Brick Quadplex With Lobby
For Sale
$400,000
Pending
2622 Boulevard, Jacksonville, FL 32206
Occupied four-unit property with off-street parking, tenant-paid utilities, and documented electrical and roofing improvements.
Property Size3,594 SF
Days on Market30
Property Features for 2622 Boulevard
General Information
Standard status
Pending
Size
3,594 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Utilities to Site
Yes
Multifamily Units
4
Building Details
Year Built
1975
Buildings
1
Construction
brick
Listing Agency:
COLDWELL BANKER VANGUARD REALTY
Listed By:
TOBIN BOSSOLA · License #3164103
(904) 910-8084
Source:
Exitonestop
Added: Aug 4
Changed: Aug 31
Last Checked: Aug 30 at 5:58PM
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 COLDWELL BANKER VANGUARD REALTY
Investment Insights
Based on property information with market context.
This four-unit multifamily property was built in 1975 with an all-brick exterior and a shared lobby serving separately accessed residences. Each apartment has a private entry from the interior common area, while off-street parking supports the property. The exterior materials provide a straightforward maintenance profile.
The property is located at 2622 Boulevard in Jacksonville, Florida 32206. Current occupancy includes tenants in every unit, with several residents reported to have extended tenancies. Residents are responsible for their own utilities, and the property received electrical upgrades along with a roof replacement in 2020.
The property is located at 2622 Boulevard in Jacksonville, Florida 32206. Current occupancy includes tenants in every unit, with several residents reported to have extended tenancies. Residents are responsible for their own utilities, and the property received electrical upgrades along with a roof replacement in 2020.
Key Highlights
- Four‑unit multifamily property with all‑brick construction
- Private apartment entries accessed through a shared lobby
- Every unit occupied; many tenants have long‑term tenancies
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
8.44%
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 8.44%
Second Best
Apartment 5plus
$379.9K
$332.4K – $443.2K
NOI $26,590 @ 7.0% cap · market cap 6.65%
Theoretical Best
Office A
$984.6K
$861.5K – $1.15M
NOI $68,919 @ 7.0% cap · market cap 17.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,017
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 off-street parking, tenant-paid utilities, and documented electrical and roofing improvements.
Where is this quadplex located?
The property is located at 2622 Boulevard Jacksonville, FL.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Four‑unit multifamily property with all‑brick construction; Private apartment entries accessed through a shared lobby; Every unit occupied; many tenants have long‑term tenancies
