Jacksonville Multifamily Investment
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2325-2353 Spring Park Rd, Jacksonville, FL 32207
10-unit multifamily property with expansion potential in Jacksonville, Florida.
Property Size8,417 SF
Lot Size2.25 Acres
Price / SF$177.62
Days on Market192
Property Features for 2325-2353 Spring Park Rd
General Information
Standard status
Active
Size
8,417 SF
Lot size
2.25 Acres
Property subtype
Multifamily
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$119,460
Building Details
Year Renovated
2024
Buildings
3
Units
10
Listing Agency:
eXp Realty BKNY
(631) 627-4837
Listed By:
Wilson Zorrilla · License #10401251534
Source:
Crexi
Added: Feb 2
Changed: Aug 7
Last Checked: Aug 12 at 11:17AM
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 eXp Realty BKNY
Investment Insights
Based on property information with market context.
This 10-unit multi-family property in Jacksonville, Florida, is situated on 2.25 acres across four parcels. The property, located at 2325, 2341, 0, and 2353 Spring Park Road, comprises a mix of 5 one-bedroom units, 2 studios, and 3 two-bedroom units, distributed among three buildings. The layout includes a quadplex at 2325 Spring Park Rd, a single-family home at 2341 Spring Park Rd, and a five-unit building at 2353 Spring Park Rd. The property is located minutes from downtown Jacksonville, the San Marco district, and the Riverside area, providing access to shopping, dining, entertainment, and major employment hubs. The property currently generates $146,000 in annual revenue with long-term tenants. The property has updated electrical and plumbing systems. There are approved plans to expand by adding 24 more units, requiring demolition of the single-family structure. The property size is 8417 square feet.
Key Highlights
- High annual revenue of $146,000 with stable, long‑term tenants, providing immediate cash flow.
- Approved plans to add 24 more units, offering significant development and value‑add potential.
- Prime location minutes from downtown Jacksonville, San Marco, and Riverside, with easy access to amenities and employment.
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
$62,272
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
4.17%
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%
$1,245,440
$1.2M
Cap Rate 7%
$889,600
$889.6K
Cap Rate 9%
$691,911
$691.9K
Market Conditions
NOI Build-Up for 8,417 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
$125.2K $14.88/SF
− Vacancy
−$12.0K −$1.43/SF
EGI
$113.2K $13.45/SF
− OpEx
−$50.9K −$6.05/SF
NOI
$62.3K $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%
$1,245,440
Cap Rate 7%
$889,600
Cap Rate 9%
$691,911
Alternative Uses
Best Use
Apartment 5plus
$889.6K
$778.4K – $1.04M
NOI $62,272 @ 7.0% cap · market cap 4.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.31M
$2.02M – $2.69M
NOI $161,404 @ 7.0% cap · market cap 10.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
795
Businesses Nearby
Explore this area
Business Placement
Demographics for 32207, FL
36,207
Population
18,866
Households
1.9
Avg Household Size
39
Median Age
38%
College-Educated
86%
High-School Grad
11.4 sq mi
ZIP Area
3,176
Density / Sq Mi
$60,875
Median Household Income
$45,478
Median Earnings
$1,139
Median Rent
$254,800
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 - 10-unit multifamily property with expansion potential in Jacksonville, Florida.
Where is this apartment building located?
The property is located at 2325-2353 Spring Park Rd Jacksonville, FL.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: High annual revenue of $146,000 with stable, long‑term tenants, providing immediate cash flow.; Approved plans to add 24 more units, offering significant development and value‑add potential.; Prime location minutes from downtown Jacksonville, San Marco, and Riverside, with easy access to amenities and employment.
