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Shopping Strip

Grand Oaks Plaza | Mixed Use | Retail | 18 MF Unit Development

22 S 8th St, Fernandina Beach, FL 32034

Listing Price: $3,500,000

Cap Rate
2.71%
Gross SF
16,114
Rentable SF
16,114
Price/Gross SF
$217.20
Lot Size
0.90 acres
Year Built
1954

Investment Overview

Marcus & Millichap is pleased to present Grand Oaks Plaza, a +/- 16,110 SF GLA shopping center located on the hard corner of 8th St and Ash St, at the base of the highly sought-after submarket of Downtown Fernandina Beach, FL 32034. The structure and parking lot are situated on 0.90 acres, and the building was built in 1954 and was most recently renovated in 2016. Adjoining the shopping center is the largest private parking lot in Historic Downtown Fernandina Beach, with 48 parking spaces. The property is located within the C-3 Central Business District that carries a maximum density of 34 dwelling units per acre, allotting substantial further development or redevelopment on the parcel. This parcel has multiple points of ingress/egress from 8th St, which has 12,500 Vehicles Per Day (VPD), Ash St, and S 9th St, providing ideal access to the tenants and customers of this center. This property also boasts 200 SF of frontage on 8th St, the main retail artery connecting the Historic Downtown Fernandina Beach with the rest of the county, and the major regional commercial thoroughfares of I-95 and US-17.

Over the ?fteen-year span of 2020-2035, the Bureau of Economic Business & Research (BEBR) predicts Nassau will be the seventh fastest growing county in the State of Florida (by %) with a projected population expansion of 47.5%, resulting in over 137,200 people calling Nassau home by 2035. Tourism is Nassau County's largest job creator and is the leading driver of the economy. The heart of tourism in Nassau County is Historic Downtown Fernandina Beach.

Investment Highlights

  • 7.98% Cap Rate Achievable in Year 4 With Lease-Up and Future Rental Increases
  • Seller Financing Available
  • The C-3 Central Business District Carries a Maximum Density of 34 Dwelling Units/Acre, Allotting Substantial Further Development/Redevelopment on the Parcel
  • Adjoined By the Largest Private Parking Lot in Historic Fernandina Beach, 48 Spaces
  • Value-Add Upside With +/- 5,570 SF Of Vacant Space
  • Excellent Visibility and Curb Appeal Fronting 8th St, ~12,500 VPD
  • At the Entry Point of Heavy Retail Shopping and Foot Traffic

Exclusively Listed By

Financing By

Shopping Strip

Grand Oaks Plaza | Mixed Use | Retail | 18 MF Unit Development

Listing Price: $3,500,000

Cap Rate
2.71%
Gross SF
16,114
Rentable SF
16,114
Price/Gross SF
$217.20
Lot Size
0.90 acres
Year Built
1954

Investment Highlights

  • 7.98% Cap Rate Achievable in Year 4 With Lease-Up and Future Rental Increases
  • Seller Financing Available
  • The C-3 Central Business District Carries a Maximum Density of 34 Dwelling Units/Acre, Allotting Substantial Further Development/Redevelopment on the Parcel
  • Adjoined By the Largest Private Parking Lot in Historic Fernandina Beach, 48 Spaces
  • Value-Add Upside With +/- 5,570 SF Of Vacant Space
  • Excellent Visibility and Curb Appeal Fronting 8th St, ~12,500 VPD
  • At the Entry Point of Heavy Retail Shopping and Foot Traffic

Investment Overview

Marcus & Millichap is pleased to present Grand Oaks Plaza, a +/- 16,110 SF GLA shopping center located on the hard corner of 8th St and Ash St, at the base of the highly sought-after submarket of Downtown Fernandina Beach, FL 32034. The structure and parking lot are situated on 0.90 acres, and the building was built in 1954 and was most recently renovated in 2016. Adjoining the shopping center is the largest private parking lot in Historic Downtown Fernandina Beach, with 48 parking spaces. The property is located within the C-3 Central Business District that carries a maximum density of 34 dwelling units per acre, allotting substantial further development or redevelopment on the parcel. This parcel has multiple points of ingress/egress from 8th St, which has 12,500 Vehicles Per Day (VPD), Ash St, and S 9th St, providing ideal access to the tenants and customers of this center. This property also boasts 200 SF of frontage on 8th St, the main retail artery connecting the Historic Downtown Fernandina Beach with the rest of the county, and the major regional commercial thoroughfares of I-95 and US-17. Over the ?fteen-year span of 2020-2035, the Bureau of Economic Business & Research (BEBR) predicts Nassau will be the seventh fastest growing county in the State of Florida (by %) with a projected population expansion of 47.5%, resulting in over 137,200 people calling Nassau home by 2035. Tourism is Nassau County's largest job creator and is the leading driver of the economy. The heart of tourism in Nassau County is Historic Downtown Fernandina Beach.

Exclusively Listed By

Financing By

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