Updated Three-Unit Multifamily
For Sale
$299,000
101 W 21ST Street, Jacksonville, FL 32206
Residential Income, Jacksonville, FL
Property Size1,821 SF
Lot Size0.19 Acres
Price / SF$164.20
Days on Market13
Property Features for 101 W 21ST Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bathroom 3, Bedroom 2, Bathroom 2, Bedroom 3, Bathroom 1, Bedroom 1
Subdivision
Long Branch
Lot features
Corner Lot
Directions
From I-95, take the Martin Luther King Jr. Parkway exit toward US-1. Exit at Main Street and head south. Turn right onto W 21st Street. The property is located at 101 W 21st Street.
Standard status
Active
APN
1337520000
Size
1,821 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
1141
Utilities
Utilities
Water Available
Heating system
Hot Water(Heating), Electric (Heating)
Cooling system
Wall/Window Unit(s), Window Unit(s)
Building Details
Year built
1919
Number of units
3
Listing Agency:
FLORIDA HOMES REALTY & MTG LLC
(904) 996-9115
Listed By:
MARTIN GROBMAN
(786) 606-2053
Added: Sep 15
Changed: Sep 24
Last Checked: Sep 26 at 11:06PM
MLS# 2166286
Copyright © 2026 realMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1919, this multifamily property contains three units across 1,821 square feet on a 0.19-acre parcel. Recent interior work includes new appliances, luxury vinyl flooring, baseboards, and paint on walls and ceilings. Heating is listed as hot water and electric, with wall- or window-mounted cooling. Water is available at the property.
The property is in Jacksonville, near major roadways, shopping, dining, and Downtown Jacksonville.
The property is in Jacksonville, near major roadways, shopping, dining, and Downtown Jacksonville.
Key Highlights
- Three residential units in a 1,821‑square‑foot building
- 0.19‑acre parcel
- Interior updates include luxury vinyl flooring, new baseboards, paint, and appliances
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$17,099
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.72%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$341,980
$342.0K
Cap Rate 7%
$244,271
$244.3K
Cap Rate 9%
$189,989
$190.0K
Market Conditions
NOI Build-Up for 1,821 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$26.9K $14.76/SF
− Vacancy
−$2.5K −$1.35/SF
EGI
$24.4K $13.41/SF
− OpEx
−$7.3K −$4.02/SF
NOI
$17.1K $9.39/SF
Area
Jacksonville, FL
Vacancy
9.12%
Lease Rate
$14.76 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$341,980
Cap Rate 7%
$244,271
Cap Rate 9%
$189,989
Alternative Uses
Best Use
Multifamily LT 5
$244.3K
$213.7K – $285.0K
NOI $17,099 @ 7.0% cap · market cap 5.72%
Second Best
Apartment 5plus
$192.5K
$168.4K – $224.5K
NOI $13,472 @ 7.0% cap · market cap 4.51%
Theoretical Best
Office A
$498.8K
$436.5K – $582.0K
NOI $34,919 @ 7.0% cap · market cap 11.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,390
Businesses Nearby
Explore this area
Business Placement
Demographics for 32206, FL
18,283
Population
9,415
Households
1.9
Avg Household Size
38
Median Age
21%
College-Educated
82%
High-School Grad
6.2 sq mi
ZIP Area
2,949
Density / Sq Mi
$37,585
Median Household Income
$34,353
Median Earnings
$866
Median Rent
$153,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Three residences feature new appliances, vinyl flooring, fresh paint, and replacement baseboards.
Where is this multifamily property located?
The property is located at 101 W 21ST Street Jacksonville, FL.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Three residential units in a 1,821‑square‑foot building; 0.19‑acre parcel; Interior updates include luxury vinyl flooring, new baseboards, paint, and appliances
