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    5320 Norwood Ave Jacksonville, FL 32208

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    For Lease
    Contact for pricing

    Jacksonville, FL Shopping Center - 110,894 SF Available

    Lot size:
    110,894 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    415
    Gateway Town Center, a Duval County, Florida retail property located at 5320 Norwood Avenue, Jacksonville, FL 32208, offers an exceptional opportunity for businesses seeking high-visibility space. This 110,894 square foot shopping center, situated on a 576,045 square foot lot, is strategically positioned just east of I-95 with convenient access from two highway exits. The property features a diverse mix of existing national and regional tenants, including Winn Dixie, Family Dollar, Rose's Discount Store, Rainbow Clothing, Hibbett Sports, Five Below, Burlington, Dollar Tree (coming soon), Truist, Footlocker, USPS, and Humana. Currently, the entire 110,894 square feet is vacant and available for lease. Spaces are divisible, with a minimum of 971 square feet and a maximum contiguous space of 16,146 square feet. The center is undergoing redevelopment, presenting opportunities for both anchor and in-line tenants, as well as free-standing outparcel spaces. The property also benefits from its proximity to the Jacksonville Transportation Authority's Public Terminal at the intersection of West 44th Street & Norwood Avenue. This grocery-anchored center provides excellent visibility and accessibility, making it an ideal location for a variety of retail businesses. The property is classified as a shopping center with outparcel and drive-thru capabilities.

    Property Features for 5320 Norwood Ave

    General Information

    Property type
    Lifestyle centers
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    110,894 SF

    Unit(s) available at that property

    Space
    36B
    Size
    2,991 SF
    Space
    17
    Size
    2,484 SF
    Space
    10
    Size
    5,000 SF
    Space
    Space: 5258-6
    Size
    5,500 SF
    Space
    18
    Size
    4,903 SF
    Space
    25
    Size
    2,112 SF
    Space
    16
    Size
    4,493 SF
    Space
    Space: 27
    Size
    971 SF
    Space
    Space: 38
    Size
    3,161 SF
    Space
    Space: 2A
    Size
    3,012 SF
    Space
    3
    Size
    8,920 SF
    Space
    Space: 6
    Size
    3,877 SF
    Space
    Space: 50
    Size
    9,378 SF
    Space
    Space: 26
    Size
    2,395 SF
    Space
    Space: 23
    Size
    3,750 SF

    We can help!

    Listing Contact
    James Goldsmith
    James Goldsmith

    Learn more

    Property Insight Report

    HighLights

    • High‑visibility location directly off I‑95.
    • 576,862 square feet of gross leasable area (GLA).
    • Outparcel opportunity available.
    • 36,000 average annual daily traffic (AADT) at the intersection.
    • 576,862 square feet of GLA.
    Property Profile Location Intelligence

    Current Use by Public Records

    McDonald's Coffee Shop

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Dental Office Spa & Massage Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Jacksonville
    County
    Duval
    State
    Florida
    Longitude
    -81.6643969
    Latitude
    30.3713259

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    FAQs

    What type of property is this?
    Lifestyle center - Jacksonville, FL Shopping Center - 110,894 SF Available
    Where is this lifestyle center located?
    The property is located at 5320 Norwood Ave Jacksonville, FL.
    What are key features of this property?
    This property features: High-visibility location directly off I-95.; 576,862 square feet of gross leasable area (GLA).; Outparcel opportunity available.
    Request Owner's contact information
    5320 Norwood Ave Jacksonville, FL 32208
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    Jacksonville, FL 32208
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    5320 Norwood Ave Jacksonville, FL 32208
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    We can help!
    Listing Contact
    James Goldsmith
    James Goldsmith
    Learn more
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