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197/201/203 W King St.

St Augustine, FL 32084
  • $999,000
  • STATUS: Active
  • ON SITE: 499 Days
  • MLS #: 195790
UPDATED: 1 min ago
$999,000
  • 0
    BEDS
  • 0.17
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
05N
Type:
Commercial
Built:
1935
County:
Area:
05N

School Ratings & Info

Description

Looking for that special Investment Opportunity with great upside potential in a high demand area with limited barriers to entry? Look no further and come on board. Rare W. King Street opportunity to invest in this nostalgic 3 unit retail building at the entrance to the St. Augustine's rapidly evolving West Augustine district. An area desirable for eclectic retail shops, brewery's, coffee shops and restaurants. Rental opportunities seldom come available but those that do are seeing staggering rental rates. This building has rental rates well below "market rate" and with upside potential with moderate rate increases to existing tenants or substantial increase to new tenants. 2 of the 3 commercial spaces have options to extend from 2-5 years. One space the lease expires in March of 2022. To add to the excitement of this opportunity, plans have just been released for an exciting redevelopment of the property directly across the street that will forever change this corridor. Conceptual plans include an 1,100 space parking garage, 33,700 sqft of commercial development, possible grocery store and a a new 160 unit housing development. All within a 10 minute walk to historic downtown St. Augustine. Please note that the proposed development across the street is conceptual and has not been approved as of 9/13/21.

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© 2021 St. Augustine & St. Johns County Board of Realtors. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is believed to be accurate but not guaranteed by the MLS or Better Homes & Gardens Real Estate Thomas Group. Data last updated 2021-10-15T16:30:51.707.
www.thomasgrouprealty.com/homes/106464396
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197/201/203 W King St. St Augustine, FL 32084

  • Price: $999,000
  • Status: Active
  • Updated: 1 min ago
  • MLS #: 195790
0
Beds
0
Baths
0
½ Baths
0.17
Acres
1935
Built
Neighborhood:
05N
County:
Saint Johns
Area:
05N
Property Description
Looking for that special Investment Opportunity with great upside potential in a high demand area with limited barriers to entry? Look no further and come on board. Rare W. King Street opportunity to invest in this nostalgic 3 unit retail building at the entrance to the St. Augustine's rapidly evolving West Augustine district. An area desirable for eclectic retail shops, brewery's, coffee shops and restaurants. Rental opportunities seldom come available but those that do are seeing staggering rental rates. This building has rental rates well below "market rate" and with upside potential with moderate rate increases to existing tenants or substantial increase to new tenants. 2 of the 3 commercial spaces have options to extend from 2-5 years. One space the lease expires in March of 2022. To add to the excitement of this opportunity, plans have just been released for an exciting redevelopment of the property directly across the street that will forever change this corridor. Conceptual plans include an 1,100 space parking garage, 33,700 sqft of commercial development, possible grocery store and a a new 160 unit housing development. All within a 10 minute walk to historic downtown St. Augustine. Please note that the proposed development across the street is conceptual and has not been approved as of 9/13/21.
Exterior Features

Lot Size 7405

Interior Features

Office Sq Ft 793 Retail Sq Ft 4745

Property Features

Bank Corporate Owned YN No Business Description Investment Opportunity Business Name N/A Cdd YN No Gross Annual Income 70800 Net Operating Income 52829 Operating Expenses 17971 Present Zoning Cm-2 Short Sale YN No Tax Year 2018 Taxes 8071.9 Type Of Property Retail

Listing courtesy of Coldwell Banker Commercial Premier Properties.


© 2021 St. Augustine & St. Johns County Board of Realtors. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is believed to be accurate but not guaranteed by the MLS or Better Homes & Gardens Real Estate Thomas Group. Data last updated 2021-10-15T16:30:51.707.
 
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