218 Fl-16 St. Augustine, FL 32084
- Retail properties
- 5,021 SF
- 0.61 lot acres
Current Use by Public Records
- Retail properties
Property Details for 218 Fl-16
- Lot size
- 0.61 lot acres
- Property size
- 5,021 SF
- Property type
- Retail properties
- Property subtype
- Mixed-use properties
Description
This exceptional St. Augustine investment opportunity presents a rare 0.61-acre mixed-use property encompassing three buildings on a hard corner at a signalized intersection of State Road 16. The property currently generates a strong NOI of $158,000, with a 5.75% cap rate, and comprises eight units: seven multifamily units and one retail space, all currently at 100% occupancy. Significant value-add potential exists through immediate rent increases, projected to boost NOI to over $204,103 and the cap rate to over 7.42% within a year. The property's prime location, adjacent to a Circle K, offers excellent visibility and access to high traffic. The CM-2 zoning allows for flexibility in future development plans, making this a strategic long-term investment. The existing income-producing assets provide immediate cash flow while the substantial land area presents opportunities for redevelopment or assemblage with adjacent parcels. This is a unique chance to acquire a high-performing property with substantial upside potential in a thriving Florida market. The total square footage is 5,021 across the three one-story buildings. This is one of the last available hard corners on State Road 16.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- St. Augustine
- County
- St. Johns
- State
- Florida
- Longitude
- -81.3343
- Latitude
- 29.9152
