Language and Region
Currency

Email*

Please enter a valid email address.

To send this property to multiple individuals, insert a semi-colon between each recipient's email address.

Message

909 characters remaining

Hmm, there seems to have been an error sending your message. Please try again.

Your email has been sent.

21% Rental Incrs in 2036 | Replaceable Rents 3505 University Blvd W 13,905 SF Retail Building Jacksonville, FL 32217 $4,923,108 CAD ($354.05 CAD/SF) 7% Cap Rate

.mosaic-column{display:inline-block!important;height:100%!important;width:auto!important}.mosaic-tile i{display:none!important}.mosaic-tile img{height:100%!important;width:auto!important}

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.

Property Facts

Sale Type

Investment

Property Type

Retail

Property Subtype

Drug Store

Building Size

13,905 SF

Building Class

Year Built

1996

Price

$4,923,108 CAD

Price Per SF

$354.05 CAD

Cap Rate

NOI

$344,618 CAD

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

189’ on University Blvd W

Pylon Sign

Signalized Intersection

Drive Thru

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.