5323-5329 Emerson St Jacksonville, FL 32207

Property Details for 5323-5329 Emerson St

Year built

1967

Lot size

0.55 lot acres

Property size

4,950 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional 4,950-square-foot retail property, located at 5323-5329 Emerson Street in Jacksonville, Florida, presents a compelling investment opportunity. The property, built in 1967 and situated on a 0.55-acre lot, is currently 100% occupied by four tenants: Mayo Salon, Dream World Ink, Jazzmin Heath/Lativia Davis, and a barbershop. These tenants operate under a modified lease structure with a remaining term of 1.3 years. The current asking price is $779,000, representing a price per square foot of $157.37 and a 6.53% cap rate. The property boasts a strong net operating income (NOI) of $50,834. Recent enhancements include a complete repaving and repainting of the retail-facing parking lot, completed in February 2024. The property benefits from its location on a high-traffic road, experiencing over 25,000 vehicles per day, and serves a substantial population of over 80,000 residents within a 3-mile radius. Current tenants enjoy short-term leases with built-in 5% annual rent increases, offering potential for future NOI growth through lease extensions or conversion to a triple-net (NNN) lease structure. The Jacksonville market has shown significant growth in the past five years, fueled by major corporate expansions, making this a highly attractive investment for various investor profiles, including those seeking a 1031 exchange opportunity. This low price point in a major metropolitan statistical area (MSA) presents a rare and valuable investment opportunity.