Cap Rate: 4.85%
Net Operating Income: $280,000
Square Footage: 13,841
Lot Size: 1.69 AC
The subject property is a 13,841 square foot building, leased to Walgreens (WBA) on an absolute NNN lease. The tenant has a new 15 year lease with 5% increases every 5 years. The asset is well located in Jacksonville, Florida and receives nearly 42,139 VPD along St Augustine Road and Oldfield Crossing Drive South. The asset is surrounded by major retailers including Lowe’s, KFC, Subway, Publix, Hobby Lobby, Burlington, and many others.
Jacksonville is the most populous city in Florida, and the largest city by area in the contiguous United States. It is the seat of Duval County, with which the city government consolidated in 1968. Consolidation gave Jacksonville its great size and placed most of its metropolitan population within the city limits. As of 2019, Jacksonville’s population was estimated to be 911,507, making it the 12th most populous city in the U.S., the most populous city in the Southeast, and the most populous city in the South outside of the state of Texas. The Jacksonville metropolitan area has a population of 1,523,615 and is the fourth largest metropolitan area in Florida