Fleming Island Retail/Office
For Sale
Contact for pricing
1915 E West Pkwy, Orange Park, FL 32003
7,440 SF retail/office property in high-growth Fleming Island, Florida.
Property Size7,440 SF
Price / SF$249.06
Days on Market164
Property Features for 1915 E West Pkwy
General Information
Standard status
Active
Size
7,440 SF
Total Parking Spaces
35
Property subtype
Retail, Office
Zoning
PUD - Planned Development (Commercial Use) - City of Jacksonville
Occupancy
46%
Lease Type
NNN
Investment Type
Value Add
Net Operating Income
$30,270
Building Details
Year Built
2007
Buildings
1
Stories
1
Units
2
Tenancy
Multi
Listing Agency:
Ripco Real Estate
Listed By:
Ari Ravi · License #SL- 3210827
(727) 452-6864
Source:
Crexi
Added: Mar 26
Changed: Sep 2
Last Checked: Sep 4 at 3:28AM
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 Ripco Real Estate
Investment Insights
Based on property information with market context.
This 7,440 SF retail/office property is located at 1915 E. West Parkway in Fleming Island, Clay County, Florida. The property features two units: a 3,468 SF space leased to Grassroots Natural Market II and a 3,972 SF vacant space formerly occupied by a chiropractic firm. The zoning allows for a broad range of uses, including restaurant, nightclub, daycare, and medical office. Situated within a planned development at the intersection of County Road 220 and Hwy. 17, the location benefits from a combined annual average daily traffic count of 85,500. The property is adjacent to national tenants such as Walmart, Target, Home Depot, and Publix. Within a three-mile radius, there are 34,154 residents with an average household income of $144,664. This asset presents an investment opportunity for investors and owner/users seeking a two-tenant retail/office center in a high-growth infill location within a wealthy submarket of the Jacksonville MSA.
Key Highlights
- High traffic location with 85,500 ADDT at the intersection of County Road 220 and Hwy 17.
- Located in a high‑growth infill location within a wealthy Jacksonville MSA submarket.
- Strong demographics: 34,154 residents within a 3‑mile radius with an average household income of $144,664.
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
$104,190
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
5.62%
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%
$2,083,800
$2.1M
Cap Rate 7%
$1,488,429
$1.5M
Cap Rate 9%
$1,157,667
$1.2M
Market Conditions
NOI Build-Up for 7,440 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
$178.6K $24.00/SF
− Vacancy
−$39.6K −$5.33/SF
EGI
$138.9K $18.67/SF
− OpEx
−$34.7K −$4.67/SF
NOI
$104.2K $14.00/SF
Area
Clay County, FL
Vacancy
22.20%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
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%
$2,083,800
Cap Rate 7%
$1,488,429
Cap Rate 9%
$1,157,667
Alternative Uses
Best Use
Office B
$1.49M
$1.30M – $1.74M
NOI $104,190 @ 7.0% cap · market cap 5.62%
Second Best
Retail
$1.20M
$1.05M – $1.40M
NOI $84,088 @ 7.0% cap · market cap 4.54%
Theoretical Best
Office A
$1.98M
$1.74M – $2.32M
NOI $138,920 @ 7.0% cap · market cap 7.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
570
Businesses Nearby
Explore this area
Business Placement
Demographics for 32003, FL
29,142
Population
11,842
Households
2.5
Avg Household Size
44
Median Age
48%
College-Educated
98%
High-School Grad
15.8 sq mi
ZIP Area
1,844
Density / Sq Mi
$119,046
Median Household Income
$59,895
Median Earnings
$1,918
Median Rent
$387,400
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail property - 7,440 SF retail/office property in high-growth Fleming Island, Florida.
Where is this retail property located?
The property is located at 1915 E West Pkwy Orange Park, FL.
What is the asking price?
The asking price for this property is $1,853,000.
What are key features of this property?
This property features: High traffic location with 85,500 ADDT at the intersection of County Road 220 and Hwy 17.; Located in a high‑growth infill location within a wealthy Jacksonville MSA submarket.; Strong demographics: 34,154 residents within a 3‑mile radius with an average household income of $144,664.
