Bank Ground Lease
For Sale
$2,625,000
296 Blanding Blvd, Orange Park, FL 32073
Ground lease opportunity on a four-lane drive-thru bank site on a major commercial corridor in Orange Park, Florida.
Property Size7,355 SF
Price / SF$356.90
Days on Market46
Property Features for 296 Blanding Blvd
General Information
Standard status
Active
Size
7,355 SF
Property subtype
Bank
Amenities
Ground Lease With 6.8 Years Remaining
Excellent Access and Visibility Along Blanding Boulevard (65,000 VPD)
Positioned Within Orange Park's Primary Retail (Orange Park Mall) and Healthcare (HCA Florida Orange Park Hospital) Corridor
Dense and Growing Trade Area With 149,623 Residents and 112,396 Daytime Employees
Large 1.36-Acre Parcel With Four-Lane Drive-Thru
Established Bank Location Operating Since 1992
Located Within the Jacksonville MSA (Population: 1.7 Million), Northeast Florida's Largest Metropolitan Area
Truist Financial Corporation (NYSE: TFC | S&P: A-) — Top-10 U.S. Commercial Bank With $547.5 Billion in Total Assets as of Year-End 2025
Building Details
Building Size
7,355 SF
Listing Agency:
Marcus & Millichap - Dallas
(972) 755-5198
Listed By:
Luke Sullivan · License #License(s): TX: 790739
(972) 755-5198
Source:
Marcusmillichap
Added: Jul 15
Changed: Aug 17
Last Checked: Aug 29 at 5:47AM
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 Marcus & Millichap - Dallas
Investment Insights
Based on property information with market context.
Offered for sale is a Truist Bank ground lease on a 1.36-acre site in Orange Park, Florida. The property includes a four-lane drive-thru and has operated continuously as a bank branch since 1992, first under BB&T and later Truist following the 2019 merger with SunTrust.
The site fronts Blanding Boulevard with reported traffic of 65,000 vehicles per day, along one of Clay County’s highest-traffic commercial corridors. The surrounding trade area includes 149,623 residents and 112,396 daytime employees within five miles, with average household incomes exceeding $100,000.
The offering is presented as a ground lease, with the property already in active, long-term bank use.
The site fronts Blanding Boulevard with reported traffic of 65,000 vehicles per day, along one of Clay County’s highest-traffic commercial corridors. The surrounding trade area includes 149,623 residents and 112,396 daytime employees within five miles, with average household incomes exceeding $100,000.
The offering is presented as a ground lease, with the property already in active, long-term bank use.
Key Highlights
- 1.36‑acre Truist Bank ground lease site in Orange Park, FL.
- Four‑lane drive‑thru bank location with continuous operation as a branch since 1992.
- Uninterrupted occupancy at this location since 1992 (BB&T, then Truist after 2019 merger with SunTrust).
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
$89,065
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
3.39%
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%
$1,781,300
$1.8M
Cap Rate 7%
$1,272,357
$1.3M
Cap Rate 9%
$989,611
$989.6K
Market Conditions
NOI Build-Up for 7,355 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
$132.4K $18.00/SF
− Vacancy
−$13.6K −$1.85/SF
EGI
$118.8K $16.15/SF
− OpEx
−$29.7K −$4.04/SF
NOI
$89.1K $12.11/SF
Area
Clay County, FL
Vacancy
10.30%
Lease Rate
$18.00 /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%
$1,781,300
Cap Rate 7%
$1,272,357
Cap Rate 9%
$989,611
Alternative Uses
Best Use
Specialty Retail
$1.27M
$1.11M – $1.48M
NOI $89,065 @ 7.0% cap · market cap 3.39%
Second Best
Retail
$1.19M
$1.04M – $1.39M
NOI $83,128 @ 7.0% cap · market cap 3.17%
Theoretical Best
Office A
$1.96M
$1.72M – $2.29M
NOI $137,333 @ 7.0% cap · market cap 5.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,153
Businesses Nearby
Explore this area
Business Placement
Demographics for 32073, FL
43,527
Population
17,301
Households
2.5
Avg Household Size
41
Median Age
27%
College-Educated
92%
High-School Grad
16.8 sq mi
ZIP Area
2,591
Density / Sq Mi
$76,139
Median Household Income
$40,947
Median Earnings
$1,392
Median Rent
$258,100
Median Home Value
Market
Vacancy Rate% for Retail 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?
Bank - Ground lease opportunity on a four-lane drive-thru bank site on a major commercial corridor in Orange Park, Florida.
Where is this bank located?
The property is located at 296 Blanding Blvd Orange Park, FL.
What is the asking price?
The asking price for this property is $2,625,000.
What are key features of this property?
This property features: 1.36‑acre Truist Bank ground lease site in Orange Park, FL.; Four‑lane drive‑thru bank location with continuous operation as a branch since 1992.; Uninterrupted occupancy at this location since 1992 (BB&T, then Truist after 2019 merger with SunTrust).
