Fully Leased Shopping
For Sale
Contact for pricing
Pending
9365 Philips Hwy, Jacksonville, FL 32256
Neighborhood retail center with national tenants, established occupancy, and connections to I-95 and Butler Boulevard.
Property Size98,791 SF
Lot Size17.89 Acres
Days on Market149
Property Features for 9365 Philips Hwy
General Information
Standard status
Pending
Size
98,791 SF
Lot size
17.89 Acres
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Net Operating Income
$1,081,641
Site & Location
Frontage
720 ft
Anchor Co-Tenants
The Tile Shop, Edwin Watts Golf
Traffic Count
53,400 vehicles/day
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
2004
Units
11
Tenancy
Multi
Listing Agency:
Glixus Trust
(407) 841-8000
Listed By:
Sean Glickman,CCIM · License #SL3159726
Source:
Crexi
Added: Apr 6
Changed: Aug 30
Last Checked: Aug 30 at 11:10PM
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 Glixus Trust
Investment Insights
Based on property information with market context.
Avenues North Center is a 98,791-square-foot shopping center completed in 2004 on 17.89 acres. The property is 100% leased and includes national tenants such as The Tile Shop and Edwin Watts Golf, with national tenancy representing 59% of the occupancy. Four leases expire within 24 months and have no renewal options, creating a defined period for lease restructuring as tenant terms change.
The center is positioned along Philips Highway in Jacksonville, Florida, at 9365 Philips Hwy. It offers approximately 720 feet of frontage and records 53,400 VPD along the corridor. Access to I-95 and Butler Boulevard supports regional connectivity, while the property’s setting within a dense residential corridor serves surrounding daily-needs retail demand.
The center is positioned along Philips Highway in Jacksonville, Florida, at 9365 Philips Hwy. It offers approximately 720 feet of frontage and records 53,400 VPD along the corridor. Access to I-95 and Butler Boulevard supports regional connectivity, while the property’s setting within a dense residential corridor serves surrounding daily-needs retail demand.
Key Highlights
- 98,791 SF shopping center on a 17.89‑acre site
- 100% leased with 59% national tenancy
- Approximately 720 ft of Philips Highway frontage
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
$1,116,556
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
7.74%
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%
$22,331,120
$22.3M
Cap Rate 7%
$15,950,800
$16.0M
Cap Rate 9%
$12,406,178
$12.4M
Market Conditions
NOI Build-Up for 98,791 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
$1.78M $18.00/SF
− Vacancy
−$183.2K −$1.85/SF
EGI
$1.60M $16.15/SF
− OpEx
−$478.5K −$4.84/SF
NOI
$1.12M $11.30/SF
Area
ZIP 32256
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%
$22,331,120
Cap Rate 7%
$15,950,800
Cap Rate 9%
$12,406,178
Alternative Uses
Best Use
Retail
$15.95M
$13.96M – $18.61M
NOI $1,116,556 @ 7.0% cap · market cap 7.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$26.35M
$23.06M – $30.74M
NOI $1,844,626 @ 7.0% cap · market cap 12.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
53,400 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
528
Businesses Nearby
49k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Leisure 36%
Shops & Services 34%
Dining 25%
Apparel 5%
Regal Avenues
Leisure
17,460 visits/mo
0.4 miles
BP
Shops & Services
13,182 visits/mo
0.1 miles
Steak 'n Shake
Dining
9,150 visits/mo
0.2 miles
SUBWAY
Dining
2,865 visits/mo
0.2 miles
Edwin Watts Golf
Apparel
2,380 visits/mo
0.0 miles
Demographics for 32256, FL
53,611
Population
27,735
Households
1.9
Avg Household Size
37
Median Age
53%
College-Educated
97%
High-School Grad
61.4 sq mi
ZIP Area
873
Density / Sq Mi
$73,203
Median Household Income
$47,360
Median Earnings
$1,586
Median Rent
$360,200
Median Home Value
Market
Vacancy Rate% for Retail in Jacksonville, FL
Questions? Ask Rey
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Similar Off Market Nearby
- RetailFlorida — 9930-9990 Southside Blvd, Jacksonville, FL 32256
Frequently Asked Questions
What type of property is this?
Shopping center - Neighborhood retail center with national tenants, established occupancy, and connections to I-95 and Butler Boulevard.
Where is this shopping center located?
The property is located at 9365 Philips Hwy Jacksonville, FL.
What is the asking price?
The asking price for this property is $14,425,000.
What are key features of this property?
This property features: 98,791 SF shopping center on a 17.89‑acre site; 100% leased with 59% national tenancy; Approximately 720 ft of Philips Highway frontage
