Renovated Duplex with Separate
For Sale
$445,000
Pending
1554 N Market St, Jacksonville, FL 32206
Two-bedroom residences offer updated systems, modern kitchens, and comfortable living areas in a walkable historic neighborhood.
Property Size2,388 SF
Days on Market55
Property Features for 1554 N Market St
General Information
Standard status
Pending
Size
2,388 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Building Details
Year Built
1914
Year Renovated
2010
Buildings
1
Listing Agency:
TRADITIONS REALTY LLC
Listed By:
BETH KING · License #3154601
(904) 705-7154
Source:
Jacksonvilleflhomeguide
Added: Jul 10
Changed: Sep 2
Last Checked: Sep 2 at 6:37PM
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 TRADITIONS REALTY LLC
Investment Insights
Based on property information with market context.
This 2,388-square-foot duplex contains two separate residences, each with two bedrooms and two bathrooms. The property was rebuilt during renovations completed in 2009 and 2010, including new insulation, electrical wiring, plumbing, drywall, windows, structural repairs, fixtures, and a metal roof. Both central heating and air-conditioning systems have also been replaced. Interior features include laminate flooring, tiled bathrooms, eat-in kitchens with refrigerators, ranges, disposals, and dishwashers, plus a wood-burning fireplace and open-railed deck. One primary suite includes a garden-style Jacuzzi tub and closet system.
The residences carry separate addresses at 1554 N. Market Street and 136 E. 6th Street in Jacksonville’s Historic Springfield neighborhood. On-street parking is available, and the property is near Strings Sports Brewery, 1748 Bakehouse, Wafaa & Mike’s Cafe, Crispy’s Springfield Gallery, and Silkie’s Chicken & Champagne Bar.
The residences carry separate addresses at 1554 N. Market Street and 136 E. 6th Street in Jacksonville’s Historic Springfield neighborhood. On-street parking is available, and the property is near Strings Sports Brewery, 1748 Bakehouse, Wafaa & Mike’s Cafe, Crispy’s Springfield Gallery, and Silkie’s Chicken & Champagne Bar.
Key Highlights
- 2,388‑square‑foot duplex with two separate residences
- Each residence includes 2 bedrooms and 2 bathrooms
- Renovations completed in 2009 and 2010 included structural, electrical, plumbing, insulation, and window improvements
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
$22,423
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
5.04%
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%
$448,460
$448.5K
Cap Rate 7%
$320,329
$320.3K
Cap Rate 9%
$249,144
$249.1K
Market Conditions
NOI Build-Up for 2,388 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
$35.2K $14.76/SF
− Vacancy
−$3.2K −$1.35/SF
EGI
$32.0K $13.41/SF
− OpEx
−$9.6K −$4.02/SF
NOI
$22.4K $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%
$448,460
Cap Rate 7%
$320,329
Cap Rate 9%
$249,144
Alternative Uses
Best Use
Multifamily LT 5
$320.3K
$280.3K – $373.7K
NOI $22,423 @ 7.0% cap · market cap 5.04%
Second Best
Apartment 5plus
$252.4K
$220.8K – $294.5K
NOI $17,667 @ 7.0% cap · market cap 3.97%
Theoretical Best
Office A
$654.2K
$572.4K – $763.2K
NOI $45,792 @ 7.0% cap · market cap 10.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,956
Businesses Nearby
Explore this area
Business Placement
Demographics for 32206, FL
18,283
Population
9,415
Households
1.9
Avg Household Size
38
Median Age
21%
College-Educated
82%
High-School Grad
6.2 sq mi
ZIP Area
2,949
Density / Sq Mi
$37,585
Median Household Income
$34,353
Median Earnings
$866
Median Rent
$153,500
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 - Two-bedroom residences offer updated systems, modern kitchens, and comfortable living areas in a walkable historic neighborhood.
Where is this duplex located?
The property is located at 1554 N Market St Jacksonville, FL.
What is the asking price?
The asking price for this property is $445,000.
What are key features of this property?
This property features: 2,388‑square‑foot duplex with two separate residences; Each residence includes 2 bedrooms and 2 bathrooms; Renovations completed in 2009 and 2010 included structural, electrical, plumbing, insulation, and window improvements
