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- Matilda Wilson
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1 EAST PARK BUSINESS CENTER Central Parkway, Jacksonville, Fl. Best Sale or Lease Value in East Park Business Center!!! 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) For Sale or Lease Distribution Warehouse Robert Buckmaster, P.A.,CCIM Broker/ Associate (Cell) (Work) 1740 Tree Blvd, Suite 115 St. Augustine Fl ,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 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.
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3 OFFICE WAREHOUSE FACILITY CENTRAL PARKWAY JACKSONVILLE, FLORIDA
4 OFFICE WAREHOUSE FACILITY CENTRAL PARKWAY JACKSONVILLE, FLORIDA CENTRAL PARKWAY FACING WEST SUBJECT AT LEFT CENTRAL PARKWAY FACING EAST SUBJECT AT RIGHT ENTRANCE TO SUBJECT PROPERTY SUBJECT AS SEEN FROM ROADWAY 18
5 OFFICE WAREHOUSE FACILITY CENTRAL PARKWAY JACKSONVILLE, FLORIDA SUBJECT AS SEEN FROM ROADWAY WEST SIDE OF SUBJECT BUILDING WESTERN PORTION OF SUBJECT SITE FACING NORTH WESTERN PORTION OF SUBJECT SITE FACING SOUTH 19
6 OFFICE WAREHOUSE FACILITY CENTRAL PARKWAY JACKSONVILLE, FLORIDA EAST SIDE OF SUBJECT BUILDING DRAINAGE ON FRONT/NORTH PORTION ENTRY/RECEPTION AREA SHOWROOM 20
7 OFFICE WAREHOUSE FACILITY CENTRAL PARKWAY JACKSONVILLE, FLORIDA UNFINISHED WORK AREA UNFINISHED WORK AREA OPEN OFFICE SPACE TYPICAL PRIVATE OFFICE 21
8 OFFICE WAREHOUSE FACILITY CENTRAL PARKWAY JACKSONVILLE, FLORIDA HALLWAY KITCHEN/BREAK ROOM WAREHOUSE WAREHOUSE 22
9 OFFICE WAREHOUSE FACILITY CENTRAL PARKWAY JACKSONVILLE, FLORIDA WAREHOUSE WAREHOUSE WAREHOUSE 23
10 STATE OF FLORIDA AREA 24
11 JACKSONVILLE AREA 25
12 NEIGHBORHOOD AREA 26
13 DUVAL COUNTY PROPERTY APPRAISER S MAP 27
14 ZONING MAP 28
15 FLOOD ZONE MAP 29
16 SITE PLAN 30
17 FIRST FLOOR 31
18 SECOND FLOOR 32
19 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, multifamily, 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 49
20 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 along the south side of Central Parkway. The east boundary has depth of ' 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 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 50
21 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 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, 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 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. 51
22 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 ( 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 oneton 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 52
23 *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. 53
24 ASSESSMENT AND TAXES The subject property is on the Duval County Tax Roll as Tax Parcel No The 2007 assessed value is $2,211,400 and gross taxes are $36, According to the Duval County Tax Collector s website the real estate taxes were paid on January 2, 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 1 st 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. 54
25 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). 55
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