Six-Unit Apartment
For Sale
$550,000
324 E 7th Street, Jacksonville, FL 32206
1909 multifamily property with a quadplex, two rear residences, and alley access to a two-car garage.
Property Size3,490 SF
Days on Market181
Property Features for 324 E 7th Street
General Information
Standard status
Active
Size
3,490 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$3,155
Building Details
Building Size
3,490 SF
Year Built
1909
Stories
1
Units
6
Listing Agency:
BERKSHIRE HATHAWAY HOMESERVICES FLORIDA NETWORK REALTY
(904) 334-6465
Listed By:
HAROLD McCART, III
(904) 334-6465
Source:
Modernrealtyputnam
Added: Feb 20
Changed: Aug 13
Last Checked: Aug 19 at 3:10PM
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 BERKSHIRE HATHAWAY HOMESERVICES FLORIDA NETWORK REALTY
Investment Insights
Based on property information with market context.
Constructed in 1909, this multifamily property combines a four-unit main residence with two separate homes, creating six rentable units. Each apartment in the primary structure offers one bedroom and one bathroom. The property retains period details including a screened front porch, second-floor sleeping porch, and sun porch with French windows. A roof replacement was completed in 2019, while the garage apartment has a metal roof.
A private driveway from the alley leads to a two-car garage incorporated into the third residential structure. One rear residence is currently occupied by a tenant, and the other has undergone a full renovation. Two units require kitchen improvements, and one bathroom needs sink repair or replacement. The property is located at 324 E 7th Street in Jacksonville, within the Historic Springfield area.
A private driveway from the alley leads to a two-car garage incorporated into the third residential structure. One rear residence is currently occupied by a tenant, and the other has undergone a full renovation. Two units require kitchen improvements, and one bathroom needs sink repair or replacement. The property is located at 324 E 7th Street in Jacksonville, within the Historic Springfield area.
Key Highlights
- Six total rentable units across a main quadplex and two rear homes
- 1909 construction with screened porches and a sun porch featuring French windows
- Roof replaced in 2019; garage apartment has a metal 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
$25,820
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
4.69%
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%
$516,400
$516.4K
Cap Rate 7%
$368,857
$368.9K
Cap Rate 9%
$286,889
$286.9K
Market Conditions
NOI Build-Up for 3,490 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
$51.9K $14.88/SF
− Vacancy
−$5.0K −$1.43/SF
EGI
$46.9K $13.45/SF
− OpEx
−$21.1K −$6.05/SF
NOI
$25.8K $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%
$516,400
Cap Rate 7%
$368,857
Cap Rate 9%
$286,889
Alternative Uses
Best Use
Apartment 5plus
$368.9K
$322.8K – $430.3K
NOI $25,820 @ 7.0% cap · market cap 4.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$956.1K
$836.6K – $1.12M
NOI $66,924 @ 7.0% cap · market cap 12.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
749
Businesses Nearby
Explore this area
Business Placement
Demographics for 32206, FL
18,283
Population
9,415
Households
1.9
Avg Household Size
38
Median Age
21%
College-Educated
82%
High-School Grad
6.2 sq mi
ZIP Area
2,949
Density / Sq Mi
$37,585
Median Household Income
$34,353
Median Earnings
$866
Median Rent
$153,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 1909 multifamily property with a quadplex, two rear residences, and alley access to a two-car garage.
Where is this apartment building located?
The property is located at 324 E 7th Street Jacksonville, FL.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Six total rentable units across a main quadplex and two rear homes; 1909 construction with screened porches and a sun porch featuring French windows; Roof replaced in 2019; garage apartment has a metal roof
