All-Brick Quadplex with Lobby
New
For Sale
$425,000
2622 Blvd, Jacksonville, FL 32206
Occupied four-unit property with shared interior entry, off-street parking, and separately metered tenant utilities.
Property Size3,594 SF
Days on Market4
Property Features for 2622 Blvd
General Information
Standard status
Active
Size
3,594 SF
Property subtype
Investment
Occupancy
100%
Additional Details
Utilities to Site
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$4,164
Building Details
Building Size
3,594 SF
Year Built
1975
Buildings
1
Stories
1
Units
4
Construction
brick
Tenancy
Multi
Listing Agency:
Vanguard Realty, Inc.
(904) 910-8084
Listed By:
TOBIN BOSSOLA · License #3164103
Source:
Elliman
Added: Aug 8
Changed: Aug 10
Last Checked: Aug 10 at 6:51AM
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 Vanguard Realty, Inc.
Investment Insights
Based on property information with market context.
Built in 1975, this all-brick quadplex contains four occupied units arranged around a shared interior lobby, with private access points for each residence. Off-street parking supports the property, while the exterior materials are designed for straightforward maintenance. Tenants pay their own utilities, and many have remained in place for an extended period.
Property improvements include electrical upgrades and a new roof completed in 2020. The asset is located at 2622 Blvd in Jacksonville, Florida, with a Walk Score of 82, a bikeScore of 47, and a transitScore of 49. The combination of occupied units, interior circulation, parking, and recent capital work provides a clear overview of the property's existing configuration.
Property improvements include electrical upgrades and a new roof completed in 2020. The asset is located at 2622 Blvd in Jacksonville, Florida, with a Walk Score of 82, a bikeScore of 47, and a transitScore of 49. The combination of occupied units, interior circulation, parking, and recent capital work provides a clear overview of the property's existing configuration.
Key Highlights
- Four‑unit quadplex with all units currently occupied
- All‑brick exterior with off‑street parking
- Shared interior lobby provides access to each unit
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
$33,747
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
7.94%
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%
$674,940
$674.9K
Cap Rate 7%
$482,100
$482.1K
Cap Rate 9%
$374,967
$375.0K
Market Conditions
NOI Build-Up for 3,594 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
$53.0K $14.76/SF
− Vacancy
−$4.8K −$1.35/SF
EGI
$48.2K $13.41/SF
− OpEx
−$14.5K −$4.02/SF
NOI
$33.7K $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%
$674,940
Cap Rate 7%
$482,100
Cap Rate 9%
$374,967
Alternative Uses
Best Use
Multifamily LT 5
$482.1K
$421.8K – $562.5K
NOI $33,747 @ 7.0% cap · market cap 7.94%
Second Best
Apartment 5plus
$379.9K
$332.4K – $443.2K
NOI $26,590 @ 7.0% cap · market cap 6.26%
Theoretical Best
Office A
$984.6K
$861.5K – $1.15M
NOI $68,919 @ 7.0% cap · market cap 16.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
648
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?
Quadplex - Occupied four-unit property with shared interior entry, off-street parking, and separately metered tenant utilities.
Where is this quadplex located?
The property is located at 2622 Blvd Jacksonville, FL.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Four‑unit quadplex with all units currently occupied; All‑brick exterior with off‑street parking; Shared interior lobby provides access to each unit
