Walgreens NNN Retail
For Sale
Contact for pricing
609 KINGSLEY AVE, Orange Park, FL 32073
Freestanding pharmacy facility with a long-term absolute NNN lease and 57 parking spaces.
Property Size14,378 SF
Lot Size1.11 Acres
Price / SF$335.93
Days on Market10
Property Features for 609 KINGSLEY AVE
General Information
Standard status
Active
Size
14,378 SF
Total Parking Spaces
57
Lot size
1.11 Acres
Property subtype
Retail
Additional Details
Corner Location
Yes
Building Details
Buildings
1
Tenancy
Single
Listing Agency:
SURMOUNT
Listed By:
Gabriel Britti · License #FL SL3211804
(786) 522-7017
Source:
Crexi
Added: Aug 26
Changed: Sep 4
Last Checked: Sep 4 at 3:06PM
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 SURMOUNT
Investment Insights
Based on property information with market context.
This freestanding 14,378-square-foot Walgreens occupies an approximately 1.11-acre outparcel in Orange Park, Florida. The single-tenant property includes 57 parking spaces and is subject to an absolute NNN lease restated effective August 28, 2024. The 15-year term includes twelve five-year renewal options, creating potential occupancy through 2099. Scheduled base-rent increases occur at the beginning of Lease Years 6, 11, and 16, followed by increases every five years thereafter.
The property is positioned at the intersection of Kingsley Avenue (SR-224) and Plainfield Avenue. Kingsley Avenue connects Blanding Boulevard (SR-21) with US-17 through Orange Park and serves a retail corridor near Orange Park High School, HCA Florida Orange Park Hospital, and a mix of national and regional retailers. Under the lease, the tenant is responsible for maintenance, repairs, taxes, insurance, and utilities, leaving the landlord with minimal ongoing obligations.
The property is positioned at the intersection of Kingsley Avenue (SR-224) and Plainfield Avenue. Kingsley Avenue connects Blanding Boulevard (SR-21) with US-17 through Orange Park and serves a retail corridor near Orange Park High School, HCA Florida Orange Park Hospital, and a mix of national and regional retailers. Under the lease, the tenant is responsible for maintenance, repairs, taxes, insurance, and utilities, leaving the landlord with minimal ongoing obligations.
Key Highlights
- 14,378‑square‑foot freestanding Walgreens building
- Approximately 1.11‑acre outparcel with 57 parking spaces
- Absolute NNN lease restated effective August 28, 2024
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
$174,110
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
3.60%
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%
$3,482,200
$3.5M
Cap Rate 7%
$2,487,286
$2.5M
Cap Rate 9%
$1,934,556
$1.9M
Market Conditions
NOI Build-Up for 14,378 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
$258.8K $18.00/SF
− Vacancy
−$26.7K −$1.85/SF
EGI
$232.1K $16.15/SF
− OpEx
−$58.0K −$4.04/SF
NOI
$174.1K $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%
$3,482,200
Cap Rate 7%
$2,487,286
Cap Rate 9%
$1,934,556
Alternative Uses
Best Use
Specialty Retail
$2.49M
$2.18M – $2.90M
NOI $174,110 @ 7.0% cap · market cap 3.60%
Second Best
Retail
$2.32M
$2.03M – $2.71M
NOI $162,503 @ 7.0% cap · market cap 3.36%
Theoretical Best
Office A
$3.84M
$3.36M – $4.47M
NOI $268,466 @ 7.0% cap · market cap 5.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,122
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
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Frequently Asked Questions
What type of property is this?
NNN property - Freestanding pharmacy facility with a long-term absolute NNN lease and 57 parking spaces.
Where is this nnn property located?
The property is located at 609 KINGSLEY AVE Orange Park, FL.
What is the asking price?
The asking price for this property is $4,830,000.
What are key features of this property?
This property features: 14,378‑square‑foot freestanding Walgreens building; Approximately 1.11‑acre outparcel with 57 parking spaces; Absolute NNN lease restated effective August 28, 2024
