Updated Triplex with Full
New
For Sale
$895,000
3643 WALSH St, Jacksonville, FL 32205
Three residential units feature refreshed kitchens and baths, including quartz countertops and stainless steel appliances.
Property Size4,538 SF
Days on Market5
Property Features for 3643 WALSH St
General Information
Standard status
Active
Size
4,538 SF
Property subtype
Investment
Occupancy
100%
Units
Unit Mix
1 x 3BR/2.5BA, 2 x 2BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$12,806
Building Details
Building Size
4,538 SF
Year Built
1931
Units
3
Tenancy
Multi
Listing Agency:
(904) 515-3090
Listed By:
MEGAN PEEL
Source:
Elliman
Added: Aug 14
Changed: Aug 17
Last Checked: Aug 18 at 9:29AM
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 MEGAN PEEL
Investment Insights
Based on property information with market context.
Built in 1931, this three-unit residential property combines an established structure with updated interior finishes. The configuration includes one three-bedroom, two-and-a-half-bath unit and two two-bedroom, one-bath units. Each residence has an updated kitchen and bathroom, with quartz countertops and stainless steel appliances. The larger unit also offers wood flooring, high ceilings, and dedicated home-office space.
The property sits on an oversized lot in Avondale, within blocks of Boone Park and nearby restaurants and shopping. All three units are currently leased, providing an occupied multifamily asset. Walk Score is 75, Bike Score is 57, and Transit Score is 31.
The property sits on an oversized lot in Avondale, within blocks of Boone Park and nearby restaurants and shopping. All three units are currently leased, providing an occupied multifamily asset. Walk Score is 75, Bike Score is 57, and Transit Score is 31.
Key Highlights
- Three‑unit property with one 3 bed/2.5 bath unit and two 2 bed/1 bath units
- All units currently leased
- Updated kitchens and baths with quartz counters and stainless steel 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
$42,611
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
4.76%
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%
$852,220
$852.2K
Cap Rate 7%
$608,729
$608.7K
Cap Rate 9%
$473,456
$473.5K
Market Conditions
NOI Build-Up for 4,538 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
$67.0K $14.76/SF
− Vacancy
−$6.1K −$1.35/SF
EGI
$60.9K $13.41/SF
− OpEx
−$18.3K −$4.02/SF
NOI
$42.6K $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%
$852,220
Cap Rate 7%
$608,729
Cap Rate 9%
$473,456
Alternative Uses
Best Use
Multifamily LT 5
$608.7K
$532.6K – $710.2K
NOI $42,611 @ 7.0% cap · market cap 4.76%
Second Best
Apartment 5plus
$479.6K
$419.7K – $559.6K
NOI $33,574 @ 7.0% cap · market cap 3.75%
Theoretical Best
Office A
$1.24M
$1.09M – $1.45M
NOI $87,021 @ 7.0% cap · market cap 9.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
602
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?
Triplex - Three residential units feature refreshed kitchens and baths, including quartz countertops and stainless steel appliances.
Where is this triplex located?
The property is located at 3643 WALSH St Jacksonville, FL.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Three‑unit property with one 3 bed/2.5 bath unit and two 2 bed/1 bath units; All units currently leased; Updated kitchens and baths with quartz counters and stainless steel appliances
