218-216 SR-16| St. Augustine Florida 3 Properties Offered at £2,078,175 in Saint Augustine, FL
INVESTMENT HIGHLIGHTS
- Covered Land Play- Provides significant inplace income with long-term redevelopment potential- one of the last hard corners available on State Road 16
- Strong In-Place Income : Current NOI of $158,000 with ability to increase to over $210,000 as leases renew.
- Value Add Potential- In place rents are approximately $200/Mo below market and can be raised immediately.
EXECUTIVE SUMMARY
Market Force CRE is pleased to present this mixed use Retail/Multifamily Opportunity with additional value as a covered land play in booming St. Augustine, Fl.
The subject property comprises 3 parcels, totaling .61 acres on a hard corner at a red light intersection. Currently located on the site are 2 multifamily buildings and 1 retail building, with 7 multifamily units and 1 retail unit. The property's prime corner location and proximity to a high-traffic commercial area, highlighted by the adjacent Circle K, enhance its long-term value as a potential redevelopment site. While the car dealership and multifamily units provide stable, immediate cash flow, the combined 0.61-acre site could attract future interest for higher-density commercial or mixed-use developments. Investors have the flexibility to maintain the existing income-generating properties while exploring future redevelopment opportunities, assembling adjacent parcels, or obtaining entitlements, making this a highly strategic long-term investment.
In the short term, the property has immediate value-add potential with below market rents that can be raised immediately- bringing the cap rate from a going in 5.75% to over 7.42% within as little as a year.
The subject property comprises 3 parcels, totaling .61 acres on a hard corner at a red light intersection. Currently located on the site are 2 multifamily buildings and 1 retail building, with 7 multifamily units and 1 retail unit. The property's prime corner location and proximity to a high-traffic commercial area, highlighted by the adjacent Circle K, enhance its long-term value as a potential redevelopment site. While the car dealership and multifamily units provide stable, immediate cash flow, the combined 0.61-acre site could attract future interest for higher-density commercial or mixed-use developments. Investors have the flexibility to maintain the existing income-generating properties while exploring future redevelopment opportunities, assembling adjacent parcels, or obtaining entitlements, making this a highly strategic long-term investment.
In the short term, the property has immediate value-add potential with below market rents that can be raised immediately- bringing the cap rate from a going in 5.75% to over 7.42% within as little as a year.
PROPERTY FACTS
| Price | £2,078,175 |
| Price / SF | £312.51 / SF |
| Net Initial Yield | 7.42% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 3 |
| Individually For Sale | 2 |
| Total Building Size | 6,650 SF |
| Total Land Area | 1.03 AC |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT | INDIVIDUAL PRICE |
|---|---|---|---|---|
| 218 Sr-16, Saint Augustine, FL 32084 | Retail | 500 SF | 1971 | - |
| 206 Murillo Ave, Saint Augustine, FL 32084 | Multifamily | 2,280 SF | 1950 | £699,022 |
| 216 Sr-16, Saint Augustine, FL 32084 | Multifamily | 3,870 SF | 1952 | £699,022 |
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