Renovated Historic
For Sale
$445,000
Pending
1554 N MARKET Street, Jacksonville, FL 32206
Residential Income, Jacksonville, FL
Property Size2,388 SF
Lot Size0.07 Acres
Days on Market50
Property Features for 1554 N MARKET Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bathroom 3, Bedroom 4, Bathroom 1, Bedroom 3, Bathroom 2, Bathroom 4, Bedroom 2
Parking features
On Street
Exterior features
Balcony
Fireplace
1
Appliances
Dishwasher, Dryer, Electric Range, Electric Water Heater, Microwave, Refrigerator, Washer
Subdivision
Springfield
Lot features
Historic Area
Directions
East on Riverside Ave. to (becomes) Broad to R on 1st to L on Market to the corner of Market and 6th.
Standard status
Pending
APN
0712910000
Size
2,388 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4147
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
wood-burning fireplace
open-railed deck
garden-style Jacuzzi tub
Building Details
Year built
1914
Floors in Building
1
Number of units
2
Flooring type
Tile, Wood
Roof type
Metal
Listing Agency:
TRADITIONS REALTY LLC
(904) 683-5230
Listed By:
BETH KING · License #3154601
(904) 705-7154
Added: Jul 15
Changed: Sep 2
Last Checked: Sep 2 at 1:06PM
MLS# 2155537
Copyright © 2026 realMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,388-square-foot duplex contains two residences, each with two bedrooms, two bathrooms, living space, an eat-in kitchen, and central heating and air-conditioning. Improvements completed in 2009 and 2010 included new insulation, electrical wiring, plumbing, drywall, windows, fixtures, structural repairs, and a metal roof. The property also includes laminate and tile flooring, updated appliances, a wood-burning fireplace, an open-railed deck, and a primary suite with a garden-style Jacuzzi tub and closet system.
The two residences have separate addresses at 1554 N. Market Street and 136 E. 6th Street in Jacksonville’s Historic Springfield neighborhood. The 0.07-acre property has public water and sewer service, cable availability, and on-street parking. Both central HVAC systems have been replaced recently, while the downstairs unit has received new interior paint and updated appliances.
The two residences have separate addresses at 1554 N. Market Street and 136 E. 6th Street in Jacksonville’s Historic Springfield neighborhood. The 0.07-acre property has public water and sewer service, cable availability, and on-street parking. Both central HVAC systems have been replaced recently, while the downstairs unit has received new interior paint and updated appliances.
Key Highlights
- 2,388‑square‑foot duplex on a 0.07‑acre lot
- Two residences, each with 2 bedrooms and 2 bathrooms
- Renovation work completed in 2009 and 2010
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
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,149
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 residences offer updated systems, central HVAC, separate addresses, and classic neighborhood character.
Where is this duplex located?
The property is located at 1554 N MARKET Street 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 on a 0.07‑acre lot; Two residences, each with 2 bedrooms and 2 bathrooms; Renovation work completed in 2009 and 2010
