Log In/Sign Up
Your email has been sent.
21% Rental Incrs in 2036 | Replaceable Rents 3505 University Blvd W 13,905 SF Retail Building Jacksonville, FL 32217 $3,600,000 ($258.90/SF) 7% Cap Rate
Investment Highlights
- Beginning September 1, 2026, Walgreens’ rent adjusts to $18.12/psf, below current market retail rents of $20–22/psf.
- Walgreens’ first option period in 2036 includes a rental escalation of 21%.
- Frontage on University Blvd. (28.5 VPD) and St. Augustine Rd. (16.3K VPD), positioned under 1 mile from the I-95 (171K VPD) ingress/egress.
- In 2025, Walgreens waived its 2026 and 2031 termination options, extending the lease expiration to July 31, 2036.
- Located in Jacksonville’s San Marco submarket, with a 3.5% retail vacancy rate, nearly one percentage point below the national average of 4.3%.
- Located directly across the street from CVS, making this a strategic location for both CVS and Walgreens.
Executive Summary
We are pleased to offer for sale the Walgreens property located at 3505 University Blvd W, Jacksonville, FL 32217 (the “Property”). The lease is structured as a double-net (NN) with minimal landlord responsibilities, and in 2025 Walgreens waived its 2026 and 2031 termination options, extending the lease expiration to July 31, 2036.
Beginning September 1, 2026, Walgreens’ rent adjusts to $18.12 per square foot, which is below current market retail rents of $20–22 per square foot, supporting long-term rent replaceability and reduced downside risk. The asking CAP rate is based on this lower rent level.
The Property is positioned at a high-traffic, signalized corner with approximately 44,800 vehicles per day, featuring frontage along University Boulevard (28.5K VPD) and St. Augustine Road (16.3K VPD). It is located less than one mile from the I-95 (171K VPD) ingress/egress, a primary transportation artery connecting the San Marco submarket to Downtown Jacksonville and the broader metro area. The immediate intersection also includes a CVS directly across the street, reinforcing the strategic nature of this corner for both national pharmacy operators.
The Property is located within Jacksonville’s San Marco submarket, which maintains a 3.5% retail vacancy rate, nearly one percentage point below the 4.3% national average.
Listed in conjunction with Brian Brockman, Bang Realty - Naples, Inc, 513-898-1551, wg@bangrealty.com, FL DRE Lic. BK3327646.
Beginning September 1, 2026, Walgreens’ rent adjusts to $18.12 per square foot, which is below current market retail rents of $20–22 per square foot, supporting long-term rent replaceability and reduced downside risk. The asking CAP rate is based on this lower rent level.
The Property is positioned at a high-traffic, signalized corner with approximately 44,800 vehicles per day, featuring frontage along University Boulevard (28.5K VPD) and St. Augustine Road (16.3K VPD). It is located less than one mile from the I-95 (171K VPD) ingress/egress, a primary transportation artery connecting the San Marco submarket to Downtown Jacksonville and the broader metro area. The immediate intersection also includes a CVS directly across the street, reinforcing the strategic nature of this corner for both national pharmacy operators.
The Property is located within Jacksonville’s San Marco submarket, which maintains a 3.5% retail vacancy rate, nearly one percentage point below the 4.3% national average.
Listed in conjunction with Brian Brockman, Bang Realty - Naples, Inc, 513-898-1551, wg@bangrealty.com, FL DRE Lic. BK3327646.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Drug Store
Building Size
13,905 SF
Building Class
B
Year Built
1996
Price
$3,600,000
Price Per SF
$258.90
Cap Rate
7%
NOI
$252,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.21
Lot Size
1.53 AC
Zoning
CCG-1 - Commercial Community General 1
Parking
55 Spaces (3.96 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Pylon Sign
- Signalized Intersection
- Drive Thru
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
-
- Retailer
- -
- -
-
Lorem Ipsum
-
Jan 0000
Walgreens is a major U.S. pharmacy and retail chain founded in 1901 in Chicago, Illinois. The company operates thousands of locations across the United States, providing prescription medications, over-the-counter drugs, health and wellness products, and convenience items. Walgreens also offers services such as immunizations, health screenings, and photo processing. The company has expanded its healthcare offerings through partnerships and in-store clinics, aiming to integrate pharmacy services with broader health solutions. Walgreens is part of Walgreens Boots Alliance, a global pharmacy-led health and wellbeing enterprise.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
|
Retailer | - | - | Lorem Ipsum | Jan 0000 |
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Somewhat bikeable
30/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 152662-0000 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $3,874,541 |
Property Taxes
Parcel Number
152662-0000
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$3,874,541
(619) 297-0055
x302
Contacts
-
Jason Pongsrikul -
Chris Barry -
Tommy Darcey -
Pharma Property Group- Drugstore Specialists
1 of 3
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
