218-216 SR-16| St. Augustine Florida

Market Force CRE is pleased to present this mixed use Retail/Multifamily Opportunity with additional value as a covered land play in booming St. Augustine, Fl.
The subject property comprises 3 parcels, totaling .61 acres on a hard corner at a red light intersection. Currently located on the site are 2 multifamily buildings and 1 retail building, with 7 multifamily units and 1 retail unit. The property's prime corner location and proximity to a high-traffic commercial area, highlighted by the adjacent Circle K, enhance its long-term value as a potential redevelopment site. While the car dealership and multifamily units provide stable, immediate cash flow, the combined 0.61-acre site could attract future interest for higher-density commercial or mixed-use developments. Investors have the flexibility to maintain the existing income-generating properties while exploring future redevelopment opportunities, assembling adjacent parcels, or obtaining entitlements, making this a highly strategic long-term investment.
In the short term, the property has immediate value-add potential with below market rents that can be raised immediately- bringing the cap rate from a going in 5.75% to over 7.42% within as little as a year.