Wells Landing Retail Strip
For Sale
$5,095,000
550 Wells Rd, Orange Park, FL 32073
Street-facing retail center along Wells Road near the Highway 17 intersection.
Property Size25,569 SF
Price / SF$199.26
Days on Market109
Property Features for 550 Wells Rd
General Information
Standard status
Active
Size
25,569 SF
Total Parking Spaces
129
Property subtype
Retail
Occupancy
100%
Net Operating Income
$379,104
Site & Location
Traffic Count
21,000 vehicles/day
Highway Access
Yes
Road Access
Yes
Building Details
Building Size
25,569 SF
Year Built
1985
Tenancy
Multi
Parking Ratio
5.05 per 1,000 SF
Listing Agency:
(404) 832-1251
Listed By:
Bryan Belk · License #GA (Broker of Record) #329335
Source:
Franklinst
Added: May 14
Changed: Aug 30
Last Checked: Aug 30 at 6:09PM
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 Bryan Belk
Investment Insights
Based on property information with market context.
Wells Landing is a 25,569-square-foot retail strip center built in 1985. The property is 100% occupied by a mix of daily-use and service-based tenants, with 129 parking spaces serving the center. Scheduled annual rental increases are in place, and tenant option control is limited.
The center fronts Wells Road in Orange Park, Florida, near Highway 17 and with close access to I-295. Wells Road connects the Highway 17 and Blanding Boulevard corridors, while nearby traffic generators include Orange Park Mall, Home Depot, At Home, Crunch Fitness, Wawa, PetSmart, and HCA Orange Park Hospital. The property is also proximate to Jacksonville Naval Air Station and is situated within the Jacksonville MSA.
The center fronts Wells Road in Orange Park, Florida, near Highway 17 and with close access to I-295. Wells Road connects the Highway 17 and Blanding Boulevard corridors, while nearby traffic generators include Orange Park Mall, Home Depot, At Home, Crunch Fitness, Wawa, PetSmart, and HCA Orange Park Hospital. The property is also proximate to Jacksonville Naval Air Station and is situated within the Jacksonville MSA.
Key Highlights
- 25,569 SF retail strip center built in 1985
- 100% occupied with daily‑use and service‑based tenants
- 129‑space parking field; 5.05 spaces per 1,000 SF
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
$288,986
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
5.67%
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%
$5,779,720
$5.8M
Cap Rate 7%
$4,128,371
$4.1M
Cap Rate 9%
$3,210,956
$3.2M
Market Conditions
NOI Build-Up for 25,569 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
$460.2K $18.00/SF
− Vacancy
−$47.4K −$1.85/SF
EGI
$412.8K $16.15/SF
− OpEx
−$123.9K −$4.84/SF
NOI
$289.0K $11.30/SF
Area
Clay County, 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%
$5,779,720
Cap Rate 7%
$4,128,371
Cap Rate 9%
$3,210,956
Alternative Uses
Best Use
Retail
$4.13M
$3.61M – $4.82M
NOI $288,986 @ 7.0% cap · market cap 5.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.82M
$5.97M – $7.96M
NOI $477,424 @ 7.0% cap · market cap 9.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
21,000 VPD
Traffic count
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
612
Businesses Nearby
139k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 51%
Dining 37%
Hotels & Casinos 12%
Wawa
Shops & Services
52,860 visits/mo
0.2 miles
Cracker Barrel Old Country Store
Dining
29,593 visits/mo
0.4 miles
BP
Shops & Services
11,646 visits/mo
0.3 miles
Waffle House
Dining
10,499 visits/mo
0.3 miles
Krystal
Dining
9,687 visits/mo
0.2 miles
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?
Strip mall - Street-facing retail center along Wells Road near the Highway 17 intersection.
Where is this strip mall located?
The property is located at 550 Wells Rd Orange Park, FL.
What is the asking price?
The asking price for this property is $5,095,000.
What are key features of this property?
This property features: 25,569 SF retail strip center built in 1985; 100% occupied with daily‑use and service‑based tenants; 129‑space parking field; 5.05 spaces per 1,000 SF
