Single-Story 24-Unit Apartment
For Sale
Contact for pricing
1515 Pullen Rd, Jacksonville, FL 32216
Single-story 24-unit multifamily property with concrete block construction and a mix of one- and two-bedroom units.
Property Size15,960 SF
Lot Size2.45 Acres
Price / SF$156.64
Days on Market159
Property Features for 1515 Pullen Rd
General Information
Standard status
Active
Size
15,960 SF
Lot size
2.45 Acres
Property subtype
Multifamily
Zoning
RMD-B
Investment Type
Value Add
Additional Details
Multifamily Units
24
Building Details
Year Built
1978
Year Renovated
2024
Buildings
4
Stories
1
Units
24
Listing Agency:
McAdoo Multifamily Advisors
Listed By:
Steven McAdoo · License #BK3445628
(904) 574-7400
Source:
Crexi
Added: Apr 2
Changed: Sep 6
Last Checked: Sep 7 at 11:28AM
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 McAdoo Multifamily Advisors
Investment Insights
Based on property information with market context.
Blanchard Apartments is a single-story, concrete block multifamily community consisting of four buildings totaling 24 units on 2.45 acres. The unit mix includes 12 one-bedroom apartments and 12 two-bedroom apartments. Recent major improvements include brand-new roofs installed in 2024 and refreshed exterior paint. Approximately 30% of units have been renovated with a premium finish package that includes shaker cabinets, granite countertops, LVP flooring, stainless steel appliances, updated fixtures, and in-unit washer/dryers, while the remaining units present an ongoing renovation opportunity.
The property is located just off Beach Boulevard and University Boulevard in Jacksonville, offering quick access to Downtown Jacksonville, San Marco, EverBank Stadium, the St. Johns Town Center, and the Deerwood/Southside office corridor. It is also less than one mile from HCA Florida Memorial Hospital.
As an income-focused apartment community, the configuration and recent exterior capital work support straightforward operations across its four-building layout.
The property is located just off Beach Boulevard and University Boulevard in Jacksonville, offering quick access to Downtown Jacksonville, San Marco, EverBank Stadium, the St. Johns Town Center, and the Deerwood/Southside office corridor. It is also less than one mile from HCA Florida Memorial Hospital.
As an income-focused apartment community, the configuration and recent exterior capital work support straightforward operations across its four-building layout.
Key Highlights
- 24‑unit, single‑story multifamily community built in 1978 across four concrete block buildings
- Unit mix includes 12 one‑bedroom and 12 two‑bedroom apartments
- Set on 2.45 acres near HCA Florida Memorial Hospital (less than 1 mile)
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
$118,077
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
4.72%
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%
$2,361,540
$2.4M
Cap Rate 7%
$1,686,814
$1.7M
Cap Rate 9%
$1,311,967
$1.3M
Market Conditions
NOI Build-Up for 15,960 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
$237.5K $14.88/SF
− Vacancy
−$22.8K −$1.43/SF
EGI
$214.7K $13.45/SF
− OpEx
−$96.6K −$6.05/SF
NOI
$118.1K $7.40/SF
Area
Jacksonville, FL
Vacancy
9.60%
Lease Rate
$14.88 /SF/Yr
Expense Ratio
45.00%
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%
$2,361,540
Cap Rate 7%
$1,686,814
Cap Rate 9%
$1,311,967
Alternative Uses
Best Use
Apartment 5plus
$1.69M
$1.48M – $1.97M
NOI $118,077 @ 7.0% cap · market cap 4.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.37M
$3.83M – $5.10M
NOI $306,049 @ 7.0% cap · market cap 12.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
24
Residential units
Location Intelligence
Trade Area within ½ mile
1,346
Businesses Nearby
Explore this area
Business Placement
Demographics for 32216, FL
42,847
Population
19,796
Households
2.2
Avg Household Size
37
Median Age
32%
College-Educated
92%
High-School Grad
12.7 sq mi
ZIP Area
3,374
Density / Sq Mi
$63,253
Median Household Income
$44,078
Median Earnings
$1,311
Median Rent
$244,800
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?
Apartment building - Single-story 24-unit multifamily property with concrete block construction and a mix of one- and two-bedroom units.
Where is this apartment building located?
The property is located at 1515 Pullen Rd Jacksonville, FL.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 24‑unit, single‑story multifamily community built in 1978 across four concrete block buildings; Unit mix includes 12 one‑bedroom and 12 two‑bedroom apartments; Set on 2.45 acres near HCA Florida Memorial Hospital (less than 1 mile)
