Single-Story 24-Unit Apartment
1515 Pullen Rd Jacksonville, FL 32216
1515 Pullen Rd, Jacksonville, FL, 32216
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For Sale
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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$187.97
Days on Market111
Property Features for 1515 Pullen Rd
General Information
- Standard status
- Active
- Size
- 15,960 SF
- Lot size
- 2.45 Acres
- Property subtype
- Multifamily
Building Details
- Year Built
- 1978
Listing agency
McAdoo Multifamily Advisors
Listed by
Steven McAdoo · License #BK3445628
Source
Crexi
Added: Apr 2 Updated: Jul 20 at 7:14PM Checked: Jul 21 at 5:16AM
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)
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $237.5k | $14.88 |
| − Vacancy | −$22.8k | −$1.43 |
| EGI | $214.7k | $13.45 |
| − OpEx | −$96.6k | −$6.05 |
| NOI | $118.1k | $7.40 |
15,960 SF · lease $14.88/SF/yr · vacancy 9.60% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.69M
$1.48M – $1.97M
NOI $118,077 @ 7.0% cap · market cap 3.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.37M
$3.83M – $5.10M
NOI $306,049 @ 7.0% cap · market cap 10.20%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Blanchard Apartments
Apartment Complex
Similar For Sale Nearby
FAQs
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 $3,000,000.
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)
