5-Unit Apartment
For Sale
$609,500
2022 Dellwood Ave Unit 1-5, Jacksonville, FL 32204
Historic multifamily property near Riverside’s retail, dining, park, and cultural attractions.
Property Size3,236 SF
Price / SF$188.35
Days on Market103
Property Features for 2022 Dellwood Ave Unit 1-5
General Information
Standard status
Active
Size
3,236 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
5
Building Details
Year Built
1922
Listing Agency:
JWB REALTY LLC
Listed By:
NANCY LEHMBECK · License #SL644371
Source:
Jacksonvilleflhomeguide
Added: May 22
Changed: Aug 31
Last Checked: Aug 31 at 5:49PM
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 JWB REALTY LLC
Investment Insights
Based on property information with market context.
Built in 1922, this five-unit apartment property at 2022 Dellwood Avenue combines a vintage residential profile with an established multifamily configuration. The building contains 3,236 square feet and is identified as Units 1–5, providing a compact apartment asset in Jacksonville’s Riverside area.
The property is positioned within the Riverside historic district, with nearby access to Five Points retail and dining, Riverside Park, and the Cummer Museum of Art and Gardens. Downtown Jacksonville, Ascension St. Vincent’s Riverside, and local colleges are also identified as nearby employment and institutional destinations.
The property is positioned within the Riverside historic district, with nearby access to Five Points retail and dining, Riverside Park, and the Cummer Museum of Art and Gardens. Downtown Jacksonville, Ascension St. Vincent’s Riverside, and local colleges are also identified as nearby employment and institutional destinations.
Key Highlights
- Five‑unit apartment property identified as Units 1–5
- 3,236‑square‑foot multifamily building
- Constructed in 1922
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
$23,941
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
3.93%
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%
$478,820
$478.8K
Cap Rate 7%
$342,014
$342.0K
Cap Rate 9%
$266,011
$266.0K
Market Conditions
NOI Build-Up for 3,236 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
$48.2K $14.88/SF
− Vacancy
−$4.6K −$1.43/SF
EGI
$43.5K $13.45/SF
− OpEx
−$19.6K −$6.05/SF
NOI
$23.9K $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 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%
$478,820
Cap Rate 7%
$342,014
Cap Rate 9%
$266,011
Alternative Uses
Best Use
Apartment 5plus
$342.0K
$299.3K – $399.0K
NOI $23,941 @ 7.0% cap · market cap 3.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$886.5K
$775.7K – $1.03M
NOI $62,054 @ 7.0% cap · market cap 10.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
2,319
Businesses Nearby
Explore this area
Business Placement
Demographics for 32204, FL
8,673
Population
5,342
Households
1.6
Avg Household Size
39
Median Age
41%
College-Educated
88%
High-School Grad
2.7 sq mi
ZIP Area
3,212
Density / Sq Mi
$54,462
Median Household Income
$47,872
Median Earnings
$1,132
Median Rent
$342,700
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?
Apartment building - Historic multifamily property near Riverside’s retail, dining, park, and cultural attractions.
Where is this apartment building located?
The property is located at 2022 Dellwood Ave Unit 1-5 Jacksonville, FL.
What is the asking price?
The asking price for this property is $609,500.
What are key features of this property?
This property features: Five‑unit apartment property identified as Units 1–5; 3,236‑square‑foot multifamily building; Constructed in 1922
