US-1 Retail and Warehouse Property 3070 US Highway 1 S 32,634 SF 100% Leased Retail Building Saint Augustine, FL 32086 $4,900,000 ($150.15/SF)

Marcus & Millichap is pleased to present a 32,634 SF mixed-use freestanding building located at 3070 US Highway 1 in St. Augustine, FL. With approximately 250 feet of frontage on US Hwy 1, the main north/south artery in and surrounding St. Augustine with 40,000 Vehicles Per Day (VPD), this property has great visibility and curb appeal. Situated on 2.6 acres, the structure was built in 2006, the roof was most recently renovated in 2023, and has been occupied by Mattress Firm since 2014. Currently, they occupy 74% of the building, 24,153 SF, and are scheduled to relocate on or before 8/31/26 into adjacent 8,481 SF and pay more than double their current Rent/SF. At the beginning of February 2025, Tempur Sealy acquired Mattress Firm for $5 Billion. Tempur Sealy, soon-to-be-named Somnigroup International, made this strategic acquisition to improve synergies and efficiencies as part of their omnichannel strategy. Their business plan involves integrating their existing businesses, Dreams and Tempur Sealy, further along with their newly acquired Mattress Firm. The 24,153 SF space has a dock-high door and an open floor plan that can be utilized for retail, hybrid, flex, medical office, or as a last-mile fulfillment center with commercial general (CG) zoning. With a pro-forma lease-up of the vacant space at $15/SF NNN, a 10.68% cap rate is achievable in year 2 of ownership.
Within 5 miles of this property, there are 71,286 people in the heart of St. Johns County which is the 4th fastest growing county in the United States. According to the Bureau of Economic and Business Research at the University of Florida, St. Johns County is expected to grow its population by ~52% over the next 25 years, from 337,400 people in 2025 to 513,900 in 2050.