5-Unit Apartment
For Sale
$499,000
115 E 4th St, Jacksonville, FL 32233
Tenant-occupied multifamily property with unit-level utility reimbursement arrangements and limited showing access.
Property Size3,740 SF
Price / SF$133.42
Days on Market155
Property Features for 115 E 4th St
General Information
Standard status
Active
Size
3,740 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$6,477
Listing Agency:
UNITED REAL ESTATE GALLERY
(904) 566-2298
Listed By:
JONATHAN MILLER · License #3337768
(904) 566-2298
Source:
Exprealty
Added: Mar 31
Changed: Aug 31
Last Checked: Aug 30 at 8:40PM
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 UNITED REAL ESTATE GALLERY
Investment Insights
Based on property information with market context.
This tenant-occupied multifamily property contains five apartment units within approximately 3,740 square feet. Unit mix and the rent schedule are available for review, while utility reimbursement arrangements differ among the units.
Located in Historic Springfield at 115 E 4th St in Jacksonville, the property is being shown on a restricted basis to limit disruption to residents. Additional diligence materials are available upon request.
Located in Historic Springfield at 115 E 4th St in Jacksonville, the property is being shown on a restricted basis to limit disruption to residents. Additional diligence materials are available upon request.
Key Highlights
- Five‑unit multifamily property
- Approximately 3,740 square feet
- Tenant‑occupied asset with restricted showings
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
2,104
Businesses Nearby
Explore this area
Business Placement
Demographics for 32233, FL
23,980
Population
11,215
Households
2.1
Avg Household Size
41
Median Age
43%
College-Educated
94%
High-School Grad
10.2 sq mi
ZIP Area
2,351
Density / Sq Mi
$81,586
Median Household Income
$44,067
Median Earnings
$1,541
Median Rent
$396,100
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 multifamily property with unit-level utility reimbursement arrangements and limited showing access.
Where is this apartment building located?
The property is located at 115 E 4th St 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 multifamily property; Approximately 3,740 square feet; Tenant‑occupied asset with restricted showings
