2022-Built
For Sale
$550,000
1661 MCCONIHE Street, Jacksonville, FL 32209
Both residences are available for viewing by appointment.
Property Size2,964 SF
Price / SF$185.56
Days on Market935
Property Features for 1661 MCCONIHE Street
General Information
Standard status
Active
Size
2,964 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,323
Building Details
Year Built
2022
Listing Agency:
WATSON REALTY CORP
(904) 641-9522
Listed By:
MAURICE MARTINEZ · License #3321520
(904) 228-1518
Source:
Exitrealty
Added: Feb 12, 2024
Changed: Sep 2
Last Checked: Sep 2 at 4:41PM
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 WATSON REALTY CORP
Investment Insights
Based on property information with market context.
Built in 2022, this duplex contains 2,964 square feet across two residential units. Both units are available for viewing, allowing prospective buyers to inspect the full property configuration.
The property is located at 1661 McConihe Street in Jacksonville, Florida, one block from Edward Waters University. TIAA BANK Stadium is a 9-minute drive away, while Jacksonville International Airport is 18 minutes from the property.
The property is located at 1661 McConihe Street in Jacksonville, Florida, one block from Edward Waters University. TIAA BANK Stadium is a 9-minute drive away, while Jacksonville International Airport is 18 minutes from the property.
Key Highlights
- 2022 construction year
- 2,964 SF duplex with two units
- One block from Edward Waters University
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
$27,831
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
5.06%
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%
$556,620
$556.6K
Cap Rate 7%
$397,586
$397.6K
Cap Rate 9%
$309,233
$309.2K
Market Conditions
NOI Build-Up for 2,964 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
$43.7K $14.76/SF
− Vacancy
−$4.0K −$1.35/SF
EGI
$39.8K $13.41/SF
− OpEx
−$11.9K −$4.02/SF
NOI
$27.8K $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%
$556,620
Cap Rate 7%
$397,586
Cap Rate 9%
$309,233
Alternative Uses
Best Use
Multifamily LT 5
$397.6K
$347.9K – $463.9K
NOI $27,831 @ 7.0% cap · market cap 5.06%
Second Best
Apartment 5plus
$313.3K
$274.1K – $365.5K
NOI $21,929 @ 7.0% cap · market cap 3.99%
Theoretical Best
Office A
$812.0K
$710.5K – $947.3K
NOI $56,838 @ 7.0% cap · market cap 10.33%
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
584
Businesses Nearby
Explore this area
Business Placement
Demographics for 32209, FL
36,656
Population
17,706
Households
2.1
Avg Household Size
37
Median Age
12%
College-Educated
82%
High-School Grad
9.3 sq mi
ZIP Area
3,942
Density / Sq Mi
$29,468
Median Household Income
$26,435
Median Earnings
$1,042
Median Rent
$92,300
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?
Duplex - Both residences are available for viewing by appointment.
Where is this duplex located?
The property is located at 1661 MCCONIHE Street Jacksonville, FL.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 2022 construction year; 2,964 SF duplex with two units; One block from Edward Waters University
