Four-Unit Duplex
New
For Sale
$500,000
1204 CHERRY St, Jacksonville, FL 32205
Two duplex buildings share one parcel and are fully occupied under professional management.
Property Size3,298 SF
Days on Market3
Property Features for 1204 CHERRY St
General Information
Standard status
Active
Size
3,298 SF
Property subtype
Investment
Occupancy
100%
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$11,427
Building Details
Building Size
3,298 SF
Year Built
1946
Buildings
2
Units
4
Listing Agency:
(904) 580-0330
Listed By:
MICHAEL BRADDOCK · License #3419431
Source:
Elliman
Added: Aug 11
Changed: Aug 12
Last Checked: Aug 12 at 4:33AM
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 MICHAEL BRADDOCK
Investment Insights
Based on property information with market context.
This residential rental property includes two duplex buildings containing four total units on one parcel. The units are located at 1204 and 1206 Cherry St and 2858 and 2860 Olga Pl. The buildings date to 1946 and include window A/C units. Permitted roof work was completed in 2021 and 2016, providing documented updates across the property.
All four units are occupied, and the property is professionally managed. The new owner receives 3 months of free management, as stated in the offering terms. The asset may also be purchased individually or together with additional properties identified in the offering, including a triplex and a 9-unit property.
All four units are occupied, and the property is professionally managed. The new owner receives 3 months of free management, as stated in the offering terms. The asset may also be purchased individually or together with additional properties identified in the offering, including a triplex and a 9-unit property.
Key Highlights
- Four total units across two duplex buildings on one parcel
- Addresses include 1204/1206 Cherry St and 2858/2860 Olga Pl
- Permitted roofs completed in 2021 and 2016
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
$30,967
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
6.19%
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%
$619,340
$619.3K
Cap Rate 7%
$442,386
$442.4K
Cap Rate 9%
$344,078
$344.1K
Market Conditions
NOI Build-Up for 3,298 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
$48.7K $14.76/SF
− Vacancy
−$4.4K −$1.35/SF
EGI
$44.2K $13.41/SF
− OpEx
−$13.3K −$4.02/SF
NOI
$31.0K $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%
$619,340
Cap Rate 7%
$442,386
Cap Rate 9%
$344,078
Alternative Uses
Best Use
Multifamily LT 5
$442.4K
$387.1K – $516.1K
NOI $30,967 @ 7.0% cap · market cap 6.19%
Second Best
Apartment 5plus
$348.6K
$305.0K – $406.7K
NOI $24,400 @ 7.0% cap · market cap 4.88%
Theoretical Best
Office A
$903.5K
$790.5K – $1.05M
NOI $63,242 @ 7.0% cap · market cap 12.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,925
Businesses Nearby
Explore this area
Business Placement
Demographics for 32205, FL
29,605
Population
16,188
Households
1.8
Avg Household Size
37
Median Age
36%
College-Educated
90%
High-School Grad
7.7 sq mi
ZIP Area
3,845
Density / Sq Mi
$60,609
Median Household Income
$43,122
Median Earnings
$1,190
Median Rent
$257,900
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?
Duplex - Two duplex buildings share one parcel and are fully occupied under professional management.
Where is this duplex located?
The property is located at 1204 CHERRY St Jacksonville, FL.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Four total units across two duplex buildings on one parcel; Addresses include 1204/1206 Cherry St and 2858/2860 Olga Pl; Permitted roofs completed in 2021 and 2016
