Newly Renovated Retail Space with
For Sale
Contact for pricing
9633 Old Saint Augustine Road, Jacksonville, FL 32257
Newly renovated retail property in an enterprise zone, partially owner occupied, with an existing wellness spa tenant.
Property Size6,555 SF
Lot Size0.65 Acres
Price / SF$228.83
Days on Market99
Property Features for 9633 Old Saint Augustine Road
General Information
Standard status
Active
Size
6,555 SF
Class
A
Lot size
0.65 Acres
Property subtype
Retail
Occupancy
100%
Net Operating Income
$97,500
Building Details
Year Built
1986
Year Renovated
2023
Tenancy
Multi
Listing Agency:
Rore Investment Group
Listed By:
Charles Pessin · License #SL 3537442
Source:
Crexi
Added: May 31
Changed: Sep 4
Last Checked: Sep 1 at 8:29AM
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 Rore Investment Group
Investment Insights
Based on property information with market context.
This newly renovated 6,555 square foot retail space was built in 1986 and is partially owner occupied. The property includes two tenants: Tranquil Wellness Spa and the owner, Rore Investing. As part of the sale, the owner is willing to remain as a tenant for $3,500 per month or vacate by closing, whichever is more convenient for the buyer. The spa is currently paying a reduced rate under an agreement with the owner, with rent potentially adjustable or a new lease negotiable upon transfer of ownership.
The property is located at 9633 Old Saint Augustine Road and sits on a 28,225 square foot lot. It is in an enterprise zone, which can be relevant for qualifying businesses and operating considerations.
For buyers and operators looking for a retail asset with an active wellness use in place, this combination of newly renovated condition and an existing tenant relationship may simplify near-term operations. Prospective tenants or buyers can evaluate whether to accommodate the spa tenant under revised terms or plan for owner occupancy changes given the described pre-closing arrangement.
The property is located at 9633 Old Saint Augustine Road and sits on a 28,225 square foot lot. It is in an enterprise zone, which can be relevant for qualifying businesses and operating considerations.
For buyers and operators looking for a retail asset with an active wellness use in place, this combination of newly renovated condition and an existing tenant relationship may simplify near-term operations. Prospective tenants or buyers can evaluate whether to accommodate the spa tenant under revised terms or plan for owner occupancy changes given the described pre-closing arrangement.
Key Highlights
- 6,555 sq ft retail space built in 1986 on 28,225 sq ft lot at 9633 Old St Augustine Rd
- Partially owner occupied with two tenants: Tranquil Wellness Spa and the owner (Rore Investing)
- Owner will stay as a tenant for $3,500/month or vacate by closing, whichever is more convenient
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
$74,086
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
4.94%
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%
$1,481,720
$1.5M
Cap Rate 7%
$1,058,371
$1.1M
Cap Rate 9%
$823,178
$823.2K
Market Conditions
NOI Build-Up for 6,555 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
$118.0K $18.00/SF
− Vacancy
−$12.2K −$1.85/SF
EGI
$105.8K $16.15/SF
− OpEx
−$31.8K −$4.84/SF
NOI
$74.1K $11.30/SF
Area
Jacksonville, FL
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%
$1,481,720
Cap Rate 7%
$1,058,371
Cap Rate 9%
$823,178
Alternative Uses
Best Use
Retail
$1.06M
$926.1K – $1.23M
NOI $74,086 @ 7.0% cap · market cap 4.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.80M
$1.57M – $2.09M
NOI $125,699 @ 7.0% cap · market cap 8.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,478
Businesses Nearby
190k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 46%
Shops & Services 30%
Superstores 10%
Groceries 7%
Shell
Shops & Services
22,416 visits/mo
0.2 miles
Big Lots
Superstores
18,162 visits/mo
0.1 miles
Outback Steakhouse
Dining
16,877 visits/mo
0.2 miles
Starbucks
Dining
14,033 visits/mo
0.0 miles
ABC Fine Wine & Spirits
Groceries
12,430 visits/mo
0.3 miles
Demographics for 32257, FL
41,439
Population
18,465
Households
2.2
Avg Household Size
40
Median Age
36%
College-Educated
93%
High-School Grad
12.3 sq mi
ZIP Area
3,369
Density / Sq Mi
$75,180
Median Household Income
$45,772
Median Earnings
$1,441
Median Rent
$305,000
Median Home Value
Market
Vacancy Rate% for Retail in Jacksonville, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Newly renovated retail property in an enterprise zone, partially owner occupied, with an existing wellness spa tenant.
Where is this retail space located?
The property is located at 9633 Old Saint Augustine Road Jacksonville, FL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 6,555 sq ft retail space built in 1986 on 28,225 sq ft lot at 9633 Old St Augustine Rd; Partially owner occupied with two tenants: Tranquil Wellness Spa and the owner (Rore Investing); Owner will stay as a tenant for $3,500/month or vacate by closing, whichever is more convenient
