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    9978 Atlantic Blvd Jacksonville, FL 32225

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    High-NOI, Multi-Tenant Net Lease

    Property size:
    46,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    409
    This exceptional 46,000 square foot retail shopping center in Jacksonville, Florida, presents a compelling investment opportunity. Boasting a 100% occupancy rate with two corporate-guaranteed tenants, Northern Tool and JaxCo Furniture, this property offers a stable and predictable income stream. The Net Operating Income (NOI) currently stands at $497,981, with a pro-forma NOI matching this figure. The lease structure is a triple-net (NNN) lease, with JaxCo Furniture's rent subject to a 4% annual increase. The remaining lease term is approximately 4.6 years, expiring June 30, 2029. Built in 2008 and 1985, the property sits on a 5.67-acre lot and is zoned CCG-2. Its strategic location on Atlantic Boulevard, a major east-west thoroughfare, benefits from high traffic volume (70,000+ cars daily) and excellent visibility due to ample parking (186 spaces) and prominent pylon signage. The surrounding area is a thriving retail hub, anchored by numerous national retailers and automobile dealerships, further enhancing the property's value. Demographic data reveals a strong consumer base within a 3-mile and 5-mile radius, with average household incomes exceeding $53,568 and $62,348 respectively. The property's signalized intersection at Atlantic Boulevard and Anniston Road provides optimal ingress and egress. This is a rare opportunity to acquire a well-positioned, high-performing retail asset in a dynamic Jacksonville market.

    Property Features for 9978 Atlantic Blvd

    General Information

    Property type
    Lifestyle centers
    Square Feet
    46,000 SF
    Lot Size
    246,985 SF

    Building Details

    Year Built
    2008

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    Listing Contact
    Barry Goldstein

    Learn more

    HighLights

    • 46,000 SF retail center with 100% occupancy, two corporate‑guaranteed tenants (Northern Tool & JaxCo Furniture).
    • $497,981 NOI; pro‑forma NOI matches current NOI. Triple‑net (NNN) lease; JaxCo Furniture rent increases 4% annually.
    • Remaining lease term: ~4.6 years (expires 6/30/2029). Built 2008 & 1985; 5.67‑acre lot, CCG‑2 zoning.
    • High‑traffic location (70,000+ cars daily) on Atlantic Blvd; 186 parking spaces; prominent pylon signage.
    • Strong demographics: 76,870 people within a 3‑mile radius, average household income $53,568; 206,345 people within a 5‑mile radius, average household income $62,348.
    Property Profile Location Intelligence

    Current Use by Public Records

    JaxCo Furniture & Mattress ... Bedroom Furniture Store

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Food Market Grocery Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Jacksonville
    County
    Duval
    State
    Florida
    Longitude
    -81.540936455959
    Latitude
    30.321474470765

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    FAQs

    What type of property is this?
    Lifestyle center - High-NOI, Multi-Tenant Net Lease
    Where is this lifestyle center located?
    The property is located at 9978 Atlantic Blvd Jacksonville, FL.
    What are key features of this property?
    This property features: 46,000 SF retail center with 100% occupancy, two corporate-guaranteed tenants (Northern Tool & JaxCo Furniture).; $497,981 NOI; pro-forma NOI matches current NOI. Triple-net (NNN) lease; JaxCo Furniture rent increases 4% annually.; Remaining lease term: ~4.6 years (expires 6/30/2029). Built 2008 & 1985; 5.67-acre lot, CCG-2 zoning.
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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
    9978 Atlantic Blvd Jacksonville, FL 32225
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    We can help!
    Listing Contact
    Barry Goldstein
    Real Estate License ID: FL BK129656
    Learn more
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