Jacksonville Walgreens Property for
For Sale
Contact for pricing
3505 University Blvd W, Jacksonville, FL 32217
Walgreens property with extended lease in Jacksonville, Florida.
Property Size13,905 SF
Price / SF$258.90
Days on Market160
Property Features for 3505 University Blvd W
General Information
Standard status
Active
Size
13,905 SF
Property subtype
Retail
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$252,000
Building Details
Year Built
1996
Tenancy
Single
Listing Agency:
Pharma Property Group
(619) 297-0055
Listed By:
Jason Pongsrikul · License #CA 01918332
Source:
Crexi
Added: Mar 4
Changed: Aug 8
Last Checked: Aug 8 at 6:29AM
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 Pharma Property Group
Investment Insights
Based on property information with market context.
The Walgreens property, located at 3505 University Blvd W, Jacksonville, FL 32217, is available for sale. The lease is structured as a double-net (NN) with minimal landlord responsibilities. In 2025, Walgreens waived its 2026 and 2031 termination options, extending the lease expiration to July 31, 2036. Beginning September 1, 2026, Walgreens’ rent adjusts to $18.12 per square foot, which is below current market retail rents of $20–22 per square foot. The property is positioned at a high-traffic, signalized corner with approximately 44,800 vehicles per day, featuring frontage along University Boulevard (28.5K VPD) and St. Augustine Road (16.3K VPD). It is located less than one mile from the I-95 (171K VPD) ingress/egress. The immediate intersection also includes a CVS directly across the street. The property is located within Jacksonville’s San Marco submarket, which maintains a 3.5% retail vacancy rate. The property size is 13905 square feet.
Key Highlights
- Walgreens lease extended to July 31, 2036.
- High‑traffic, signalized corner location seeing approximately 44,800 vehicles per day.
- Below‑market rent of $18.12 per square foot starting September 1, 2026.
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
$207,240
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
5.76%
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%
$4,144,800
$4.1M
Cap Rate 7%
$2,960,571
$3.0M
Cap Rate 9%
$2,302,667
$2.3M
Market Conditions
NOI Build-Up for 13,905 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
$300.3K $21.60/SF
− Vacancy
−$24.0K −$1.73/SF
EGI
$276.3K $19.87/SF
− OpEx
−$69.1K −$4.97/SF
NOI
$207.2K $14.90/SF
Area
Jacksonville, FL
Vacancy
8.00%
Lease Rate
$21.60 /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%
$4,144,800
Cap Rate 7%
$2,960,571
Cap Rate 9%
$2,302,667
Alternative Uses
Best Use
Specialty Retail
$2.96M
$2.59M – $3.45M
NOI $207,240 @ 7.0% cap · market cap 5.76%
Second Best
Retail
$2.25M
$1.96M – $2.62M
NOI $157,157 @ 7.0% cap · market cap 4.37%
Theoretical Best
Office A
$3.81M
$3.33M – $4.44M
NOI $266,642 @ 7.0% cap · market cap 7.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,743
Businesses Nearby
263k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 35%
Groceries 25%
Shops & Services 23%
Apparel 17%
Publix
Groceries
43,901 visits/mo
0.1 miles
Chick-fil-A
Dining
36,936 visits/mo
0.2 miles
T.J. Maxx
Apparel
28,443 visits/mo
0.2 miles
Restaurant Depot
Groceries
20,704 visits/mo
0.4 miles
Dollar Tree
Shops & Services
19,891 visits/mo
0.2 miles
Demographics for 32217, FL
20,543
Population
9,632
Households
2.1
Avg Household Size
41
Median Age
39%
College-Educated
94%
High-School Grad
5.4 sq mi
ZIP Area
3,804
Density / Sq Mi
$69,742
Median Household Income
$44,147
Median Earnings
$1,190
Median Rent
$291,300
Median Home Value
Market
Vacancy Rate% for Retail in Jacksonville, FL
Questions? Ask Rey
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Similar Off Market Nearby
- Mckinney & Mobley Enterprise LLC — 6180 mercer cir w, jacksonville, fl 32217
- Jaxx Pharmacy — 6055 St Augustine Rd, Jacksonville, FL 32217
- CVS Pharmacy — 6005 St Augustine Rd, Jacksonville, FL 32217, United States
- Minh Thu Tran — 6005 St Augustine Rd, Jacksonville, FL 322172139
- Matthew Ross — 2875 University Blvd W, Jacksonville, FL 322172116
Frequently Asked Questions
What type of property is this?
Drug store - Walgreens property with extended lease in Jacksonville, Florida.
Where is this drug store located?
The property is located at 3505 University Blvd W Jacksonville, FL.
What is the asking price?
The asking price for this property is $3,600,000.
What are key features of this property?
This property features: Walgreens lease extended to July 31, 2036.; High‑traffic, signalized corner location seeing approximately 44,800 vehicles per day.; Below‑market rent of $18.12 per square foot starting September 1, 2026.
