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56 Grove Ave 3,257 SF 100% Leased Retail Building Saint Augustine, FL 32084 $1,950,000 ($598.71/SF)
INVESTMENT HIGHLIGHTS
- Multi-tenant income property in walking distance to Historic St. Augustine
EXECUTIVE SUMMARY
Commercial and residential mixed-use property in a prime downtown location in Florida's premier historic destination. This extensively upgraded property is made up of two buildings. One building, circa 1920, consists of a ground-floor commercial space currently used as a restaurant, with two residential apartments upstairs. The upstairs units have separate entrances and parking and are currently occupied with long-term tenants. The Highest and Best Use to maximize rental income could be a conversion to one or two short-term rentals. The proximity and walkability to the Historic area of St. Augustine make this a highly desirable option. The commercial tenant is in a long-term lease and has a reputation as one of the finest restaurants in North Florida! In addition, there is a separate, stand-alone cottage circa 1917, with a long-term tenant. The buildings have strong demand due to the excellent location and on-site parking. Tremendous opportunity to generate stable rental income.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Restaurant
Building Size
3,257 SF
Building Class
C
Year Built/Renovated
1917/2023
Price
$1,950,000
Price Per SF
$598.71
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
0.27
Lot Size
0.28 AC
Zoning
CM-2
Parking
16 Spaces (4.91 Spaces per 1,000 SF Leased)
Frontage
25’ on Grove Ave
AMENITIES
- Restaurant
- Signage
- Wheelchair Accessible
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
- Lotus
- Retailer
- -
- -
- Double Net
- Oct 2032
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
| Lotus | Retailer | - | - | Double Net | Oct 2032 |
Walk Score®
Very Walkable (77)
Bike Score®
Very Bikeable (78)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 194110-0000 | Improvements Assessment | $690,340 |
| Land Assessment | $427,000 | Total Assessment | $1,117,340 |
PROPERTY TAXES
Parcel Number
194110-0000
Land Assessment
$427,000
Improvements Assessment
$690,340
Total Assessment
$1,117,340
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56 Grove Ave
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