22 8th St, Fernandina Beach, FL 32034-3602
- Retail space
- 17,043 SF
- 0.90 lot acres
Current Use by Public Records
- Retail space
Property Details for 22 8th St
- Year built
- 1954
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 0.90 lot acres
- Zone code
- C-3
- Property type
- Retail space
- APN
- 00-00-31-1800-0045-0030
- APU
- 31180000450030
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Dec 8, 2025 | $2,750,000 | Galaxy 500 LLC | Cmr Island Properties LLC | Special Warranty Deed | — |
| Feb 5, 2018 | — | Cmr Island Properties LLC | — | Deed · related | $1M · Pineland Bark |
| Sep 23, 2016 | $925,000 | Cmr Island Properties LLC | Freds Stores Of Tennessee INC | Grant Deed | — |
Description
This exceptional mixed-use property in Fernandina Beach, Florida, presents a compelling value-add opportunity. The 16,114 square foot building, constructed in 1954 and renovated in 2016, sits on a 0.9-acre lot zoned C-3, allowing for significant redevelopment potential. Currently operating as a multi-tenant (3 tenants) apartment building and shopping center with five units and 65.4% occupancy, the property offers immediate income generation with a current NOI of $94,813 and a 2.71% cap rate. However, a pro-forma NOI of $279,359 and a 7.98% pro-forma cap rate demonstrate substantial upside potential through lease-up of approximately 5,570 square feet of vacant space and future rent increases. The property benefits from excellent visibility on 8th Street, a major thoroughfare with 12,500 vehicles per day, and is adjacent to a large private parking lot with 48 spaces. The asking price is $3,500,000, translating to $217.20 per square foot and $53.70 per square foot for land value. The property features a triple net (NNN) lease structure and offers various lease options. Located in the heart of Historic Downtown Fernandina Beach, this investment benefits from strong population growth projections for Nassau County, with tourism as a key economic driver. This property is offered fee simple. The property's central location and zoning provide significant flexibility for future development, aligning with the area's robust growth trajectory.
Value Estimations
-
CAP approach
- CAP Return
- Estimation
- 6%
- $3,210,000
- 6.5%
- $2,965,000
- 7%
- $2,750,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $2,369,000
Market price range: $2.20M - $5.19M -
Alternative Use
- Use
- Estimation
- RETAIL STORES
- $3,890,000 Current use
- OFFICE BUILDING
- $4,000,000 Change: +3% Conversion: Easy
- WAREHOUSE, STORAGE
- $3,190,000 Change: -18% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- Fernandina Beach
- County
- Nassau
- State
- Florida
- Longitude
- -81.4585
- Latitude
- 30.6698
- CBSA code
- 27260
- CBSA name
- JACKSONVILLE, FL METROPOLITAN STATISTICAL AREA
