Brick Apartment Building with River
For Sale
$1,300,000
2746 VERNON Terrace, Jacksonville, FL 32205
MULTI_FAMILY - Jacksonville, FL
Property Size5,270 SF
Lot Size0.47 Acres
Price / SF$246.68
Days on Market244
Property Features for 2746 VERNON Terrace
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 5, Bathroom 1, Bathroom 2, Bedroom 4, Bathroom 5, Bedroom 2, Bedroom 6, Bathroom 4, Bedroom 1, Bedroom 3, Bathroom 3, Bathroom 6
Parking features
Parking Lot, Off Street
Appliances
Electric Oven, Electric Range, Electric Water Heater
Subdivision
Riverside
Lot features
Dead End Street, Historic Area
View
River
Directions
St Johns Ave to South on Bayard Pl, left turn on to Vernon Terrace, house on Right at the end of the street.
Standard status
Active
APN
0778490000
Size
5,270 SF
Lot size
0.47 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
17856
Utilities
Utilities
Water Available
Heating system
Central
Cooling system
Central Air
Water source
Public
Water front features
River Front, Seawall
Water front
1
Amenities
laundry areas
Building Details
Year built
1938
Floors in Building
2
Number of units
6
Flooring type
Wood, Tile
Roof type
Shingle
Listing Agency:
SPECTRUM REALTY SERVICES
(904) 389-7311
Listed By:
KATIE L DOYLE
(904) 389-7311
Added: Dec 11, 2025
Changed: Aug 3
Last Checked: Aug 12 at 10:06PM
MLS# 2121273
Copyright © 2026 realMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Brick apartment building in Jacksonville with river frontage and a seawall. Built in 1938, the property consists of six 1-bedroom units and includes central heating and central air conditioning. Flooring features wood and tile, and the home is served by public water.
The property offers dedicated off-street parking in a parking lot. Riverfront features include River Front and Seawall. Tenants pay electric only.
Recent updates noted include a re-roof in 2021, along with light renovations. Updates include new bathroom vanities and several new water heaters, plus two laundry areas. Roof type is shingle. The property is offered as-is and tenants should not be disturbed.
The property offers dedicated off-street parking in a parking lot. Riverfront features include River Front and Seawall. Tenants pay electric only.
Recent updates noted include a re-roof in 2021, along with light renovations. Updates include new bathroom vanities and several new water heaters, plus two laundry areas. Roof type is shingle. The property is offered as-is and tenants should not be disturbed.
Key Highlights
- Six 1‑bedroom units in a brick apartment building
- Riverfront with seawall
- Re‑roof completed in 2021 (shingle roof)
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
$38,989
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
3.00%
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%
$779,780
$779.8K
Cap Rate 7%
$556,986
$557.0K
Cap Rate 9%
$433,211
$433.2K
Market Conditions
NOI Build-Up for 5,270 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
$78.4K $14.88/SF
− Vacancy
−$7.5K −$1.43/SF
EGI
$70.9K $13.45/SF
− OpEx
−$31.9K −$6.05/SF
NOI
$39.0K $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%
$779,780
Cap Rate 7%
$556,986
Cap Rate 9%
$433,211
Alternative Uses
Best Use
Apartment 5plus
$557.0K
$487.4K – $649.8K
NOI $38,989 @ 7.0% cap · market cap 3.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $101,058 @ 7.0% cap · market cap 7.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
2,196
Businesses Nearby
Explore this area
Business Placement
Demographics for 32205, FL
29,605
Population
16,188
Households
1.8
Avg Household Size
37
Median Age
36%
College-Educated
90%
High-School Grad
7.7 sq mi
ZIP Area
3,845
Density / Sq Mi
$60,609
Median Household Income
$43,122
Median Earnings
$1,190
Median Rent
$257,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Brick apartment building with river frontage, central HVAC, and off-street parking for tenant convenience.
Where is this apartment building located?
The property is located at 2746 VERNON Terrace Jacksonville, FL.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Six 1‑bedroom units in a brick apartment building; Riverfront with seawall; Re‑roof completed in 2021 (shingle roof)
