Two-Tenant Drug Store
For Sale
Contact for pricing
2923-2925 Corinthian Ave, Jacksonville, FL 32210
CN-zoned commercial property with access to Roosevelt Boulevard and I-295.
Property Size5,836 SF
Price / SF$239.89
Days on Market446
Property Features for 2923-2925 Corinthian Ave
General Information
Standard status
Active
Size
5,836 SF
Property subtype
OFFICE
Zoning
CN
Additional Details
Highway Access
Yes
Building Details
Tenancy
Multi
Listing Agency:
Colliers | Jacksonville
(904) 608-0410
Listed By:
Gary Montour
(904) 608-0410
Source:
Moodyscre
Added: Jun 13, 2025
Changed: Aug 31
Last Checked: Aug 30 at 11:38PM
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 Colliers | Jacksonville
Investment Insights
Based on property information with market context.
This 5,836-square-foot drug store property includes two occupied tenant spaces: a pharmacy and a jewelry retailer. Both leases are short term, providing an existing multi-tenant configuration within the asset.
The property is near Roosevelt Mall, a Publix-anchored shopping center comprising approximately 2,372,053 square feet. Access is available to Roosevelt Boulevard and I-295. The property carries CN zoning, and an adjacent building and parcel at 4163 Oxford Avenue are also available.
The property is near Roosevelt Mall, a Publix-anchored shopping center comprising approximately 2,372,053 square feet. Access is available to Roosevelt Boulevard and I-295. The property carries CN zoning, and an adjacent building and parcel at 4163 Oxford Avenue are also available.
Key Highlights
- 5,836‑square‑foot drug store property with two tenant spaces
- Current tenants include a pharmacy and a jeweler
- Both tenant leases are short term
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
$76,475
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
5.46%
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%
$1,529,500
$1.5M
Cap Rate 7%
$1,092,500
$1.1M
Cap Rate 9%
$849,722
$849.7K
Market Conditions
NOI Build-Up for 5,836 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
$112.1K $19.20/SF
− Vacancy
−$10.1K −$1.73/SF
EGI
$102.0K $17.47/SF
− OpEx
−$25.5K −$4.37/SF
NOI
$76.5K $13.10/SF
Area
ZIP 32210
Vacancy
9.00%
Lease Rate
$19.20 /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%
$1,529,500
Cap Rate 7%
$1,092,500
Cap Rate 9%
$849,722
Alternative Uses
Best Use
Specialty Retail
$1.09M
$955.9K – $1.27M
NOI $76,475 @ 7.0% cap · market cap 5.46%
Second Best
Retail
$942.3K
$824.5K – $1.10M
NOI $65,960 @ 7.0% cap · market cap 4.71%
Theoretical Best
Office A
$1.60M
$1.40M – $1.87M
NOI $111,911 @ 7.0% cap · market cap 7.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
168
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32210, FL
66,415
Population
29,198
Households
2.3
Avg Household Size
37
Median Age
23%
College-Educated
88%
High-School Grad
21.9 sq mi
ZIP Area
3,033
Density / Sq Mi
$58,215
Median Household Income
$36,997
Median Earnings
$1,205
Median Rent
$205,300
Median Home Value
Market
Vacancy Rate% for Retail in Jacksonville, FL
Questions? Ask Rey
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Similar Off Market Nearby
- Carter's Pharmacy — 2923 Corinthian Ave, Jacksonville, FL 32210
Frequently Asked Questions
What type of property is this?
Drug store - CN-zoned commercial property with access to Roosevelt Boulevard and I-295.
Where is this drug store located?
The property is located at 2923-2925 Corinthian Ave Jacksonville, FL.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 5,836‑square‑foot drug store property with two tenant spaces; Current tenants include a pharmacy and a jeweler; Both tenant leases are short term
