Wells Landing
For saleUnder contract550 Wells Rd, Orange Park, FL 32073
Property type
Retail
Price
$5,095,000
Building size
25,569 sf
Rentable area
25,569 SF
Year built
1985
Year renovated
Occupancy
Zoning code
Lot size
3.15 Acres
CAP
7.44%
Price per SF
$199.26
Net Operating Income
$379,104
Property 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. Darron Kattan Florida Broker of Record BOR License No. BK3256503 Firm License No. CQ1032352 813-839-7300 FSIVS@FranklinSt.com Franklin Street Real Estate Services LLC
Property 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