Renovated Neighborhood Shopping
New
For Sale
$8,250,000
4317 University Blvd S, Jacksonville, FL 32216
Three buildings received new roofs as part of the 2024 property renovation.
Property Size43,530 SF
Lot Size3.69 Acres
Price / SF$189.52
Days on Market2
Property Features for 4317 University Blvd S
General Information
Standard status
Active
Size
43,530 SF
Lot size
3.69 Acres
Property subtype
Shopping Neighborhood
Occupancy
75%
Site & Location
Frontage
420 ft
Anchor Co-Tenants
Firehouse Subs
Traffic Count
44,000 vehicles/day
Highway Access
Yes
Road Access
Yes
Additional Details
Cap Rate
7.03%
Amenities
30%+ Upside in Leasing
New Roofs 3 Buildings 2024
Priced Below Replacement Cos
Strong Historic Occupancy
Priced Below Replacement Cost
Double Digit Cap Rate with Leasing
Building Details
Building Size
43,530 SF
Year Built
1972
Year Renovated
2024
Buildings
3
Tenancy
Multi
Parking Ratio
5 per 1,000 SF
Listed By:
Chad Atwood · License #License(s): FL: BK3121390
(904) 672-1404
Source:
Marcusmillichap
Added: Sep 26
Last Checked: Sep 26 at 2:37PM
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 Chad Atwood
Investment Insights
Based on property information with market context.
This Jacksonville neighborhood shopping center contains 43,530 square feet across three buildings on 3.69 acres. A renovation completed in 2024 included new roofs on all three structures. The center was built in 1972 and is 75% occupied. Firehouse Subs, a tenant for more than 30 years, is among the established businesses at the property.
The center fronts University Boulevard for approximately 420 feet and has two entry points, including access at the signalized Terry Road intersection. University Boulevard carries more than 44,000 vehicles per day. Interstate 95 is less than one mile away, and the property is within minutes of Downtown Jacksonville, Florida Memorial Hospital, Interstate 10, and the Atlantic beaches. Parking is provided at a ratio of 5.0 spaces per 1,000 square feet.
The center fronts University Boulevard for approximately 420 feet and has two entry points, including access at the signalized Terry Road intersection. University Boulevard carries more than 44,000 vehicles per day. Interstate 95 is less than one mile away, and the property is within minutes of Downtown Jacksonville, Florida Memorial Hospital, Interstate 10, and the Atlantic beaches. Parking is provided at a ratio of 5.0 spaces per 1,000 square feet.
Key Highlights
- 43,530‑square‑foot center on 3.69 acres
- 75% occupied
- Approximately 420 feet of frontage on University Boulevard, with exposure to more than 44,000 vehicles per day
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
$491,985
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
5.96%
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%
$9,839,700
$9.8M
Cap Rate 7%
$7,028,357
$7.0M
Cap Rate 9%
$5,466,500
$5.5M
Market Conditions
NOI Build-Up for 43,530 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
$783.5K $18.00/SF
− Vacancy
−$80.7K −$1.85/SF
EGI
$702.8K $16.15/SF
− OpEx
−$210.9K −$4.84/SF
NOI
$492.0K $11.30/SF
Area
Jacksonville, FL
Vacancy
10.30%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$9,839,700
Cap Rate 7%
$7,028,357
Cap Rate 9%
$5,466,500
Alternative Uses
Best Use
Retail
$7.03M
$6.15M – $8.20M
NOI $491,985 @ 7.0% cap · market cap 5.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.92M
$10.43M – $13.91M
NOI $834,731 @ 7.0% cap · market cap 10.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
44,000 VPD
Traffic count
75%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,038
Businesses Nearby
83k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 31%
Dining 30%
Shops & Services 26%
Apparel 8%
Harveys Supermarket
Groceries
17,591 visits/mo
0.3 miles
Zaxby's Chicken Fingers & Buffalo Wings
Dining
12,260 visits/mo
0.2 miles
Save-A-Lot
Groceries
8,603 visits/mo
0.2 miles
Popeyes Louisiana Kitchen
Dining
6,551 visits/mo
0.3 miles
Checkers
Dining
6,076 visits/mo
0.3 miles
Demographics for 32216, FL
42,847
Population
19,796
Households
2.2
Avg Household Size
37
Median Age
32%
College-Educated
92%
High-School Grad
12.7 sq mi
ZIP Area
3,374
Density / Sq Mi
$63,253
Median Household Income
$44,078
Median Earnings
$1,311
Median Rent
$244,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Jacksonville, FL
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Frequently Asked Questions
What type of property is this?
Shopping center - Three buildings received new roofs as part of the 2024 property renovation.
Where is this shopping center located?
The property is located at 4317 University Blvd S Jacksonville, FL.
What is the asking price?
The asking price for this property is $8,250,000.
What are key features of this property?
This property features: 43,530‑square‑foot center on 3.69 acres; 75% occupied; Approximately 420 feet of frontage on University Boulevard, with exposure to more than 44,000 vehicles per day
