Historic Two-Unit
New
For Sale
$390,000
2987 COLLIER Avenue, Jacksonville, FL 32205
Both apartments have separate front and rear entrances, in-unit laundry, and individual living and sleeping areas.
Property Size1,316 SF
Days on Market3
Property Features for 2987 COLLIER Avenue
General Information
Standard status
Active
Size
1,316 SF
Property subtype
Duplex
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,230
Amenities
in-unit washer and dryers
electronic keyless entry
shared backyard
Building Details
Building Size
1,316 SF
Year Built
1926
Buildings
1
Construction
bungalow
Listing Agency:
COWFORD REALTY & DESIGN LLC
Listed By:
CARMEN GODWIN · License #SL3528670
(904) 708-0825
Source:
Houseandhavenrealty
Added: Oct 2
Changed: Oct 4
Last Checked: Oct 4 at 1:53PM
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 COWFORD REALTY & DESIGN LLC
Investment Insights
Based on property information with market context.
Built in 1926, this duplex contains two one-bedroom, one-bath apartments. Each unit has separate front and rear entrances, living and sleeping spaces, an office area, a kitchen, and in-unit washer and dryer. Original details include hardwood flooring, wood trim, glass doorknobs, and prairie-style windows; one apartment also has a decorative fireplace. Residents share a backyard.
The property is in the Riverside Avondale Historic District, within walking distance of Willowbranch Park and Library, Riverside Community Garden, and Peace Memorial Park & Labyrinth.
Improvements include CPVC water lines, PVC plumbing, replacement HVAC at 2987, a replacement water heater at 2989, painting, and a termite bond. The property has a history of low vacancy and rental operations.
The property is in the Riverside Avondale Historic District, within walking distance of Willowbranch Park and Library, Riverside Community Garden, and Peace Memorial Park & Labyrinth.
Improvements include CPVC water lines, PVC plumbing, replacement HVAC at 2987, a replacement water heater at 2989, painting, and a termite bond. The property has a history of low vacancy and rental operations.
Key Highlights
- Two one‑bedroom, one‑bath apartments
- Separate front and rear entrances for each apartment
- In‑unit washer and dryer in both 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
$12,357
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
3.17%
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%
$247,140
$247.1K
Cap Rate 7%
$176,529
$176.5K
Cap Rate 9%
$137,300
$137.3K
Market Conditions
NOI Build-Up for 1,316 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
$19.4K $14.76/SF
− Vacancy
−$1.8K −$1.35/SF
EGI
$17.7K $13.41/SF
− OpEx
−$5.3K −$4.02/SF
NOI
$12.4K $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%
$247,140
Cap Rate 7%
$176,529
Cap Rate 9%
$137,300
Alternative Uses
Best Use
Multifamily LT 5
$176.5K
$154.5K – $206.0K
NOI $12,357 @ 7.0% cap · market cap 3.17%
Second Best
Apartment 5plus
$139.1K
$121.7K – $162.3K
NOI $9,736 @ 7.0% cap · market cap 2.50%
Theoretical Best
Office A
$360.5K
$315.5K – $420.6K
NOI $25,236 @ 7.0% cap · market cap 6.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
723
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Both apartments have separate front and rear entrances, in-unit laundry, and individual living and sleeping areas.
Where is this duplex located?
The property is located at 2987 COLLIER Avenue Jacksonville, FL.
What is the asking price?
The asking price for this property is $390,000.
What are key features of this property?
This property features: Two one‑bedroom, one‑bath apartments; Separate front and rear entrances for each apartment; In‑unit washer and dryer in both units
