Jacksonville Walgreens Property for
3505 University Blvd W, Jacksonville, FL 32217
Walgreens property with extended lease in Jacksonville, Florida.
Type:Retail
Property size:
13,905 SFPrice / SF:
$258/SF- Added:
- Mar 4, 2026
- Days on Market:
- 115
- Last Refresh:
- Mar 16 at 2:29 pm
Property Features for 3505 University Blvd W
General Information
- Standard status
- Active
- Size
- 13,905 SF
- Property subtype
- Retail
Building Details
- Year Built
- 1996
Listing office Pharma Property Group
Listing date Mar 4, 2026
Source Crexi
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
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.
- Located less than one mile from I‑95 ingress/egress (171K VPD).
- Located in Jacksonville’s San Marco submarket with a low retail vacancy rate of 3.5%.
- Property built in 1996.
Overview
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.
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $300.3k | $21.60 |
| − Vacancy | −$24.0k | −$1.73 |
| EGI | $276.3k | $19.87 |
| − OpEx | −$69.1k | −$4.97 |
| NOI | $207.2k | $14.90 |
13,905 SF · lease $21.60/SF/yr · vacancy 8.00% · expense 25.00%
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 local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Coinhub Bitcoin ATM ...
Atm
Western Union
Bank
Cardtronics ATM
Atm
COVID-19 Drive-Thru Testing ...
Medical Laboratory
Angelethia Calhoun
Pharmacy
Similar Places 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
Location Insight
- Map
- Local Demand
- City
- Jacksonville
- County
- Duval
- State
- Florida
- Longitude
- -81.626624
- Latitude
- 30.2616583
Nearby Similar for Sale
FAQs
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.
