Concrete Block
For Sale
$325,000
Pending
1024 W 29th St, Jacksonville, FL 32209
Four two-bedroom residences offer individual tankless water heaters, window-unit AC, and driveway parking.
Property Size2,808 SF
Days on Market52
Property Features for 1024 W 29th St
General Information
Standard status
Pending
Size
2,808 SF
Property subtype
Multi-Family
Amenities
Window unit AC
tankless water heaters
driveway parking
Building Details
Year Built
1967
Construction
concrete block
Listing Agency:
COMPASS FLORIDA LLC
Listed By:
JAYNA SILVERMAN
(904) 868-2243
Source:
Findingfernandina
Added: Aug 6
Changed: Sep 14
Last Checked: Sep 24 at 10:27AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of COMPASS FLORIDA LLC
Investment Insights
Based on property information with market context.
This 1967 concrete-block quadplex contains four residential units, each arranged with 2 bedrooms and 1 bath. Individual features include window-unit AC, tankless water heaters, and driveway parking. One unit is vacant, while tenants are responsible for water and electric service.
The property is located at 1024 W 29TH Street in Jacksonville, Florida 32209. Its four-unit configuration provides a straightforward multifamily layout with consistent unit sizing and established on-site parking.
The property is located at 1024 W 29TH Street in Jacksonville, Florida 32209. Its four-unit configuration provides a straightforward multifamily layout with consistent unit sizing and established on-site parking.
Key Highlights
- Four‑unit quadplex built in 1967
- Each unit has 2 bedrooms and 1 bath
- Concrete‑block construction
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
$26,366
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
8.11%
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%
$527,320
$527.3K
Cap Rate 7%
$376,657
$376.7K
Cap Rate 9%
$292,956
$293.0K
Market Conditions
NOI Build-Up for 2,808 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
$41.4K $14.76/SF
− Vacancy
−$3.8K −$1.35/SF
EGI
$37.7K $13.41/SF
− OpEx
−$11.3K −$4.02/SF
NOI
$26.4K $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%
$527,320
Cap Rate 7%
$376,657
Cap Rate 9%
$292,956
Alternative Uses
Best Use
Multifamily LT 5
$376.7K
$329.6K – $439.4K
NOI $26,366 @ 7.0% cap · market cap 8.11%
Second Best
Apartment 5plus
$296.8K
$259.7K – $346.3K
NOI $20,775 @ 7.0% cap · market cap 6.39%
Theoretical Best
Office A
$769.2K
$673.1K – $897.4K
NOI $53,846 @ 7.0% cap · market cap 16.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
522
Businesses Nearby
Explore this area
Business Placement
Demographics for 32209, FL
36,656
Population
17,706
Households
2.1
Avg Household Size
37
Median Age
12%
College-Educated
82%
High-School Grad
9.3 sq mi
ZIP Area
3,942
Density / Sq Mi
$29,468
Median Household Income
$26,435
Median Earnings
$1,042
Median Rent
$92,300
Median Home Value
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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?
Quadplex - Four two-bedroom residences offer individual tankless water heaters, window-unit AC, and driveway parking.
Where is this quadplex located?
The property is located at 1024 W 29th St Jacksonville, FL.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Four‑unit quadplex built in 1967; Each unit has 2 bedrooms and 1 bath; Concrete‑block construction
