Dry Cleaning Drop Station
For Sale
$140,000
965 FL-16, St Augustine, FL 32084
Commercial Sale, St. Augustine, FL
Property Size1,050 SF
Price / SF$133.33
Days on Market225
Property Features for 965 FL-16
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Parking Lot
Directions
From I-95, take Exit 318 for FL-16 toward St. Augustine. Travel east on FL-16. Continue approximately 4 miles. Property is located on the right in the Publix shopping center at 965 FL-16. Suite #103.
Subdivision
336-Ravenswood/West Augustine
Standard status
Active
APN
0886600040
Size
1,050 SF
Listing Agency:
EAGLES WORLD REALTY, INC
(904) 337-1392
Listed By:
WISSAM ARO · License #3277217
(904) 444-5604
Added: Jan 19
Changed: Aug 19
Last Checked: Sep 1 at 10:06PM
MLS# 2125874
Copyright © 2026 realMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
The property includes a dry cleaning drop station business operating from a 1050-square-foot storefront. The operation has remained at the same location for over 9 years, providing an established history at the property.
Located at 965 FL-16 in St. Augustine, the storefront is part of a shopping center anchored by Publix. A parking lot serves the commercial setting, and the sale includes the operating business.
Located at 965 FL-16 in St. Augustine, the storefront is part of a shopping center anchored by Publix. A parking lot serves the commercial setting, and the sale includes the operating business.
Key Highlights
- 1050 square feet of storefront space
- Dry cleaning drop station business included
- Operating at the same location for over 9 years
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
$11,867
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
8.48%
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%
$237,340
$237.3K
Cap Rate 7%
$169,529
$169.5K
Cap Rate 9%
$131,856
$131.9K
Market Conditions
NOI Build-Up for 1,050 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
$18.9K $18.00/SF
− Vacancy
−$1.9K −$1.85/SF
EGI
$17.0K $16.15/SF
− OpEx
−$5.1K −$4.84/SF
NOI
$11.9K $11.30/SF
Area
St. Johns County, 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%
$237,340
Cap Rate 7%
$169,529
Cap Rate 9%
$131,856
Alternative Uses
Best Use
Retail
$169.5K
$148.3K – $197.8K
NOI $11,867 @ 7.0% cap · market cap 8.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$280.1K
$245.1K – $326.8K
NOI $19,606 @ 7.0% cap · market cap 14.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
149
Businesses Nearby
75k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 58%
Shops & Services 38%
Dining 2%
Electronics 1%
Publix
Groceries
43,841 visits/mo
0.1 miles
Exxon
Shops & Services
14,300 visits/mo
0.0 miles
Kangaroo Express
Shops & Services
8,081 visits/mo
0.0 miles
Tidal Wave Auto Spa
Shops & Services
6,334 visits/mo
0.2 miles
Dick's Wings & Grill
Dining
1,223 visits/mo
0.1 miles
Demographics for 32084, FL
34,526
Population
17,839
Households
1.9
Avg Household Size
45
Median Age
32%
College-Educated
91%
High-School Grad
45.1 sq mi
ZIP Area
766
Density / Sq Mi
$72,965
Median Household Income
$38,611
Median Earnings
$1,534
Median Rent
$295,000
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Storefront property - Established dry cleaning drop station business in a Publix-anchored shopping center with parking lot access.
Where is this storefront property located?
The property is located at 965 FL-16 St Augustine, FL.
What is the asking price?
The asking price for this property is $140,000.
What are key features of this property?
This property features: 1050 square feet of storefront space; Dry cleaning drop station business included; Operating at the same location for over 9 years
