Jacksonville Commercial Real Estate Market
Jacksonville's commercial real estate market is a pure military economy. Camp Lejeune and MCAS New River together generate over $5 billion in annual economic impact, and virtually every commercial property in the city derives its value from proximity to and service of the military community. Western Boulevard, Marine Boulevard, and the Lejeune Boulevard corridor form the primary commercial arteries, with tenant demand driven by the spending patterns of young military families with stable incomes and predictable — if cyclical — presence. Understanding deployment schedules and PCS rotations is essential to properly underwriting Jacksonville commercial properties.
Beyond base-adjacent retail and services, Jacksonville's economy includes Onslow Memorial Hospital (now Novant Health), which anchors medical office demand, and Camp Lejeune's own naval hospital, which creates secondary civilian healthcare demand for services not available on base. Coastal Carolina Community College adds modest institutional demand. The retail market along Western Boulevard serves both the military community and the broader Onslow County civilian population of 200,000+. Industrial demand is modest but includes military contractor operations and construction supply businesses serving base maintenance and development.
Jacksonville's cap rates are among the highest in coastal North Carolina, reflecting the military market's unique investor audience. The buyer pool consists primarily of military-market specialists who understand PCS cycles, deployment patterns, and the federal spending dynamics that drive demand. These investors value the income stability that military consumer demand provides — Camp Lejeune's mission isn't moving, and the Marines stationed there need commercial services regardless of civilian economic conditions. For sellers, properly presenting to this specialized buyer audience is essential to competitive pricing.
Top Property Types in Jacksonville
Retail & Service
Camp Lejeune's 50,000+ Marines and their families create massive demand for retail, restaurant, and service businesses along Western Boulevard, Marine Boulevard, and the Lejeune Boulevard corridor. Fast-casual dining, automotive services, barber and beauty shops, military surplus, fitness centers, and convenience retail maintain high occupancy driven by the captive military customer base. Properties with national tenant credit achieve the tightest cap rates. The military demographic — young, with stable disposable income — generates predictable spending patterns that experienced military-market investors can underwrite with confidence.
Office & Government
Novant Health Onslow Memorial Hospital and the civilian healthcare needs not served by Camp Lejeune's naval hospital generate medical office demand along Memorial Drive and the Henderson Drive corridor. Military family dependents, military retirees remaining in Onslow County, and the civilian population all contribute to healthcare utilization. Dental practices, pediatrics, and family medicine are particularly strong given the young family demographic of the military community. Multi-tenant medical buildings near the hospital campus provide income stability in Jacksonville's military-dominated market.
Industrial & Warehouse
Defense contractors, military services companies, and construction firms serving Camp Lejeune maintenance and development need office, flex, and industrial space in Jacksonville. Properties along US-17 and in the base-adjacent commercial zones serve these military-support tenants, whose revenue is driven by defense contracts rather than civilian economic activity. The relatively small civilian industrial market serves construction supply and building materials distribution for the Onslow County residential and commercial construction sector.
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Cap rates in Jacksonville are higher than coastal NC markets, reflecting military dependence and offering strong yields.
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