Overview
Lakeside Plaza presents a rare opportunity to acquire a three-building office portfolio totaling ±68,798 SF in Jacksonville’s Deerwood Center Office Park, just off I-95.
Available as a portfolio at $7 Million, the offering combines immediate yield with long-term upside:
8665 Baypine Road (±50,252 SF)
Almost fully stabilized, multi-tenant office building priced at just $91/SF, currently 79% leased and delivering a 9% in-place cap rate, with upside through lease-up and market rent growth.
8667 & 8669 Baypine Road (±18,546 SF combined)
Fully leased to a single long-term tenant under a NNN lease at just $6.82/SF, significantly below market. Provides stable cash flow today and opportunity to increase rent at lease rollover in November 2026. Offered at $126.15/SF.
The portfolio generates $571,909.66 in in-place NOI, with upside through leasing the ±10,112 SF vacancy at 8665 and future rent adjustments at 8667/8669.
Investment Highlights
Investment Highlights
Portfolio-Level
- Rent Growth at 8667/8669: Fully leased at just $6.82 PSF to a long-term tenant. Renewing closer to market increases the in-place cap rate by 2.5 Basis points,without doing any additional Lease up.
- Lease-up opportunity at 8665: One, ±10,112 SF vacancy. Stabilizing at market rents adds $172K+ in Income.
- Attractive Basis: $91.83/SF for 8665 and $126.15/SF for 8667/8669 — blended at $109/SF, well below replacement cost.
- Premier Location: Located in Deerwood Center with direct access to I-95, US-1, and executive housing. Near the new Citizens Insurance HQ (230K SF / 1,000+ jobs).
8665 Baypine Road | Multi-Tenant Office | ±50,252 SF | Asking $4,660,712.89 Million | 9% In-Place Cap Rate
- 79% Leased | $419K NOI: Immediate yield with upside via ±10,112 SF of vacancy.
- Recent Capital Improvements: 2024 TPO roof (20-year warranty), resurfaced parking lot, modernized elevator.
- Expanded Leasable Area: 2024 BOMA remeasurement unlocked +1,056 RSF.
- No Deferred Maintenance: Well Maintained,Turnkey asset with minimal near-term CapEx.
- Strong Basis at $109/SF with clear path to increased income.
8667 & 8669 Baypine Road | Single-Tenant NNN | ±18,546 SF | Asking $2,339,556.48 Million |
- Long-Term Tenant Since 2011: Occupies both buildings under a NNN lease.
- Stable cash flow | $152K NOI: Predictable income with minimal landlord obligations.
- Below-Market Rent: Currently leased at $6.82/SF—significant upside at lease rollover in 2026.
- NNN Lease + Management Reimbursement: Minimal oversight; tenant reimburses at 10.69% of rent.
- Specialized Use: Building Improvements support food service, childcare, and administrative functions.
- Tenant Profile: Beth Israel Messianic Synagogue, a Jacksonville-based congregation with long-standing community roots and consistent occupancy.
Photo Gallery
