Five-Unit Apartment
For Sale
$499,000
115 4TH Street, Jacksonville, FL 32206
MULTI_FAMILY - Jacksonville, FL
Property Size3,740 SF
Lot Size0.09 Acres
Price / SF$133.42
Days on Market130
Property Features for 115 4TH Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential
Bedrooms
5
Rooms
Bedroom 4, Bedroom 2, Bedroom 1, Bedroom 3, Bedroom 5
Parking features
On Street
Subdivision
Springfield
Lot features
Historic Area
Directions
I95 S to Union St, turn left onto Main St N, turn right onto 4th St E.
Standard status
Active
APN
0710050000
Size
3,740 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6478
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1908
Floors in Building
2
Number of units
5
Building materials
Frame, Wood Siding
Roof type
Shingle
Listing Agency:
UNITED REAL ESTATE GALLERY
(904) 500-3948
Listed By:
JONATHAN MILLER · License #3323105
(904) 566-2298
Added: Mar 31
Changed: Aug 1
Last Checked: Aug 7 at 3:06AM
MLS# 2138194
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.
This five-unit apartment building is tenant-occupied and set up for investor review of an in-place rent stream. The unit mix and rent schedule are available, and a utility reimbursement structure varies by unit. Showings are restricted to minimize disruption to current tenants.
The property is located at 115 4th Street in Jacksonville’s Historic Springfield area. It sits on a 0.09-acre lot with 3,740 square feet of building area. The building is a frame structure with wood siding and a shingle roof.
Utilities are provided via public water and public sewer. Electric heating is offered, with cooling provided through wall/window and window unit(s). Parking is available on-street.
The property is located at 115 4th Street in Jacksonville’s Historic Springfield area. It sits on a 0.09-acre lot with 3,740 square feet of building area. The building is a frame structure with wood siding and a shingle roof.
Utilities are provided via public water and public sewer. Electric heating is offered, with cooling provided through wall/window and window unit(s). Parking is available on-street.
Key Highlights
- Five‑unit apartment building with tenant‑occupied units and a varying utility reimbursement structure
- 0.09‑acre lot with 3,740 SF building area
- Built in 1908 with frame construction, wood siding, and a shingle roof
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
$27,670
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
5.55%
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%
$553,400
$553.4K
Cap Rate 7%
$395,286
$395.3K
Cap Rate 9%
$307,444
$307.4K
Market Conditions
NOI Build-Up for 3,740 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
$55.7K $14.88/SF
− Vacancy
−$5.3K −$1.43/SF
EGI
$50.3K $13.45/SF
− OpEx
−$22.6K −$6.05/SF
NOI
$27.7K $7.40/SF
Area
Jacksonville, FL
Vacancy
9.60%
Lease Rate
$14.88 /SF/Yr
Expense Ratio
45.00%
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%
$553,400
Cap Rate 7%
$395,286
Cap Rate 9%
$307,444
Alternative Uses
Best Use
Apartment 5plus
$395.3K
$345.9K – $461.2K
NOI $27,670 @ 7.0% cap · market cap 5.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.02M
$896.5K – $1.20M
NOI $71,718 @ 7.0% cap · market cap 14.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
498
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Tenant-occupied five-unit apartment building with electric heat and window AC units, on public water and sewer.
Where is this apartment building located?
The property is located at 115 4TH Street Jacksonville, FL.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Five‑unit apartment building with tenant‑occupied units and a varying utility reimbursement structure; 0.09‑acre lot with 3,740 SF building area; Built in 1908 with frame construction, wood siding, and a shingle roof
