22 8Th StFernandina Beach, FL 32034

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 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.

• 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

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

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