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    Property profile & analytics

    389 Paseo Reyes Dr St. Augustine, FL 32095

    • Strip malls
    • 14,104 SF
    • 1.82 lot acres
    For Lease
    View listing
    $35 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-8453789
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • CT Nails & Spa / Nail Salon
    • Your Pie Palencia / Gluten-Free Restaurant / Pizza Delivery
    • Joint Bagel Co / Bagel Shop
    • Cinco de Mayo / Mexican Restaurant
    • Edward Jones - Financial Advisor: Lindsey J Taylor, CRPC™ / Financial Consultant / Finance Broker

    Property Details for 389 Paseo Reyes Dr

    Year built
    2018
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.82 lot acres
    Property size
    14,104 SF
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    072420 0494
    APU
    724200494

    Description

    This exceptional 2,450 square foot retail storefront is situated within a thriving 18,000 square foot commercial development at 389 Paseo Reyes Dr, St. Augustine, FL 32095. Located in the desirable Palencia/World Golf Village submarket of St. Johns County, this property boasts unparalleled visibility and accessibility, fronting US Highway 1. The building, constructed in 2018, features a single story across three buildings and sits on a generous 4.79-acre lot. The property is zoned PUD and offers a strong tenant mix including a Circle K, a 13,800 square foot retail center, and a 4,200 square foot dental center. Other established businesses in the center include Joint Bagel, Cinco De Mayo, Honey & Sage, B social Boutique, CT Nail Spa, and Edward Jones. This space is part of a multi-tenant building with a total of seven suites. The property offers convenient amenities such as four recently installed EV charging stations. This is an ideal opportunity for businesses seeking high visibility and a strong customer base in a rapidly growing area. The minimum divisible space is 2,450 square feet, with a maximum contiguous space of 2,450 square feet also available. The cross street is Regalo Road.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,337,000
      Market price range: $1.29M - $6.76M
      AI Estimate
      $3,337,000
      Market price range: $1.29M - $6.76M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $3,585,000
      Current use
      COMMERCIAL (GENERAL)
      $5,155,000
      Change: +44% Conversion: Easy
      AUTO REPAIR, GARAGE
      $3,685,000
      Change: +3% Conversion: Difficult
      MEDICAL BUILDING
      $3,600,000
      Change: +0% Conversion: Difficult
      RETAIL STORES
      $3,480,000
      Change: -3% Conversion: Easy
      OFFICE BUILDING
      $3,055,000
      Change: -15% Conversion: Moderate

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Saint Augustine
    County
    St. Johns
    State
    Florida
    Longitude
    -81.3941
    Latitude
    30.0158
    CBSA code
    27260
    CBSA name
    JACKSONVILLE, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $54,015
    $0.00
    $0.00
    $3,103,446
    -
    $952,824
    $2,150,622
    $3,103,446

    Comparable in this City

    • Value Estimation
      $1,630,000
      5,756 SF

      Saint Augustine, FL 32095

      SHOPPING CENTER, STRIP CENTER • 5,756 SF
      Saint Augustine, FL 32095
      View Details
    • Value Estimation
      $6,500,000
      22,669 SF

      Saint Augustine, FL 32095

      SHOPPING CENTER, STRIP CENTER • 22,669 SF
      Saint Augustine, FL 32095
      View Details
    • Value Estimation
      $1,965,000
      7,440 SF

      7474 Us Hwy 1st N

      SHOPPING CENTER, STRIP CENTER • 7,440 SF
      7474 Us Hwy 1st N, Saint Augustine, FL 32095-8554
      View Details
    • Value Estimation
      $1,505,000
      3,596 SF

      4560 Us Hwy 1st N

      SHOPPING CENTER, STRIP CENTER • 3,596 SF
      4560 Us Hwy 1st N, Saint Augustine, FL 32095-5205
      View Details
    • Value Estimation
      $2,375,000
      5,322 SF

      375 Paseo Reyes Dr

      SHOPPING CENTER, STRIP CENTER • 5,322 SF
      375 Paseo Reyes Dr, Saint Augustine, FL 32095
      View Details
    • Value Estimation
      $1,600,000
      4,472 SF

      Saint Augustine, FL 32095

      SHOPPING CENTER, STRIP CENTER • 4,472 SF
      Saint Augustine, FL 32095
      View Details

    Similar Nearby for Sale

    • $1,700,000
      3,277 SF

      St. Augustine Restaurant & Liquor Site

      Prime US-1 location, high growth area.
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      View Details
    • $1,598,000

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      Prime retail space with ample parking and excellent visibility.
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      Prime retail space with ample parking and excellent visibility.
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    • $700,000
      0.97 Acres

      Entitled Land in World Golf

      0.97 acre commercial land with 14,000 SF entitlements.
      Trce HORTON'S, St Augustine, FL 32095
      View Details
    • Contact for pricing
      0.36 Acres

      Undeveloped Land in St. Augustine

      Raw, secluded land in St. Johns County, Florida.
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      View Details
    • Contact for pricing
      0.24 Acres

      St. Augustine Land For Sale

      Residential land available in St. Augustine, Florida.
      Flagler Blvd, St Augustine, FL 32095
      View Details

    Similar Nearby for Lease

    • $19 SF/Yr
      1,800 SF

      Retail Space in New Center

      New retail center with drive-thru opportunity in St. Augustine.
      45 Summerlin Ln, St Augustine, FL 32095
      View Details
    • Contact for pricing
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      Parkway Commons: Retail Space Available

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      View Details
    • Contact for pricing
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      New retail space, prime St. Augustine location.
      35 Summerlin Ln, St. Augustine, FL 32095
      View Details
    • $34 SF/Yr
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      Upscale Salon in European Village

      Fully built-out salon with custom finishes in St. Augustine.
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    • $35 SF/Yr
      21,579 SF

      155 Palencia Village Dr

      Restaurants • 21,579 SF
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    • $15 SF/Yr
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    St. Augustine, FL 32095
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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