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 Market205
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
Site & Location
Neighborhood
Hogan
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: Oct 15
Last Checked: Oct 23 at 3:21AM
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
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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 / Yr
$118,077
Cap Rate
4.72%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
24
Residential units
Location Intelligence
Trade Area within ½ mile
1,346
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
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)
