GoCommercial Group at Compass has been engaged to evaluate the leasing position and develop a go-to-market strategy for Suite 402 at Baptist Health Medical Office Building 1, a 2,262 SF turn-key medical office condominium on the Baptist Medical Center South campus. The suite is currently being leased directly by the owner, Steven Goldwasser, with an asking rent of $38.00/SF gross and availability marketed for May 2026.
This is a strong, defensible asset in a well-positioned medical building — a four-story, 40,500 SF Class B medical office anchored by Baptist Medical Center, Women's Care of Florida, Florida Plastic Surgery Group, and Cancer Specialists of North Florida. The building is otherwise 100% occupied. Suite 402 itself is a fully built-out clinical space with 6 exam rooms, a dedicated lab, and two in-suite bathrooms — the kind of turn-key configuration that should command top of market in this submarket.
The problem is not the asset. The problem is the current marketing approach. The space is being leased directly by the owner with no interior photography, no floor plan, no defined lease term, no advertised tenant improvement allowance, and no incentive framework. The strategy appears to be: post the listing and wait. In a submarket where renewal rates have collapsed to 14.9% YTD and overall office demand is decelerating, that approach will not generate the medical-specialist traffic this suite requires.
This analysis recommends holding the $38.00/SF asking rent — which is defensible against medical comparables — but only if paired with a fundamentally different marketing posture: professional clinical photography, a measured floor plan, a defined concession framework, and direct outreach to qualifying medical practices in the Baptist referral ecosystem. GoCommercial's strategy is built around five pillars: (1) institutional-grade media production specific to medical office, (2) defined lease terms and concession structure, (3) hyper-targeted digital and social media campaigns aimed at specifically identified medical tenant profiles, (4) full cooperation of commissions to attract tenant-side agents, and (5) frictionless digital access for visiting tenant reps and practice administrators.
Per owner notes, Suite 402 is a clinically configured medical office featuring:
This is a meaningfully important point: a turn-key six-exam-room configuration is precisely what specialty medical groups (dermatology, ortho, plastics, ophthalmology, ENT, gastroenterology, OB/GYN satellite, behavioral health) are searching for. Ground-up medical buildout in Florida typically runs $80–150/SF and consumes 4–8 months of permitting and construction. A tenant moving into Suite 402 saves both the capital and the timeline — and that savings is the single most important value lever in pricing this space.
The following analysis identifies why a strong asset in a well-anchored medical building is at risk of extended vacancy. None of the issues below relate to the suite itself or its location — they are all execution issues in how the space is currently being brought to market.
Critical The current listing presents Suite 402 with no interior photographs, no floor plan, and no visual evidence of the six exam rooms, lab area, or in-suite bathrooms that are the entire value proposition. Medical practice administrators and tenant reps evaluating space on CoStar, LoopNet, and Crexi will not pursue a 2,262 SF medical suite priced 71% above the submarket average if they cannot see the interior. The asking price is defensible — but only with visual proof of the turn-key buildout.
Critical The listing states "Duration: Negotiable" with no posted tenant improvement allowance, no free rent framework, no escalation schedule, and no defined preferred term length. Sophisticated medical tenants — and the brokers representing them — need a starting point to underwrite the deal economics. "Negotiable" reads as "owner has not thought through what a deal looks like," which discourages serious inquiry from credit-quality practices that have multiple options.
Warning The space is currently being leased directly by the owner without exposure to the broader Jacksonville commercial brokerage community, no Compass-network distribution, no MLS placement, and no paid digital amplification. The listing exists. Discovery is left to chance. For a medical condo at $38/MG targeting a specialized tenant pool, passive listing is insufficient — qualified practices must be actively prospected.
Warning Suite 402 sits inside one of the most concentrated specialty medical buildings in South Jacksonville, on the Baptist South Hospital campus, surrounded by Cancer Specialists of North Florida, Women's Care, Florida Plastic Surgery, and Baptist Medical itself. This existing tenant ecosystem is a major draw for any complementary specialty practice — but the marketing makes no reference to the building's referral network, physician adjacency, or hospital-campus advantages. The listing reads as a generic office suite when it should read as a strategic acquisition for a growing specialty practice.
Warning At $38.00/MG, Suite 402 asks 24% above the highest comparable medical comp (First Coast Medical Plaza at $30.64/SF) and 71% above the Butler/Baymeadows submarket 2-4 Star average of $22.24/SF. That premium is defensible on its merits — turn-key medical buildout savings alone justify $5–10/SF in premium, and Baptist Medical Center South campus adjacency justifies the rest. But the premium must be sold through institutional-grade marketing, not assumed. A bare-bones listing at $38/MG signals overreach. The same suite, marketed properly with floor plans, professional photography, defined TI savings analysis, and broker outreach, signals premium.
Warning The current listing offers no published co-broke commission to tenant representatives. In a softening submarket — Butler/Baymeadows leasing activity has declined materially in 2026 YTD — tenant rep brokers prioritize listings where the economics are clear and full cooperation is offered. For a small 2,262 SF deal, the absence of a published, fully cooperative co-broke materially affects whether a broker shows the space to a qualifying medical client they may also be considering for larger or higher-commission alternatives.
Context Butler/Baymeadows vacancy has climbed from 12.1% in 2025 to 17.4% YTD 2026. Net absorption is negative 440,000 SF over the past year. Renewal rates in the submarket cluster have collapsed from 50.2% in 2025 to 14.9% YTD 2026, compared to 68.0% for the broader Jacksonville metro. This is not a market where well-priced space leases itself. Suite 402 must be actively sold to qualifying medical users, not merely posted and awaited.
| Property | Distance | Class | Asking | Vacancy | Relevance |
|---|---|---|---|---|---|
| 14546 Old St Augustine Rd, Suite 402 Subject — turn-key medical |
— | B Med | $38.00/MG | 5.6% | Subject property |
| First Coast Medical Plaza 14810 Old St Augustine Rd |
0.6 mi | A Med | $30.64/SF | 9.2% | Closest medical comp, same street |
| Lakeside V 12926 Gran Bay Pky |
0.4 mi | B Office | $27.00/FS | 50.2% | General office, larger floorplates |
| Lakeside I (recent signed) 12724 Gran Bay Pkwy W |
0.5 mi | A Office | $28.42/SF | 15.7% | Building rate, March 2026 signing |
| Building 700 12276 San Jose Blvd |
5.9 mi | B Office | $29.89/SF | 7.8% | General office, distant |
| Bldg 500 12443 San Jose Blvd |
5.7 mi | C Office | $31.38/SF | 100% | Small condo, peer high |
The peer set includes several general office buildings clustered between $22 and $30/SF gross. These should not be the primary reference point for Suite 402. A turn-key medical office with six built-out exam rooms, dedicated lab, and in-suite plumbing commands a meaningful premium over general office space because:
| Scenario | Face rent | Year 1 buildout cost | Total Year 1 cost | Time to revenue |
|---|---|---|---|---|
| General office shell at $25/MG + medical buildout | $56,550/yr | ~$225,000 (at $100/SF) |
~$281,550 | 4–8 months |
| Suite 402 turn-key at $38/MG | $85,956/yr | $0 | $85,956 | 30–60 days |
The math favors Suite 402 decisively. A growing specialty practice doing this analysis arrives at the same conclusion every time — the turn-key suite is the better deal at $38/MG. The marketing task is to make sure that analysis is put in front of every qualifying tenant.
| Phase | Asking | Starting (floor) | Action trigger |
|---|---|---|---|
| Phase 1 (Days 1–90) Hold the line |
$38.00/MG | $36.00/MG | Launch institutional marketing package; full medical-targeted outreach |
| Phase 2 (Days 91–150) Strategic adjustment |
$36.00/MG | $34.00/MG | Trigger only if Phase 1 generates fewer than 3 qualified tours |
| Phase 3 (Days 151+) Velocity push |
$34.00/MG | $32.00/MG | Final adjustment to assure lease-up within 6 months |
The Butler/Baymeadows office submarket has weakened materially over the past year. Vacancy has risen from a 10-year average of 12.5% to 17.4% YTD 2026, with negative net absorption of 440,000 SF and net deliveries of -120,000 SF. The forecast calls for vacancy to stabilize around 17.6% through year-end 2026 and rent growth to turn negative at -1.3% for the year.
The collapse in renewal rates is particularly notable — Butler/Baymeadows-cluster renewals have fallen from 67.1% in 2024 and 50.2% in 2025 to just 14.9% YTD 2026, compared to 68.0% for the broader Jacksonville metro. Tenants in the submarket are either downsizing, relocating to higher-quality buildings, or exiting entirely.
Within this softening submarket, medical office remains the strongest performing segment. The Jacksonville construction pipeline is dominated by medical office and build-to-suit projects — Seven Pines Medical Office Building (50,000 SF, delivering Q2 2026) and the proposed Medical Exchange @ eTown (40,000 SF) are both targeting clinical users. Within a 5-mile radius of Suite 402, the only construction delivered in the past 12 months was Baptist Primary Care at 5304 Bartram Commons Dr (14,178 SF, 100% leased).
Jacksonville's Education and Health Services employment sector grew 5.12% in 2025 — by far the strongest sector growth in the metro — and is forecast to expand 0.87% annually through 2030. Ambulatory healthcare hiring continues to outpace general office-using employment. This sector tailwind is the structural reason a turn-key medical condo on the Baptist South campus should not be priced like general office space.
| Property | SF | Stories | Year built | Vacancy | Asking | Months on market |
|---|---|---|---|---|---|---|
| Baptist Health Medical Office Bldg 1 — Suite 402 | 40,500 | 4 | 2006 | 5.6% | $38.00/MG | 2 |
| First Coast Medical Plaza | 31,426 | 2 | 2009 | 9.2% | $30.64 | 12 |
| Lakeside V | 147,629 | 5 | 2008 | 50.2% | $27.00 | 7 |
| Building 700 (San Jose Blvd) | 70,915 | 3 | 2007 | 7.8% | $29.89 | 15 |
| Building 3 (Greenland Rd) | 4,560 | 1 | 2019 | 25.0% | $26.24 | 3 |
| Bldg 7 (Halcyon Ln) | 12,735 | 1 | 2006 | 9.0% | $25.00 | — |
| Bldg 300 (San Jose Blvd) | 18,500 | 1 | 2002 | 6.6% | $22.00 | 6 |
Suite 402 carries the shortest current time-on-market in the peer set at 2 months, reflecting the recency of the listing and the fully occupied status of the rest of the building. The peer set average vacancy is 30.2%; the subject building's effective vacancy is 5.6%. This is a clear best-in-peer-set occupancy position, which itself is a marketing asset — a fully leased medical building with one available suite signals stability that a 50%-vacant tower next door (Lakeside V) cannot.
| Property | SF Leased | Sign Date | Rent | Type | Months on market |
|---|---|---|---|---|---|
| Bldg 600 (Bartram Park Blvd) — Sublease | 1,167 | Apr 2026 | $22.50/NNN | Asking | 5 |
| Lakeside I (Gran Bay Pkwy) | 4,122 | Mar 2026 | $27.00/FS | Asking | 7 |
| Lakeside II (Gran Bay Pkwy) | 6,322 | Mar 2026 | $27.00/FS | Starting | 6 |
| Lakeside V — Suite 110 | 5,588 | Mar 2026 | $27.00/FS | Starting | 6 |
| Lakeside V — Suite 120 | 5,657 | Mar 2026 | $27.00/FS | Starting | 6 |
| First Coast Medical Plaza — Mental Health | 3,434 | Feb 2026 | $22.00/NNN | Asking | 10 |
| Building 700 — Children's School | 1,340 | Nov 2025 | $25.00/NNN | Starting | 5 |
| Building 800 (Bartram Park) | 2,350 | Jun 2025 | $24.00/NNN | Asking | 8 |
| Flagler 300 — Tax Defense Network | 14,203 | May 2025 | $14.48/NNN | Effective | 55 |
The most directly relevant signed comp is the And Then There Is You Mental Health Group lease at First Coast Medical Plaza (14810 Old St Augustine Rd, 0.6 miles away) — 3,434 SF at $22.00/NNN signed in February 2026. Converting NNN to gross equivalent at typical Butler/Baymeadows NNN load of $7–9/SF yields an effective gross of approximately $29–31/SF. That lease took 10 months to consummate. Suite 402 is positioned to outperform that comp on both rent and timeline if marketed properly — turn-key buildout, larger parking ratio, and Baptist-anchored campus all support a meaningful premium.
| Tenant | Industry | Floor | SF | Move-in |
|---|---|---|---|---|
| Baptist Medical Center | Healthcare — Hospital | 1, 2, 4 | 23,680 | Aug 2013 |
| Women's Care of Florida | Healthcare — OB/GYN | 3 | 7,125 | Aug 2013 |
| Florida Plastic Surgery Group | Healthcare — Plastics | 4 | 6,695 | Sep 2015 |
| Cancer Specialists of North Florida | Healthcare — Oncology | 3 | 3,000 | Nov 2008 |
The tenant roster is the single strongest marketing asset Suite 402 has. Baptist Medical Center anchors three floors of the building. Women's Care, Florida Plastic Surgery, and Cancer Specialists have all been in place for a decade or longer — extraordinarily stable tenancy for any medical building. A specialty practice moving into Suite 402 inherits a built-in referral network spanning oncology, plastics, OB/GYN, and Baptist's broader hospital system. This is the story the marketing should lead with.
GoCommercial Group at Compass proposes a five-pillar strategy designed to convert Suite 402 from a passively listed owner-direct rental into an actively marketed, broker-accessible, medical-targeted leasing opportunity. The strategy is built around the recognition that this is a strong asset that needs proper packaging and outreach — not a discount, not desperation. Commission structure: 8% total (4% GoCommercial / 4% co-broke).
This assignment is handled personally by Brad Kuskin, Founding Principal at GoCommercial. Steve Goldwasser will have a single point of contact with full visibility into pipeline activity, showing metrics, and broker engagement at every stage. No handoffs, no junior associate triage.
Full interior photo shoot of Suite 402 — every exam room, the lab area, both bathrooms, the reception flow, the corridor. Each image staged to show clinical readiness. This is the single highest-ROI marketing investment for this listing.
Professional CAD-style floor plan showing each exam room dimension, lab placement, reception layout, and bathroom location. Annotated for clinical workflow. This is what medical practice administrators are looking for and cannot find in the current listing.
Comprehensive aerial coverage showing the building's positioning on the Baptist Medical Center South campus, the I-95 / 9B access points, and the surrounding medical density. Annotated location maps with proximity to hospital, ambulatory facilities, and residential population centers.
Interactive 3D walkthrough of Suite 402 — allowing out-of-town medical groups and practice administrators to evaluate the space remotely before scheduling an in-person tour. Critical for specialty practices considering Jacksonville expansion from Tampa, Orlando, or Atlanta.
Compass-branded offering memorandum with full Butler/Baymeadows submarket analytics, Suite 402 floor plan, building tenant roster, parking ratio analysis, and TI-savings comparison framework demonstrating the economic case for the $38/MG asking rent.
Complete listing rebuild on CoStar, LoopNet, Crexi, and GoCommercial.com with new photography, floor plan, defined lease terms, and medical-specific keywords. Dedicated landing page at gocommercial.com with virtual tour embed and inquiry form.
Replace "Duration: Negotiable" with a defined, broker-friendly term sheet:
Defined terms remove broker friction and dramatically increase the quality of inbound inquiries. Vague terms attract bargain hunters and tire-kickers; defined terms attract qualifying medical practices.
This is the single most important pillar. Suite 402 will not lease itself — qualifying medical practices must be actively prospected through hyper-targeted digital campaigns built around specifically identified tenant profiles, combined with direct outreach to those same targets.
Before any campaign launches, GoCommercial builds out a curated set of named tenant target profiles for Suite 402: dermatology, plastic surgery (non-competing subspecialties), ophthalmology, ENT, orthopedics, gastroenterology, urology, pain management, behavioral health, and physical therapy. Each profile is broken down by practice size, specialty, expansion stage, and geographic origin (intra-Jacksonville expansion, Tampa / Orlando / Atlanta entrants, hospital-affiliated satellite groups). Every downstream campaign — paid social, search, AI-platform placement, email — is built specifically against these named profiles, not generic medical office keywords.
Paid campaigns on Facebook, Instagram, and LinkedIn geo-targeted to the Jacksonville MSA and to identified secondary metros (Tampa, Orlando, Atlanta). Separate ad sets for each medical tenant profile defined above — dermatology practice administrators see different creative than orthopedic group managing physicians, and both differ from behavioral health practice owners. Retargeting pixels on every landing page interaction. LinkedIn Sales Navigator outreach to practice administrators, managing physicians, and healthcare practice owners matching the defined target profiles.
Paid search campaigns built against profile-specific intent keywords ("dermatology office space Jacksonville," "plastic surgery suite Baptist South," "medical office for lease Mandarin," "turn-key exam rooms Jacksonville"). Geo-fenced to the Jacksonville MSA with bid premiums applied to traffic from out-of-market expansion-stage practices. Dedicated landing page at gocommercial.com with the virtual tour, floor plan, TI-savings analysis, and inquiry form — optimized for medical-specific long-tail SEO.
Optimization for the new generation of AI-powered search experiences — ChatGPT search, Perplexity, Claude, Google AI Overviews, Bing Copilot. When a medical practice administrator or commercial broker queries an AI assistant for "available medical office space near Baptist South Jacksonville" or "turn-key exam-room suite for lease in Mandarin," Suite 402 should be a primary returned result. This requires structured property data, dedicated landing page schema markup, and ongoing optimization of the GoCommercial property page architecture. This channel is increasingly significant for commercial real estate discovery and is materially under-utilized by the broader Jacksonville brokerage community.
Personalized outbound to each practice administrator and managing physician identified within the target profiles. Phone calls, personalized email sequences, and physical mailers for the highest-priority targets. Direct conversations with practice administrators at Women's Care, Florida Plastic Surgery, and Cancer Specialists of North Florida — and at Baptist Medical's referring physician network — to identify complementary specialties looking for satellite or expansion space.
Direct outreach to Tampa, Orlando, and Atlanta-based specialty groups that are expanding into the Jacksonville MSA. The Compass national agent network is a meaningful asset here — referral relationships with healthcare-focused brokers in adjacent metros generate qualified inbound traffic that an owner-direct listing simply cannot access.
Targeted communication with healthcare-specialized commercial brokers in Florida (Colliers Healthcare, Newmark Healthcare, JLL Healthcare, CBRE Healthcare specialists). These are the brokers actively working with the medical groups most likely to find Suite 402 compelling.
Direct conversations with Baptist Health's physician relations team and the credentialed specialists list to identify practices considering Baptist-campus presence.
GoCommercial's recommended structure offers full cooperation of commissions with tenant-side agents — communicated openly to the broker community to ensure Suite 402 is the listing that gets shown.
Full cooperation is proactively communicated to the broker community via:
Open cooperation removes any friction a tenant-side broker would otherwise experience in evaluating Suite 402 for a qualifying medical client. When the economics are clear and the cooperation is transparent, qualifying brokers are far more likely to tour the suite and present it to their tenant.
Deploy an electronic lockbox on Suite 402 enabling tenant-rep brokers and qualified prospects to conduct self-guided tours with 24-hour notice. Every showing logged and reported to ownership in real time. Medical practice administrators frequently want to visit during off-hours; eliminating scheduling friction converts more inquiries into tours.
The pricing is defensible against medical comparables and supported decisively by turn-key buildout savings. Do not discount. Phase down only if Phase 1 marketing fails to generate qualified tours within 90 days.
This is the single highest-priority action item. A medical condo at $38/MG without interior photography or a floor plan cannot generate qualified tours. Fix this in week one.
5–7 year preferred term, $5–10/SF cosmetic TI, 1 month free per year of term, 3% annual escalations. Defined terms attract qualifying tenants; vague terms attract bargain hunters.
Baptist Medical Center anchor, Cancer Specialists of North Florida, Women's Care, Florida Plastic Surgery — this is the story. Suite 402 is a referral-network acquisition for a complementary specialty practice, not just an office rental.
Define the medical tenant target profiles first, then build hyper-targeted Facebook, Instagram, LinkedIn, Google Ads, and AI-platform campaigns against each profile. Combine with direct outreach to those same targets, the building's existing referral network, and healthcare-focused commercial brokers across the Jacksonville MSA. The submarket is too soft for passive listing to work.
Communicate the commission cooperation directly via email, phone, and a broker open house. Make Suite 402 the listing brokers want to show.
Enable 24-hour-notice self-guided showings for vetted tenant-rep brokers. Track every showing.
With proper marketing infrastructure deployed in week one and active medical prospecting beginning in week two, Suite 402 should be under signed letter of intent within 60 days and fully executed within 90.