22 8Th StFernandina Beach, FL 32034

  • Retail properties
  • 17,043 SF
For Sale
$3,500,000 View listing

Property Details for 22 8Th St

Year built
1954
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Lot size
0.90 AC
Property size (Sq ft)
17,043 SF
Zone code
C-3
Property type
Retail properties
Property subtype
Retail space
APN
00-00-31-1800-0045-0030
APU
31180000450030

Description

This exceptional mixed-use property in Fernandina Beach, Florida, presents a compelling value-add opportunity. The 16,114 square foot building, constructed in 1954 and renovated in 2016, sits on a 0.9-acre lot zoned C-3, allowing for significant redevelopment potential. Currently operating as a multi-tenant (3 tenants) apartment building and shopping center with five units and 65.4% occupancy, the property offers immediate income generation with a current NOI of $94,813 and a 2.71% cap rate. However, a pro-forma NOI of $279,359 and a 7.98% pro-forma cap rate demonstrate substantial upside potential through lease-up of approximately 5,570 square feet of vacant space and future rent increases. The property benefits from excellent visibility on 8th Street, a major thoroughfare with 12,500 vehicles per day, and is adjacent to a large private parking lot with 48 spaces. The asking price is $3,500,000, translating to $217.20 per square foot and $53.70 per square foot for land value. The property features a triple net (NNN) lease structure and offers various lease options. Located in the heart of Historic Downtown Fernandina Beach, this investment benefits from strong population growth projections for Nassau County, with tourism as a key economic driver. This property is offered fee simple. The property's central location and zoning provide significant flexibility for future development, aligning with the area's robust growth trajectory.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $4,008,514
    6.5%
    $3,700,166
    7%
    $3,435,869
  • Comparable approach

    Method
    Valuation
    Relative Method
    $2,920,918
    Geo Method
    $2,920,918
  • Alternative Use

    Use
    Valuation
    Residential
    $3,121,229
    Hospitality
    $2,859,029
    Educational
    $2,378,678
    Medical
    $2,460,485
    Retail
    $3,700,166
22 8Th St, Fernandina Beach, Florida

Location Insight

City
Fernandina Beach
County
Nassau
State
Florida
Latitude
30.6698
Longitude
-81.4585
CBSA code
27260
CBSA name
JACKSONVILLE, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$33,555
$1,576,230
$435,808
$2,012,038
-
$1,576,230
$435,808
$2,012,038

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