Southpoint Plaza
Southpoint Plaza | Value Add Retail Center With Mark to Market Opportunity | Jacksonville FL
Marketing description
RIPCO Real Estate is pleased to offer for sale Southpoint Plaza, a two building 16,575 SF commercial property located on the southwest corner of Bowden Road and Salisbury Road in Jacksonville, FL. The center is currently 100% occupied by 11 tenants. The current tenants all have NNN leases, fully reimbursing their pro-rata share of CAM expenses, real estate taxes, and property insurance. The property has a WALT of 3.33 years. The site is located at Southpoint, one of the most prominent areas of office and medical concentration in the Jacksonville market, providing a strong daytime population of 122,117 within a 3-mile radius. This stretch of Bowden Road where the property is located has an AADT of 20,200 and just 0.6 miles from I-95 with a 171,000 AADT. Within 3 miles of Southpoint Plaza, there is a population of 83,771 and an average household income of $91,927
The asset would be an attractive opportunity for investors seeking minimal landlord responsibilities and value-add potential through rent increases. It is located on a hard corner with ingress/egress on both Bowden Road and Salisbury Road in Jacksonville, FL, the 4th fastest-growing city in the United States (US Census 2024).
Investment highlights
MINIMAL LANDLORD RESPONSIBILITIES
The asset is currently 100% occupied by a mix of restaurants, boutique stores, event venues, and convenience stores
The center is currently occupied by 11 tenants. The current tenants all have NNN leases, fully reimbursing their pro-rata share of CAM expenses, real estate taxes, and property insurance. NNN leases provides stable cash flow regardless of changes in expenses going forward
The asset has 3.33 Weighted Average Lease Term (WALT) remaining, granting the opportunity to cash flow while re-leasing the upcoming spaces at market rents
STRATEGIC LOCATION
The asset is located on the corner of Bowden Road and Salisbury Road with an AADT of 20,200
The property is located 5 miles from Downtown Jacksonville, 5 miles from the University of North Florida, and 0.6 miles from I-95, the primary north-south thoroughfare on the east coast, stretching from Miami to Maine
Located just 0.7 miles from the Jacksonville Pepsi Plant, 0.8 miles from Kesier University and 0.9 miles from University Christian School (an “A” rated private school per niche.com)
The center is located in Jacksonville, FL, the 4th Fastest Growing City in the United States (US Census 2024)
RECENT CAPITAL IMPROVEMENTS
Recently added new outdoor seating tables
Senoritas recently completed an extensive six-figure buildout which includes a new outdoor dining patio
TENANTS WITH 4.5+ STAR GOOGLE REVIEWS
Bunny’s Donut Shop has earned a 4.9 star rating based on 159 Google Reviews
Senoritas Mexican Kitchen has earned a 4.8 star rating based on 417 Google Reviews
Eddis & Sons Cheesesteaks has earned a 4.5 star rating based on 542 Google Reviews
DESIRABLE DEMOGRAPHICS
83,771 population within a 3-mile radius
$91,927 average household income within a 3-mile radius
122,117 daytime population within a 3-mile radius
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