Renovated Brick
For Sale
$875,000
6244 SAN JOSE Boulevard, Jacksonville, FL 32217
Fully leased three-unit property with updated interiors, separate tenant storage, and recent system improvements.
Property Size3,429 SF
Price / SF$255.18
Days on Market781
Property Features for 6244 SAN JOSE Boulevard
General Information
Standard status
Active
Size
3,429 SF
Property subtype
Multi Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/2BA, 1 x 1BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,149
Building Details
Year Built
1946
Construction
brick
Listing Agency:
KELLER WILLIAMS REALTY ATLANTIC PARTNERS ST. AUGUSTINE
(904) 495-3973
Listed By:
JOHN WHITESELL · License #3230565
(904) 495-3973
Source:
Exitrealty
Added: Jul 13, 2024
Changed: Aug 31
Last Checked: Aug 31 at 3:51PM
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 KELLER WILLIAMS REALTY ATLANTIC PARTNERS ST. AUGUSTINE
Investment Insights
Based on property information with market context.
This 3,429-square-foot triplex, built in 1946, contains three residential units totaling 5 bedrooms and 5 bathrooms. Two units provide 2 bedrooms and 2 bathrooms each, while the bungalow offers 1 bedroom and 1 bathroom. The brick property has undergone extensive updates, including new roofs, electrical improvements, flooring, quartz kitchen countertops, refreshed bathrooms, interior and exterior paint, 2 new HVAC units, new water heaters, and a new septic system installed in 2024.
Each tenant has a separate storage space created from the former garage area. The property also includes a 2023 well pump and tank system with an approximate 400-gallon capacity and pressurized water service. Located at 6244 San Jose Boulevard in Jacksonville, the triplex is 1.9 miles from The Bolles School and is fully leased.
Each tenant has a separate storage space created from the former garage area. The property also includes a 2023 well pump and tank system with an approximate 400-gallon capacity and pressurized water service. Located at 6244 San Jose Boulevard in Jacksonville, the triplex is 1.9 miles from The Bolles School and is fully leased.
Key Highlights
- 3‑unit triplex with 5 bedrooms and 5 bathrooms
- Unit mix includes two 2‑bedroom/2‑bath units and one 1‑bedroom/1‑bath bungalow
- 3,429 SF property built in 1946
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
$32,197
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
3.68%
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%
$643,940
$643.9K
Cap Rate 7%
$459,957
$460.0K
Cap Rate 9%
$357,744
$357.7K
Market Conditions
NOI Build-Up for 3,429 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
$50.6K $14.76/SF
− Vacancy
−$4.6K −$1.35/SF
EGI
$46.0K $13.41/SF
− OpEx
−$13.8K −$4.02/SF
NOI
$32.2K $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%
$643,940
Cap Rate 7%
$459,957
Cap Rate 9%
$357,744
Alternative Uses
Best Use
Multifamily LT 5
$460.0K
$402.5K – $536.6K
NOI $32,197 @ 7.0% cap · market cap 3.68%
Second Best
Apartment 5plus
$362.4K
$317.1K – $422.8K
NOI $25,369 @ 7.0% cap · market cap 2.90%
Theoretical Best
Office A
$939.4K
$821.9K – $1.10M
NOI $65,755 @ 7.0% cap · market cap 7.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
415
Businesses Nearby
Explore this area
Business Placement
Demographics for 32217, FL
20,543
Population
9,632
Households
2.1
Avg Household Size
41
Median Age
39%
College-Educated
94%
High-School Grad
5.4 sq mi
ZIP Area
3,804
Density / Sq Mi
$69,742
Median Household Income
$44,147
Median Earnings
$1,190
Median Rent
$291,300
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 - Fully leased three-unit property with updated interiors, separate tenant storage, and recent system improvements.
Where is this triplex located?
The property is located at 6244 SAN JOSE Boulevard Jacksonville, FL.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: 3‑unit triplex with 5 bedrooms and 5 bathrooms; Unit mix includes two 2‑bedroom/2‑bath units and one 1‑bedroom/1‑bath bungalow; 3,429 SF property built in 1946
