NNN Neighborhood Retail
For Sale
$5,240,000
5624-5646 Woodbine Rd, Pace, FL 32571
Stone Brook Plaza is a Publix-adjacent neighborhood retail property with all tenants under triple-net lease structures.
Property Size20,500 SF
Days on Market49
Property Features for 5624-5646 Woodbine Rd
General Information
Standard status
Active
Size
20,500 SF
Property subtype
Commercial
Net Operating Income
$316,099
Building Details
Building Size
20,500 SF
Listing Agency:
Matthews
(305) 395-6972
Listed By:
Daniel Gonzalez · License #SL3463209 (FL)
(305) 395-6972
Source:
Matthews
Added: Jul 3
Changed: Aug 14
Last Checked: Aug 20 at 4:03AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Matthews
Investment Insights
Based on property information with market context.
Stone Brook Plaza is a neighborhood retail center offering an investor-focused value-add profile, with an exceptionally short weighted average lease term of approximately 0.2 years. The in-place rent roll reflects below-market pricing, creating an opportunity to drive income through renewals, re-tenanting, and tenant upgrades. All tenants operate under triple-net (NNN) leases, shifting responsibility for taxes, insurance, and CAM expenses to the operating tenants.
The property is positioned adjacent to a Publix-anchored shopping center, designed to benefit from consistent daily traffic generated by a necessity-based retail draw. The offering is described as a small shop environment within a suburban retail node.
In addition to the current retail footprint, the property sits on an oversized parcel that provides long-term flexibility for potential site reconfiguration, pad development, or circulation improvements, subject to municipal approvals.
The property is positioned adjacent to a Publix-anchored shopping center, designed to benefit from consistent daily traffic generated by a necessity-based retail draw. The offering is described as a small shop environment within a suburban retail node.
In addition to the current retail footprint, the property sits on an oversized parcel that provides long-term flexibility for potential site reconfiguration, pad development, or circulation improvements, subject to municipal approvals.
Key Highlights
- Weighted average lease term (WALT) of approx. 0.2 years, with most leases set to turn within the next year
- In‑place rents average approx. $15.82 PSF, with mark‑to‑market upside supported by higher comparable asking rents
- Publix‑adjacent location at Stone Brook Plaza with built‑in daily traffic and necessity‑based shopping demand
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$220,588
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.21%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,411,760
$4.4M
Cap Rate 7%
$3,151,257
$3.2M
Cap Rate 9%
$2,450,978
$2.5M
Market Conditions
NOI Build-Up for 20,500 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$344.4K $16.80/SF
− Vacancy
−$29.3K −$1.43/SF
EGI
$315.1K $15.37/SF
− OpEx
−$94.5K −$4.61/SF
NOI
$220.6K $10.76/SF
Area
Santa Rosa County, FL
Vacancy
8.50%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,411,760
Cap Rate 7%
$3,151,257
Cap Rate 9%
$2,450,978
Alternative Uses
Best Use
Retail
$3.15M
$2.76M – $3.68M
NOI $220,588 @ 7.0% cap · market cap 4.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.05M
$4.42M – $5.89M
NOI $353,354 @ 7.0% cap · market cap 6.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
228
Businesses Nearby
127k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 36%
Groceries 31%
Dining 24%
Home Improvements & Furnishings 9%
Publix
Groceries
36,839 visits/mo
0.1 miles
Circle K
Shops & Services
34,270 visits/mo
0.3 miles
Whataburger
Dining
22,790 visits/mo
0.1 miles
Tractor Supply Co.
Home Improvements & Furnishings
11,313 visits/mo
0.2 miles
Tom Thumb Food Stores
Shops & Services
8,258 visits/mo
0.1 miles
Demographics for 32571, FL
38,885
Population
15,041
Households
2.6
Avg Household Size
39
Median Age
33%
College-Educated
93%
High-School Grad
112.6 sq mi
ZIP Area
345
Density / Sq Mi
$89,137
Median Household Income
$46,400
Median Earnings
$1,186
Median Rent
$281,600
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Stonebrook Plaza — Woodbine Rd, Pace, FL 32571
Frequently Asked Questions
What type of property is this?
Shopping center - Stone Brook Plaza is a Publix-adjacent neighborhood retail property with all tenants under triple-net lease structures.
Where is this shopping center located?
The property is located at 5624-5646 Woodbine Rd Pace, FL.
What is the asking price?
The asking price for this property is $5,240,000.
What are key features of this property?
This property features: Weighted average lease term (WALT) of approx. 0.2 years, with most leases set to turn within the next year; In‑place rents average approx. $15.82 PSF, with mark‑to‑market upside supported by higher comparable asking rents; Publix‑adjacent location at Stone Brook Plaza with built‑in daily traffic and necessity‑based shopping demand
