Four-Unit
For Sale
$535,000
2614 College Street 1-4, Jacksonville, FL 32204
Fully occupied residential income property with one-bedroom, one-bath layouts and documented updates to the roof and air conditioning.
Property Size2,892 SF
Price / SF$184.99
Days on Market41
Property Features for 2614 College Street 1-4
General Information
Standard status
Active
Size
2,892 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Additional Details
Gross Income
$48,000
Highway Access
Yes
Building Details
Year Built
1942
Buildings
1
Listing Agency:
CHRISTIE'S INTERNATIONAL REAL ESTATE FIRST COAST
(904) 563-5717
Listed By:
PAIGE COVINGTON · License #3264968
Source:
Onewinningteam
Added: Jul 22
Changed: Aug 29
Last Checked: Aug 30 at 8:39PM
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 CHRISTIE'S INTERNATIONAL REAL ESTATE FIRST COAST
Investment Insights
Based on property information with market context.
This 2,892-square-foot quadplex contains four residential units, each configured with one bedroom and one bathroom. Built in 1942, the property is currently fully occupied. County permit records indicate that the roof was replaced in 2014, and the air-conditioning unit serving Unit #4 was replaced in 2019.
The property is located at 2614 College Street in Jacksonville’s Riverside area, with proximity to downtown Jacksonville, the St. Johns River, and major highways. Its four-unit configuration and existing occupancy provide a straightforward multifamily layout for continued residential rental use.
The property is located at 2614 College Street in Jacksonville’s Riverside area, with proximity to downtown Jacksonville, the St. Johns River, and major highways. Its four-unit configuration and existing occupancy provide a straightforward multifamily layout for continued residential rental use.
Key Highlights
- Four 1‑bedroom/1‑bath units
- All 4 units currently occupied
- 2,892 SF quadplex built in 1942
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
$27,155
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
5.08%
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%
$543,100
$543.1K
Cap Rate 7%
$387,929
$387.9K
Cap Rate 9%
$301,722
$301.7K
Market Conditions
NOI Build-Up for 2,892 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
$42.7K $14.76/SF
− Vacancy
−$3.9K −$1.35/SF
EGI
$38.8K $13.41/SF
− OpEx
−$11.6K −$4.02/SF
NOI
$27.2K $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%
$543,100
Cap Rate 7%
$387,929
Cap Rate 9%
$301,722
Alternative Uses
Best Use
Multifamily LT 5
$387.9K
$339.4K – $452.6K
NOI $27,155 @ 7.0% cap · market cap 5.08%
Second Best
Apartment 5plus
$305.7K
$267.5K – $356.6K
NOI $21,396 @ 7.0% cap · market cap 4.00%
Theoretical Best
Office A
$792.2K
$693.2K – $924.3K
NOI $55,457 @ 7.0% cap · market cap 10.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,668
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?
Quadplex - Fully occupied residential income property with one-bedroom, one-bath layouts and documented updates to the roof and air conditioning.
Where is this quadplex located?
The property is located at 2614 College Street 1-4 Jacksonville, FL.
What is the asking price?
The asking price for this property is $535,000.
What are key features of this property?
This property features: Four 1‑bedroom/1‑bath units; All 4 units currently occupied; 2,892 SF quadplex built in 1942
