550 Wells Rd - Storefront FOR SALE


Orange Park, FL 32073
$5,095,000 USD
404-832-1251
550 Wells Rd, Orange Park, FL for Sale
$5,095,000 USD
Storefront - FOR SALE
1/6
null | 7.44% Cap Rate

550 Wells Rd
Orange Park, FL 32073


HIGHLIGHTS

  • 25,569 SF Retail Strip Center in the Jacksonville FL MSA (1.8M Residents)
  • Mark to Market Opportunity: Average lease rate of $15.59 PSF versus Market Asking Rate $25.80 (Costar, Orange Park submarket)
  • Excellent Visibility Along Wells Rd With 21,000 VPD & Near Hwy 17 Intersection (60,000 VPD)
  • Densely Populated And Growing: 226,003 Residents Within 15 Minute Commute
  • Built in NOI Growth: Scheduled Annual Rental Increases and Limited Tenant Option Control
  • Proximate to Jacksonville Naval Air Station: the largest Navy base in the Southeast and the 3rd largest in the nation, employing more than 17,000

OVERVIEW

Franklin Street is pleased to present Wells Landing, a retail strip center in Orange Park, Florida, which is part of the Jacksonville MSA. Orange Park is located along I-295, 13 miles south of downtown Jacksonville. Jacksonville is ranked in the top 10 nationally for cities population growth, and #3 for economic growth amongst large cities. JAXPORT is Florida's largest container port and a top US vehicle-handling hub, generating roughly $31–$44 billion in annual economic impact. The property is in close proximity to I-295 (155,500 VPD) and Hwy 17 (60,000 VPD) which connects residents to other Jacksonville suburbs and major hubs of employment. Wells Landing is 100% occupied by a strong mixture of daily use and service based tenants. The center has an ideal street facing orientation to Wells Road, a busy connector from the Hwy 17 to the Blanding Blvd (86,000 VPD) north/south corridors. The convenient location allows easy access to other daily traffic generators in the area including Orange Park Mall, Home Depot, At Home, Crunch Fitness, Wawa, Petsmart, HCA Orange Park Hospital, among others. The offering allows an investor the opportunity to acquire a center at a significant discount to replacement cost, while offering a strong opportunity to push rents as leases rollover or spaces become available.

FOR SALE DETAILS

PRICE

$5,095,000 USD

PRICE/SF

$199 USD /SF

CAP RATE

7.44%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Wells Landing

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1985

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

3.15 AC

LAND SF

137,214 SF

ZONING

CI

APN/PARCEL ID

50-04-26-019238-006-00

ASK ABOUT THIS PROPERTY

Bryan BelkFranklin StreetMore Info
404-832-1251

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.

Bryan BelkFranklin StreetMore Info
404-832-1251

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.