Two-Property Multifamily
For Sale
$600,000
Pending
2892 College St, Jacksonville, FL 32205
20-unit masonry rental portfolio with fully upgraded interiors, in-unit washer/dryer, and separately metered utilities.
Property Size2,828 SF
Days on Market134
Property Features for 2892 College St
General Information
Standard status
Pending
Size
2,828 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Business Included
Yes
Multifamily Units
20
Building Details
Year Built
1927
Tenancy
Multi
Listing Agency:
MCADOO MULTIFAMILY ADVISORS LLC
Listed By:
STEVEN MICHAEL MCADOO · License #BK3445628
(904) 574-7400
Source:
Myfirstcoasthomesearch
Added: May 4
Changed: Sep 10
Last Checked: Sep 13 at 12:10PM
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 MCADOO MULTIFAMILY ADVISORS LLC
Investment Insights
Based on property information with market context.
The Rubel & College Portfolio is a 20-unit, two-property multifamily offering consisting of two masonry buildings. The mix totals sixteen studios and four one-bedroom units. Ownership has invested more than $400,000 in interior and systems upgrades, and units feature quartz counters, shaker cabinetry, tile finishes, and in-unit washer/dryer. Utilities are separately metered and paid directly by tenants. Most windows have been replaced, and the roof replacements were completed in 2017 and 2020.
The portfolio is located in Jacksonville’s Riverside Historic District, with proximity to Ascension St. Vincent’s Riverside and minutes to Five Points, Brooklyn, and Downtown. The properties are situated in an urban-core area that the remarks describe as having more than $5 billion in announced development.
For buyers or operators seeking a manageable, turn-key style portfolio, the combination of unit finishes, in-unit laundry, and recent roof and window work supports leasing-ready operations. Current remarks indicate total monthly revenue of approximately $21,000 at full occupancy. Pricing on this listing is for one property, but both 2892 College and 931 Rubel must be purchased together.
The portfolio is located in Jacksonville’s Riverside Historic District, with proximity to Ascension St. Vincent’s Riverside and minutes to Five Points, Brooklyn, and Downtown. The properties are situated in an urban-core area that the remarks describe as having more than $5 billion in announced development.
For buyers or operators seeking a manageable, turn-key style portfolio, the combination of unit finishes, in-unit laundry, and recent roof and window work supports leasing-ready operations. Current remarks indicate total monthly revenue of approximately $21,000 at full occupancy. Pricing on this listing is for one property, but both 2892 College and 931 Rubel must be purchased together.
Key Highlights
- 20‑unit masonry multifamily portfolio in Jacksonville’s Riverside Historic District (two properties).
- Unit mix includes 16 studios and 4 one‑bedroom units.
- Interior and systems upgrades totaling over $400,000, with updated in‑unit finishes across the units.
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
$20,922
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
3.49%
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%
$418,440
$418.4K
Cap Rate 7%
$298,886
$298.9K
Cap Rate 9%
$232,467
$232.5K
Market Conditions
NOI Build-Up for 2,828 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
$42.1K $14.88/SF
− Vacancy
−$4.0K −$1.43/SF
EGI
$38.0K $13.45/SF
− OpEx
−$17.1K −$6.05/SF
NOI
$20.9K $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%
$418,440
Cap Rate 7%
$298,886
Cap Rate 9%
$232,467
Alternative Uses
Best Use
Apartment 5plus
$298.9K
$261.5K – $348.7K
NOI $20,922 @ 7.0% cap · market cap 3.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$774.7K
$677.9K – $903.8K
NOI $54,230 @ 7.0% cap · market cap 9.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
20
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,239
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - 20-unit masonry rental portfolio with fully upgraded interiors, in-unit washer/dryer, and separately metered utilities.
Where is this apartment building located?
The property is located at 2892 College St Jacksonville, FL.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: 20‑unit masonry multifamily portfolio in Jacksonville’s Riverside Historic District (two properties).; Unit mix includes 16 studios and 4 one‑bedroom units.; Interior and systems upgrades totaling over $400,000, with updated in‑unit finishes across the units.
