Multi-Family•Low-Rise/Garden•For Sale

Conant Apartments 7154 - 7166 Conant Avenue, Jacksonville, FL 32210

7154 - 7166 Conant Avenue, Jacksonville, Florida 32210

Sale Price $1,275,000
Sale Type Investment
Zoning RMD-B 19 units per acre
Bldg Type Multi-Tenant
Status Existing
Year Built 1963
Stories 1
Cap Rate 6.33%
Vacancy 98%
Gross Bldg 16,078 SqFt
RBA 14,580 SqFt
Land Area .81 Acres
Ceiling Height 8.0 Ft
Project Size 24
Net Op Inc $80,703.7
Market Westside
Sub-Market Hyde Grove
The property is comprised of two "U" shaped buildings consisting of 24 units total. The unit mix is 5 large two bedrooms one bath, 2 small two bedroom one bath, 16 one bedroom one bath and 1 efficiency. The total rentable square feet is approximately 14,680 with an average unit size of 611 sq. ft. The structures are concrete block with gable shingle roofs. City water and sewer serves the property and electricity is provided by JEA. A muted pipeline has pushed vacancies to record lows in West Side, helping to contribute to the heightened rent growth throughout much of the cycle. Similar to the North Side Submarket, West Side is a logistics and distribution center in Jacksonville. This has produced a large sector of blue-collar workers that are employed by many of the industrial tenants on the West Side. Centrally located in the Jacksonville market, West Side benefits from being near neighboring submarkets with major corporate hubs. Southside Submarket’s major employers like Deutsche Bank are within a roughly 30-minute drive of the West Side Submarket. The Naval Air Systems Command’s Fleet Readiness Center Southeast is located at Jacksonville’s Naval Air Station (NAS Jax). With about 3,000 civilian employees, 1,000 military personnel, and 1,000 contractors, the center is the largest industrial employer in northeast Florida and one of the largest employers in Jacksonville. Median income in the submarket stands around $50,000/year, slightly below the metro average. However, West Side contains Jacksonville’s wealthiest neighborhood, Ortega, located along the St. John’s River near Downtown. Outside of this neighborhood, higher incomes are positioned near I-295 and the Henry H Buckman Bridge, which provides residents with ease of access to the city’s largest employment nodes.
  • Attractive in-fill location in the Hyde Grove submarket of Jacksonville, Florida
  • Property is located in quiet single family home neighborhood.
  • Great upside increasing rents to market with light renovation.
  • Increased demand for work-force housing due to strong supply of employment at NAS and Cecil Commerce Mega Site.
  • Low maintenance concrete block construction.
  • Located near schools, churches, shopping and Interstate I-295 and 103rd St.
11/10/2019 5:11:53 AM 4/23/2020 6:16:07 PM
Jorge Suazo
Principal Broker, Manager
KW Commercial | Jacksonville


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