Two-Unit Residential Income
For Sale
$250,000
1956 Phoenix Ave, Jacksonville, FL 32206
Separate living units support owner occupancy or rental use near downtown Jacksonville.
Property Size1,728 SF
Price / SF$144.68
Days on Market288
Property Features for 1956 Phoenix Ave
General Information
Standard status
Active
Size
1,728 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1909
Buildings
1
Listing Agency:
KELLER WILLIAMS FIRST COAST REALTY
(904) 229-2619
Listed By:
ERIC RICE · License #3421048
Source:
Myfirstcoasthomesearch
Added: Nov 15, 2025
Changed: Aug 29
Last Checked: Aug 25 at 7:14AM
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 1909, this duplex contains two residential units with functional layouts and comfortable living areas. The configuration supports multiple occupancy approaches, including leasing both units or residing in one while using the other for rental purposes. The property information also identifies short-term rental use as a potential option.
The property is positioned near downtown Jacksonville, with access to local restaurants, shops, entertainment, and major roadways. The surrounding area is described as undergoing revitalization, with development activity and increasing dining and entertainment offerings.
The property is positioned near downtown Jacksonville, with access to local restaurants, shops, entertainment, and major roadways. The surrounding area is described as undergoing revitalization, with development activity and increasing dining and entertainment offerings.
Key Highlights
- Duplex with two residential units
- Built in 1909
- Functional layouts with comfortable living areas
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
$16,225
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
6.49%
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%
$324,500
$324.5K
Cap Rate 7%
$231,786
$231.8K
Cap Rate 9%
$180,278
$180.3K
Market Conditions
NOI Build-Up for 1,728 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
$25.5K $14.76/SF
− Vacancy
−$2.3K −$1.35/SF
EGI
$23.2K $13.41/SF
− OpEx
−$7.0K −$4.02/SF
NOI
$16.2K $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%
$324,500
Cap Rate 7%
$231,786
Cap Rate 9%
$180,278
Alternative Uses
Best Use
Multifamily LT 5
$231.8K
$202.8K – $270.4K
NOI $16,225 @ 7.0% cap · market cap 6.49%
Second Best
Apartment 5plus
$182.6K
$159.8K – $213.1K
NOI $12,784 @ 7.0% cap · market cap 5.11%
Theoretical Best
Office A
$473.4K
$414.2K – $552.3K
NOI $33,136 @ 7.0% cap · market cap 13.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
583
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 - Separate living units support owner occupancy or rental use near downtown Jacksonville.
Where is this duplex located?
The property is located at 1956 Phoenix Ave Jacksonville, FL.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Duplex with two residential units; Built in 1909; Functional layouts with comfortable living areas
