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    2198 A1A St. Augustine Beach, FL 32080

    Sponsored
    For Sale
    $4,650,000

    Florida Retail Property, 5.22% Cap Rate

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional investment opportunity presents a single-tenant, absolute triple-net (NNN) leased retail property located at 2198 A1A S, St. Augustine Beach, Florida 32080. The property, encompassing 5,676 square feet on a 1.75-acre lot, is situated at a signalized four-way intersection, offering high visibility and accessibility. The current tenant, Ayr Wellness, a vertically integrated multi-state cannabis operator, occupies the entire building under a 10-year lease (commencing May 15, 2020, expiring May 14, 2030), with 5.5 years remaining. The lease includes a crucial 3% annual rent increase, ensuring consistent income growth. The property boasts a strong net operating income (NOI) of $242,758, resulting in a compelling 5.22% capitalization rate. The asking price is $4,650,000. The lease is corporately guaranteed, minimizing risk for the investor. This is the only permitted dispensary in St. Augustine Beach, providing a unique market advantage and potential for future development on the sizable lot. The property features a drive-thru for added convenience. The building is a single-story structure within a commercially zoned area. A 1-5 year lease extension option is available.

    Property Features for 2198 A1A

    General Information

    Property type
    Individual retail properties
    Lot Size
    76,230 SF

    Building Details

    Buildings
    1
    Stories
    1

    HighLights

    • 10‑Year Absolute NNN Lease with Ayr Wellness.
    • 3% Annual Rent Increases built into the lease.
    • Sole permitted dispensary in St. Augustine Beach.
    • High‑visibility location at a signalized four‑way intersection.
    • 1.75‑acre lot offering significant future development potential.
    • Corporately guaranteed lease.
    Property Profile Location Intelligence

    Current Use by Public Records

    AYR Cannabis Dispensary ... Cannabis Store SouthState Bank - Mortgage ... Mortgage Lender

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    St. Augustine Beach
    County
    St Johns
    State
    Florida
    Longitude
    -81.2797607
    Latitude
    29.8558014

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    FAQs

    What type of property is this?
    Individual retail property - Florida Retail Property, 5.22% Cap Rate
    Where is this individual retail property located?
    The property is located at 2198 A1A St. Augustine Beach, FL.
    What is the asking price?
    The asking price for this property is $4,650,000.
    What are key features of this property?
    This property features: 10-Year Absolute NNN Lease with Ayr Wellness.; 3% Annual Rent Increases built into the lease.; Sole permitted dispensary in St. Augustine Beach.
    Request Owner's contact information
    2198 A1A St. Augustine Beach, FL 32080
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    Realmo Value Estimation

    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.

    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.

    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
    2198 A1A St. Augustine Beach, FL 32080
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