9041 Southside BlvdJacksonville, FL 32256

Property Details for 9041 Southside Blvd

Year built

1994

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

3.04 AC

Property size (Sq ft)

51,252 SF

Zone code

PUD

Property type

Retail space

APN

149208-7022

APU

1492087022

Description

Southside Square, a 36,870-square-foot shopping center in Jacksonville, Florida, presents a compelling investment opportunity. Located at 9041 Southside Blvd, zip code 32256, this multi-tenant retail property boasts a 100% occupancy rate and a strong net operating income (NOI) of $770,866, yielding a 6.50% cap rate. The asking price is $11,870,000, translating to $321.94 per square foot. Built in 1991 and situated on a 2.68-acre lot, the center benefits from its strategic location within a densely populated submarket, boasting over 163,000 residents within a 5-mile radius and average household incomes exceeding $115,000. The property enjoys high visibility, with 48,500 vehicles passing daily on Southside Boulevard. National tenants such as Five Below, Pet Supermarket, and LensCrafters anchor the center, contributing to its robust performance. The center's proximity to major retailers like Target, Home Depot, Academy Sports, Aldi, and HomeGoods, along with a significant concentration of office space (21 million square feet within 5 miles), further enhances its appeal. The existing leases offer significant upside potential, with many currently below market rates, allowing for substantial NOI growth through future rental increases. This property offers a strong hedge against inflation due to the built-in rental escalations within the lease agreements. The property's success is further amplified by its location near The Avenues, a large shopping center with over 1.1 million square feet of retail space. Jacksonville's robust population growth, ranking fourth nationally last year, adds to the long-term investment potential of this exceptional retail asset.

• CAP approach

  CAP return

  Valuation

  6%

  $13,072,339

  6.5%

  $12,066,775

  7%

  $11,204,862

• Comparable approach

  Method

  Valuation

  Relative Method

  $8,783,834

  Geo Method

  $8,783,834

• Alternative Use

  Use

  Valuation

  Residential

  $10,178,776

  Hospitality

  $9,323,704

  Educational

  $7,757,212

  Medical

  $8,023,995

  Retail

  $12,066,775

Location Insight

City

Jacksonville

County

Duval

State

Florida

Latitude

30.1926

Longitude

-81.5494

CBSA code

27260

CBSA name

JACKSONVILLE, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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