Updated Brick
For Sale
$439,000
2923 DELLWOOD Avenue, Jacksonville, FL 32205
Two separately metered residences provide private fenced yards, individual driveways, and independent entrances.
Property Size1,786 SF
Price / SF$245.80
Days on Market770
Property Features for 2923 DELLWOOD Avenue
General Information
Standard status
Active
Size
1,786 SF
Property subtype
Multi Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,889
Amenities
screened enclosure
washer and dryer
private fenced backyard
Building Details
Year Built
1959
Buildings
1
Construction
brick
Listing Agency:
LA ROSA REALTY NORTH FLORIDA, LLC.
(904) 472-5391
Listed By:
FALGUNI (Felicia) PATEL · License #3142153
(904) 472-5391
Source:
Exitrealty
Added: Jul 23, 2024
Changed: Aug 31
Last Checked: Aug 31 at 3:49PM
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 LA ROSA REALTY NORTH FLORIDA, LLC.
Investment Insights
Based on property information with market context.
This updated brick duplex contains two separate residences, each configured with 2 BR/1BA and approximately 893 square feet. The units have independent entrances, driveways, utility meters, and private fenced backyards. Unit 1 includes a screened enclosure, new LVP flooring in the living room, stainless steel appliances, and a washer and dryer. Unit 2 has fresh paint, LVP flooring, stainless steel appliances, a washer and dryer, and an AC unit installed 4 years ago.
The property also includes access to a 400 sq feet detached 2-car garage that can be converted to an ADU. The roof was replaced in 2015, with the flat roof section updated in 2019. Located at 2923 Dellwood Avenue in Jacksonville, the duplex is close to Murray Hills shops and restaurants.
The property also includes access to a 400 sq feet detached 2-car garage that can be converted to an ADU. The roof was replaced in 2015, with the flat roof section updated in 2019. Located at 2923 Dellwood Avenue in Jacksonville, the duplex is close to Murray Hills shops and restaurants.
Key Highlights
- Two 2 BR/1BA units with independent entrances, driveways, meters, and private fenced backyards
- 1,786‑square‑foot duplex built in 1959
- Unit 1 includes a screened enclosure and new LVP flooring in the living room
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
$16,770
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
3.82%
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%
$335,400
$335.4K
Cap Rate 7%
$239,571
$239.6K
Cap Rate 9%
$186,333
$186.3K
Market Conditions
NOI Build-Up for 1,786 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
$26.4K $14.76/SF
− Vacancy
−$2.4K −$1.35/SF
EGI
$24.0K $13.41/SF
− OpEx
−$7.2K −$4.02/SF
NOI
$16.8K $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%
$335,400
Cap Rate 7%
$239,571
Cap Rate 9%
$186,333
Alternative Uses
Best Use
Multifamily LT 5
$239.6K
$209.6K – $279.5K
NOI $16,770 @ 7.0% cap · market cap 3.82%
Second Best
Apartment 5plus
$188.8K
$165.2K – $220.2K
NOI $13,213 @ 7.0% cap · market cap 3.01%
Theoretical Best
Office A
$489.3K
$428.1K – $570.8K
NOI $34,248 @ 7.0% cap · market cap 7.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
926
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two separately metered residences provide private fenced yards, individual driveways, and independent entrances.
Where is this duplex located?
The property is located at 2923 DELLWOOD Avenue Jacksonville, FL.
What is the asking price?
The asking price for this property is $439,000.
What are key features of this property?
This property features: Two 2 BR/1BA units with independent entrances, driveways, meters, and private fenced backyards; 1,786‑square‑foot duplex built in 1959; Unit 1 includes a screened enclosure and new LVP flooring in the living room
