Downtown
For Sale
$410,000
Pending
1562 Morgan St, Jacksonville, FL 32209
Four residential units provide a flexible configuration for rental use or an owner-occupied arrangement.
Property Size2,776 SF
Days on Market247
Property Features for 1562 Morgan St
General Information
Standard status
Pending
Size
2,776 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
4
Building Details
Year Built
1971
Listing Agency:
KELLER WILLIAMS FIRST COAST REALTY
(904) 229-2619
Listed By:
ERIC RICE · License #3421048
Source:
Jacksonvilleflhomeguide
Added: Dec 27, 2025
Changed: Aug 30
Last Checked: Aug 30 at 12:41AM
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 KELLER WILLIAMS FIRST COAST REALTY
Investment Insights
Based on property information with market context.
Built in 1971, this 2,776-square-foot residential income property contains four units in a quadplex configuration. The layout supports multiple rental residences and also accommodates an owner-occupant seeking to live on site while leasing the remaining units.
The property is located in downtown Jacksonville at 1562 Morgan St, near restaurants, shops, entertainment, and major employers. Its central setting places everyday services and employment destinations close to the residences, supporting practical tenant access and a flexible ownership profile.
The property is located in downtown Jacksonville at 1562 Morgan St, near restaurants, shops, entertainment, and major employers. Its central setting places everyday services and employment destinations close to the residences, supporting practical tenant access and a flexible ownership profile.
Key Highlights
- Four‑unit quadplex configuration
- 2,776 square feet of residential space
- Built in 1971
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
$26,066
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
6.36%
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%
$521,320
$521.3K
Cap Rate 7%
$372,371
$372.4K
Cap Rate 9%
$289,622
$289.6K
Market Conditions
NOI Build-Up for 2,776 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
$41.0K $14.76/SF
− Vacancy
−$3.7K −$1.35/SF
EGI
$37.2K $13.41/SF
− OpEx
−$11.2K −$4.02/SF
NOI
$26.1K $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%
$521,320
Cap Rate 7%
$372,371
Cap Rate 9%
$289,622
Alternative Uses
Best Use
Multifamily LT 5
$372.4K
$325.8K – $434.4K
NOI $26,066 @ 7.0% cap · market cap 6.36%
Second Best
Apartment 5plus
$293.4K
$256.7K – $342.3K
NOI $20,538 @ 7.0% cap · market cap 5.01%
Theoretical Best
Office A
$760.5K
$665.4K – $887.2K
NOI $53,233 @ 7.0% cap · market cap 12.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
810
Businesses Nearby
Explore this area
Business Placement
Demographics for 32209, FL
36,656
Population
17,706
Households
2.1
Avg Household Size
37
Median Age
12%
College-Educated
82%
High-School Grad
9.3 sq mi
ZIP Area
3,942
Density / Sq Mi
$29,468
Median Household Income
$26,435
Median Earnings
$1,042
Median Rent
$92,300
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?
Quadplex - Four residential units provide a flexible configuration for rental use or an owner-occupied arrangement.
Where is this quadplex located?
The property is located at 1562 Morgan St Jacksonville, FL.
What is the asking price?
The asking price for this property is $410,000.
What are key features of this property?
This property features: Four‑unit quadplex configuration; 2,776 square feet of residential space; Built in 1971
