,

including shopping centers, banks, motels and restaurants. Beach Boulevard is classified as a

principal arterial roadway and is a four lane paved east/west right-of-way that extends a distance

of sixteen miles between Interstate-95 to the west and Jacksonville Beach to the east. St. Johns

Bluff Road is classified as a minor arterial roadway and is a two to four lane roadway extending

north/south through the Southeast District and Greater Arlington District. St. Johns Bluff Road

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extends south approximately two miles to J. Turner Butler Boulevard and extends north

approximately six miles to Ft. Caroline Road.

Another major north/south thoroughfare extending through the Southeast and Greater

Arlington Planning Districts is Southside Boulevard, located approximately 2.5 miles west of the

subject. This is classified as a principal arterial roadway and provides four to six lanes of traffic

from Interstate 95 to the south and Interstate 295 to the north. Southside Boulevard provides

access from Interstate 95 approximately 15 miles south of the subject to State Road 9A via the

Dames Point Bridge approximately 10 miles north of the subject.

In summary, the subject property is easily accessible from all parts of the city via the

Jacksonville Expressway System, Beach Boulevard and St. Johns Bluff Road. Neighborhood

shopping facilities are located the major right-of-ways. Public schools and houses of worship of

many denominations are located near the subject. Land in East Park will no doubt remain popular

for many types of industrial and commercial uses. No adverse neighborhood conditions or

influences were noted on the effective date of this appraisal.

SITE DATA

Physical Description

The following description of the subject site is based on the Site Plan (see page 31), the

appraiser's on-site inspection, and records of the Duval County Property Appraiser's Office.

The subject site consists of a mostly rectangular shaped interior parcel. The site has total

frontage of 381.14’ along the south side of Central Parkway. The east boundary has depth of

771.25' and the west boundary has depth of 680’. The southern boundary extends 370’ and

adjoins undeveloped land. Based on the Site Plan provided and utilizing “Deed Plotter” software,

land size is calculated to be 268,930 square feet, or 6.174 acres.

The subject’s land-to-building ratio is 4.13, that is, for each square foot of building floor

area there is 4.13 square feet of land area.

There is a 40’ easement for drainage along the eastern boundary of the subject site. This

easement appears to direct storm water to an off-site master drainage system. The easement

does not appear to adversely impact the subject site.

The site is generally level and is approximately 6" above the existing road grade of Central

Parkway. The site appears to be adequately drained. No standing water was apparent or was

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noted by the appraiser. No adverse site conditions are known to exist or were noted at the time

of inspection.

Flood Zone

As shown on page 30, according to National Flood Insurance Program Panel No.

1200770229-E, the subject parcel appears to be within Flood Zone "X". Zone "X" is an area

determined to be outside the 500-year flood plain. This panel is dated August 15, 1989. The

appraiser is not qualified to determine flood zone boundaries for the subject property and

recommends flood zone certification by a qualified source.

Census Tract

According to the Bureau of Census website the subject site is located in Census Tract

12031-0144.04-1.

Soil Survey

The appraiser was not furnished the results of any soil analysis. No soil or subsoil

problems were reported. It is assumed that the soil is adequate for development; however, a

subsoil analysis is beyond the appraiser’s scope of expertise. Therefore, no responsibility is taken

for the detection of hidden or unapparent subsoil conditions. A qualified engineer should be

consulted to determine the soil composition and carrying capacity. The opinions of value

presented herein are contingent upon the soil being suitable for development.

Hazardous Materials

The appraiser was not informed of any hazardous materials on the subject site, nor did

inspection indicate the presence of any hazardous materials. However, it is recommend that an

environmental audit be undertaken to verify if any site contamination exists. An environmental

audit is beyond the appraiser’s scope of expertise. Therefore, no responsibility is taken for the

detection of any hidden or unapparent hazardous conditions. The opinions of value presented

herein are predicated on the assumption that there are no materials on or in the subject property

that would cause a loss in value.

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Utilities

JEA, f/k/a the Jacksonville Electric Authority, provides community water, sewer, and

electricity to the subject property. Telephone services are available as well. There is no rail

service to the subject site.

Land Use Category and Zoning District

According to the GIS mapping system found at the City’s website (www.coj.net) the

subject site has a land use category of Business Park (BP) and a zoning district Industrial

Business Park-2 (IBP-2).

Permitted uses and structures in the IBP-2 zoning district include medical and dental or

chiropractor offices and clinics, hospitals, professional offices, business offices, warehousing,

wholesaling, distribution, manufacturer’s agents and display rooms, banks, financial institutions,

offices of building trades contractor, research, dental and medical laboratories, manufactures of

prosthetic appliances, dentures, eyeglasses, hearing aids, radio or television broadcasting offices

or studios, vocational, technical, trade or industrial schools, essential services, off-street parking

lots, and permissible uses by exception. A complete description of the IBP-2 zoning district is as

follows:

Industrial Business Park-2 (IBP-2) District. (a) Permitted uses and structures. (1) Medical and dental or chiropractor offices and clinics. (2) Hospitals. (3) Professional offices. (4) Business offices. (5) Warehousing, wholesaling, distribution and similar uses, and light manufacturing, fabrication, assembling of components, printing and similar uses. (6) Manufacturer's agents and display rooms, banks and financial institutions, offices of building trades contractor (not including outside storage or use of a vehicle in excess of one-ton capacity or any equipment, machinery, ditching machines, tractors, bulldozers or other heavy construction equipment). (7) Research, dental and medical laboratories, manufacturers of prosthetic appliances, dentures, eyeglasses, hearing aids and similar products. (8) Radio or television broadcasting offices or studios, but not transmitters or antennas. (9) Vocational, technical, trade or industrial schools and similar uses. (10) Essential services, including water, sewer, gas, telephone, radio and electric, meeting the performance standards and development criteria set forth in Part 4. (11) Off-street parking lots for premises requiring off-street parking lots, meeting the performance standards and development criteria set forth in Part 4. (b) Permissible uses by exception

http://www.coj.net/

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*Uses listed in this section require additional public hearings before the Planning Commission and a favorable vote by the same. (1) Retail sales and service of alcoholic beverages for on-premises consumption, not to exceed twenty-five percent of the building of which it is a part or forty seats whichever is greater. (2) Day care centers or care centers meeting the performance standards and criteria set forth in Part 4. (3) Essential services, including water, sewer, gas, telephone, radio and electric, meeting the performance standards and development criteria set forth in Part 4. (4) Churches, including a rectory and similar uses, meeting the performance standards and development criteria set forth in Part 4. (5) Retail sales of all types of merchandise, service establishments including restaurants, and the retail sale and service of alcoholic beverages for either on-premises or off-premises consumption or both. The aforementioned shall not exceed twenty-five percent of the building of which it is a part. Industrial Business Park–2 Requirements (c) Minimum lot requirements (width and area). (1) Width--One hundred feet. (2) Area--Ten thousand square feet. (d) Maximum lot coverage by all buildings and structures. Sixty-five percent. (e) Minimum yard requirements. (1) Front--Twenty feet. (2) Side--Ten feet. (3) Rear--Ten feet. (f) Maximum height of structures. Thirty-five feet, provided, however, height may be unlimited where all required yards are increased by one foot for each three feet of building height or fraction thereof in excess of thirty-five feet. (g) Limitations on permitted or permissible uses by exception. All of the permitted and permissible uses by exception in the IBP-2 District are subject to the following provisions: (1) They shall be conducted entirely within an enclosed building. (2) They shall include no outside storage or other similar activities. (3) They shall be provided with off-street loading facilities which are located at the rear or side of the building and visually screened from an abutting public or approved private street. (4) Off-street parking shall be separated from an abutting public or approved private street by a least an eight-foot landscaped area.

It is specifically assumed the subject is in compliance with land use requirements and

zoning district regulations.

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ASSESSMENT AND TAXES

The subject property is on the Duval County Tax Roll as Tax Parcel No. 165425-3010.

The 2007 assessed value is $2,211,400 and gross taxes are $36,906.94. According to the Duval

County Tax Collector’s website the real estate taxes were paid on January 2, 2008. There are no

known unpaid back taxes.

Assessments in the State of Florida are required to be 100% of estimated market value,

less certain allowable reductions such as closing costs. Taxes are due in March of the year

following the assessment. If paid in November of the tax-year, a 4% discount is applied. Lesser

discounts are applied if taxes are paid after November of the tax-year and before March of the

following year.

DESCRIPTION OF IMPROVEMENTS

The following description of the improvements is based the architectural drawings, the

appraiser’s on-site inspection, and information obtained from the 2007 Duval County Property

Appraiser’s records. It is specifically assumed the information as provided is correct and reliable.

Should the subject improvements be different than as presented herein the opinions of value are

subject to change.

Office/Warehouse Building

The office/warehouse building is basically rectangular shaped and contains total 1st floor

area of approximately 58,180 square feet. Second floor office area contains 6,963 square feet.

Total floor area is calculated to be 65,143 square feet. The facility has office ratio of

approximately 21%.

The building has loading-height concrete slab foundation, pre-cast concrete exterior wall

panels, steel truss roof with built-up tar and gravel roof cover. The roof is insulated. Portions of

the north and west facades have decorative glass fenestration. The westerly side of the building

has eight 12’ roll-up cargo doors. The rear and side elevations have personnel doors.

Exterior wall height is approximately 26 feet. The facility has land-to-building ratio of 4.13,

that is, for each square foot of building floor area there are 4.13 square feet of land.

The office area is heated and cooled with electric central heat pump system. Interior finish

of the office area includes tile, hardwood, carpet and vinyl floor covering, drywall partition walls

and acoustic tile ceilings with recessed fluorescent lighting.

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The warehouse is unfinished area with sealed concrete floor and exposed steel framing.

The warehouse is insulated and has ventilation fans.

The building appears to be in good overall condition.

Site Improvements

The site includes approximately 33,000 square feet of asphalt paving, approximately 4,900

square feet of concrete paving, curbing, irrigation system, and landscaping. The site

improvements appear to be in overall good condition.

HIGHEST AND BEST USE

As If Vacant In consideration of legally permissible, physically possible, financially feasible uses, it is

estimated that the highest and best use of the site, as if vacant, is for development in conformity

with IBP-2 zoning regulations and concurrency requirements. Likely potential uses of the site, if

vacant, would include medical and professional offices, warehousing, wholesaling, distribution, or

other similar use(s).

As Improved

In consideration of legally permissible, physically possible, and financially feasible uses, it

is estimated that the highest and best use of the property, as improved, is for continued use as a

single-user office/warehouse facility. There are no known alternative uses of the site that would

warrant removal of existing improvements.

VALUATION METHODS

An opinion of “retrospective” market value of this type of property can be derived with

the Cost Approach, Sales Comparison Approach, and Income Approach. In accordance with

the appraisers’ determination of the appropriate scope of work for this assignment, the opinion

of “retrospective” market value of the fee simple interest reported herein is based on the Sales

Comparison Approach and the Income Approach only. The Cost Approach is not particularly

relevant for an appraisal of the 24-year old subject facility and is omitted. The appraisal

process was developed in conformity with the Uniform Standards of Professional Appraisal

Practice (USPAP).

11660 central parkway, jacksonville, fl.imagecache.simplycast.com/files/1204322/files/11660... ·...

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