State Road 16 Assemblage- Retail and Multifamily

Market Force CRE is pleased to present this mixed use Retail/Multifamily Opportunity with additional value as a covered land play in booming St.​ Augustine, Fl.​

The subject property comprises 3 parcels, totaling .61 acres on a hard corner at a red light intersection.​ Currently located on the site are 2 multifamily buildings and 1 retail building, with 7 multifamily units and 1 retail unit.​ The property's prime corner location and proximity to a high-traffic commercial area, highlighted by the adjacent Circle K, enhance its long-term value as a potential redevelopment site.​ While the car dealership and multifamily units provide stable, immediate cash flow, the combined 0.61-acre site could attract future interest for higher-density commercial or mixed-use developments.​ Investors have the flexibility to maintain the existing income-generating properties while exploring future redevelopment opportunities, assembling adjacent parcels, or obtaining entitlements, making this a highly strategic long-term investment.​

In the short term, the property has immediate value-add potential with below market rents that can be raised immediately- bringing the cap rate from a going in 5.75% to over 7.42% within as little as a year.​

•Covered Land Play- Provides significant in-place income with long-term redevelopment potential- one of the last hard corners available on State Road 16

•Value Add Potential- In place rents are approximately $200/Mo below market and can be raised immediately.

•Strong In-Place Income : Current NOI of $158,000 with ability to increase to over $210,000 as leases renew.