Four-Unit Multifamily
For Sale
$320,000
Pending
2943 Thomas St, Jacksonville, FL 32254
Income-producing residential property with four two-bedroom units and separate utility metering.
Property Size2,448 SF
Days on Market1666
Property Features for 2943 Thomas St
General Information
Standard status
Pending
Size
2,448 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Gross Income
$31,800
Listing Agency:
MOMENTUM REALTY
(386) 227-8362
Listed By:
DEVON WATKINS
(386) 227-8362
Source:
Exprealty
Added: Jan 31, 2022
Changed: Aug 22
Last Checked: Aug 23 at 5:05AM
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 MOMENTUM REALTY
Investment Insights
Based on property information with market context.
This four-unit multifamily property contains 2,448 square feet and is configured with four residential units, each offering two bedrooms and one bathroom. The units were leased through January 2023, and tenants were responsible for their own utilities under the stated arrangement.
The property includes three separate electrical meters and three separate water meters. A roof replacement completed in 2018 is a notable capital improvement for the building.
The property includes three separate electrical meters and three separate water meters. A roof replacement completed in 2018 is a notable capital improvement for the building.
Key Highlights
- Four residential units, each with 2 bedrooms and 1 bathroom
- 2,448 square feet of multifamily property
- Three separate electrical meters and three separate water meters
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
$22,986
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
7.18%
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%
$459,720
$459.7K
Cap Rate 7%
$328,371
$328.4K
Cap Rate 9%
$255,400
$255.4K
Market Conditions
NOI Build-Up for 2,448 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
$36.1K $14.76/SF
− Vacancy
−$3.3K −$1.35/SF
EGI
$32.8K $13.41/SF
− OpEx
−$9.9K −$4.02/SF
NOI
$23.0K $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%
$459,720
Cap Rate 7%
$328,371
Cap Rate 9%
$255,400
Alternative Uses
Best Use
Multifamily LT 5
$328.4K
$287.3K – $383.1K
NOI $22,986 @ 7.0% cap · market cap 7.18%
Second Best
Apartment 5plus
$258.7K
$226.4K – $301.9K
NOI $18,111 @ 7.0% cap · market cap 5.66%
Theoretical Best
Office A
$670.6K
$586.8K – $782.4K
NOI $46,943 @ 7.0% cap · market cap 14.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
656
Businesses Nearby
Explore this area
Business Placement
Demographics for 32254, FL
14,545
Population
6,331
Households
2.3
Avg Household Size
37
Median Age
10%
College-Educated
73%
High-School Grad
12.4 sq mi
ZIP Area
1,173
Density / Sq Mi
$36,449
Median Household Income
$29,443
Median Earnings
$1,111
Median Rent
$85,100
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?
Quadplex - Income-producing residential property with four two-bedroom units and separate utility metering.
Where is this quadplex located?
The property is located at 2943 Thomas St Jacksonville, FL.
What is the asking price?
The asking price for this property is $320,000.
What are key features of this property?
This property features: Four residential units, each with 2 bedrooms and 1 bathroom; 2,448 square feet of multifamily property; Three separate electrical meters and three separate water meters
