1585 Island LnFleming Island, FL 32003

Property Details for 1585 Island Ln

Year built

2000

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.37 AC

Property size (Sq ft)

2,268 SF

Zone code

PUD

Property type

Auto shops

APN

32-04-26-021262-006-40

APU

32042602126200640

Description

This exceptional investment opportunity presents a 0.88-acre, net-leased retail property in Fleming Island, Florida, featuring a Goodyear Auto Service and a Jiffy Lube. Both tenants boast a remarkable 25-year operating history at this location, built in 2000, and are situated on a high-traffic retail corridor (County Road 220) experiencing 35,000 vehicles daily. The property benefits from a 100% occupancy rate with a strong NOI of $211,428, generating a 6.30% cap rate. The lease terms are exceptionally favorable, with Goodyear operating under a lease expiring March 31, 2035, and Jiffy Lube recently exercising a 10-year extension. Goodyear's lease is corporate guaranteed by The Goodyear Tire & Rubber Company. The location is within an affluent area, boasting average household incomes exceeding $115,000 within a five-mile radius and a dense population exceeding 89,000 within the same area. This offering presents a rare chance to acquire a stable, high-performing asset with significant long-term growth potential. The asking price is $3,354,400. Goodyear's current annual rent is $111,804, significantly below market value. This property offers a compelling combination of strong tenants, long-term leases, and a prime location in a rapidly growing market.

• CAP approach

  CAP return

  Valuation

  6%

  $574,066

  6.5%

  $529,907

  7%

  $492,056

• Comparable approach

  Method

  Valuation

  Relative Method

  $388,702

  Geo Method

  $388,702

• Alternative Use

  Use

  Valuation

  Residential

  $446,996

  Hospitality

  $409,446

  Educational

  $340,654

  Medical

  $352,370

  Retail

  $529,907

Location Insight

City

Fleming Island

County

Clay

State

Florida

Latitude

30.1028

Longitude

-81.7137

CBSA code

27260

CBSA name

JACKSONVILLE, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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