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31995696
31995698

550 Wells Rd, Orange Park, FL 32073

Franklin Street Atlanta
JT
GA FL 124147
Franklin Street Atlanta
Listed by Franklin Street Atlanta
$5,095,000
49 days on market
Updated 5 days ago
Contract Pending

Wells Landing

Details
APN 50-04-26-019238-006-00
Property Type Retail
Sub Type Shopping Center
Square Footage 25,569
Cap Rate 7.44%
NOI $379,104
Occupancy 100%
Tenancy Multi
Lease Type NNN
Price per SqFt $199
Year Built 1985
Acreage 3.150
Zoning C1
Parking Spaces 129 spaces
Parking Per SqFt 5.05
Investment Type Stabilized
Ownership Fee Simple

Mark to Market | 21,000 VPD | Jacksonville MSA

Marketing description

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.

Investment 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
  • Abundant Parking Field: 129 Spaces, 5.05 per 1,000
  • 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 active duty and civilian personnel

Listing Contacts

Franklin Street Atlanta
JT
GA FL 124147
Franklin Street Atlanta
Listed by Franklin Street Atlanta

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$
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$379,104.00
$31,592.00/mo

Valuation Metrics

0
DSCR
7.44%
Cap Rate
7.44%
ROI

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Additional Information

Name
Darron Kattan
License
BK3256503
Title
Broker of Record
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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