Dual-Key Short-Term Rental
For Sale
$270,000
311 W Ashley Street #701 A&B, Jacksonville, FL 32202
Furnished condominium with two private units, a shared entry, and amenities suited to short- and mid-term stays.
Property Size1,026 SF
Days on Market63
Property Features for 311 W Ashley Street #701 A&B
General Information
Standard status
Active
Size
1,026 SF
Elevators
Yes
Property subtype
Residential Income
Zoning
Condominium
Additional Details
Furnished
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,133
Amenities
fitness center
clubhouse
key-card entry
laundry
Building Details
Building Size
1,026 SF
Year Built
1949
Buildings
1
Stories
1
Units
2
Listing Agency:
JPAR CITY AND BEACH
(904) 370-3500
Listed By:
Amber L'Esperance · License #3370601
Source:
Modernrealtyputnam
Added: Jun 6
Changed: Aug 7
Last Checked: Aug 7 at 3:08AM
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 JPAR CITY AND BEACH
Investment Insights
Based on property information with market context.
This 7th-floor corner condominium at Residences at City Place contains two private furnished units behind one main entry, creating a dual-key layout within a single deeded parcel. The larger residence is a one-bedroom corner suite, and the property includes access to a fitness center, clubhouse, elevators, key-card entry, and laundry facilities. Built in 1949, the condominium is zoned Condominium and is positioned for short- or mid-term rental use, including Airbnb, Furnished Finder, and VRBO.
The property is located in Downtown Jacksonville near EverBank Stadium, Daily's Place, VyStar Arena, UF Health, and the Federal Courthouse. It includes two keys with potential for four total keys through the referenced additional unit. The source materials report an 8.28% proforma cap rate and identify the property as suitable for a 1031 exchange.
The property is located in Downtown Jacksonville near EverBank Stadium, Daily's Place, VyStar Arena, UF Health, and the Federal Courthouse. It includes two keys with potential for four total keys through the referenced additional unit. The source materials report an 8.28% proforma cap rate and identify the property as suitable for a 1031 exchange.
Key Highlights
- 7th‑floor corner condominium at Residences at City Place
- Two private furnished units behind one main entry
- 8.28% proforma cap rate
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
$7,591
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
2.81%
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%
$151,820
$151.8K
Cap Rate 7%
$108,443
$108.4K
Cap Rate 9%
$84,344
$84.3K
Market Conditions
NOI Build-Up for 1,026 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
$15.3K $14.88/SF
− Vacancy
−$1.5K −$1.43/SF
EGI
$13.8K $13.45/SF
− OpEx
−$6.2K −$6.05/SF
NOI
$7.6K $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%
$151,820
Cap Rate 7%
$108,443
Cap Rate 9%
$84,344
Alternative Uses
Best Use
Apartment 5plus
$108.4K
$94.9K – $126.5K
NOI $7,591 @ 7.0% cap · market cap 2.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$281.1K
$245.9K – $327.9K
NOI $19,675 @ 7.0% cap · market cap 7.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,330
Businesses Nearby
Explore this area
Business Placement
Demographics for 32202, FL
6,544
Population
2,789
Households
2.3
Avg Household Size
38
Median Age
17%
College-Educated
78%
High-School Grad
2.0 sq mi
ZIP Area
3,272
Density / Sq Mi
$40,070
Median Household Income
$30,938
Median Earnings
$1,024
Median Rent
$229,100
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?
Short term rental property - Furnished condominium with two private units, a shared entry, and amenities suited to short- and mid-term stays.
Where is this short term rental property located?
The property is located at 311 W Ashley Street #701 A&B Jacksonville, FL.
What is the asking price?
The asking price for this property is $270,000.
What are key features of this property?
This property features: 7th‑floor corner condominium at Residences at City Place; Two private furnished units behind one main entry; 8.28% proforma cap rate
