Historic Apartment Building with Rear
For Sale
$550,000
324 E 7th St, Jacksonville, FL 32206
Six rentable units include a four-unit main residence and two rear homes.
Property Size3,490 SF
Price / SF$157.59
Days on Market17
Property Features for 324 E 7th St
General Information
Standard status
Active
Size
3,490 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
One of the rear homes has been fully renovated, adding immediate appeal. The property also includes a private alley-access driveway leading to a two-car garage, which is part of the third residential structure. Currently, one of the rear homes is tenant-occupied, providing instant rental income. Ideal as an investment property, all six units can be rented to maximize income potential. Alternatively, this versatile estate offers multiple living configurations--convert the main house into a duplex and live in the upper level while generating income from the remaining units, or create a spacious single-family compound with separate accommodations perfect for extended family, guests, or a live-in nanny.
Additional Details
Multifamily Units
6
Amenities
screened front porch
screened sleeping porch
sun porch
private alley-access driveway
two-car garage
Building Details
Year Built
1909
Buildings
3
Listing Agency:
BERKSHIRE HATHAWAY HOMESERVICES FLORIDA NETWORK REALTY
(904) 334-6465
Listed By:
HAROLD McCART, III
Source:
Onewinningteam
Added: Aug 16
Changed: Aug 29
Last Checked: Aug 31 at 6:58PM
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.
This 1909 multifamily property in Jacksonville’s Historic Springfield district combines a four-unit main residence with two additional rear homes, creating six rentable units. Each apartment in the primary residence has one bedroom and one bathroom. Interior character includes a screened front porch, a second-floor sleeping porch, and a sun porch with French windows.
The roof on the main residence was replaced in 2019, while the garage apartment has a metal roof. One rear home has been fully renovated; two units need kitchen updates, and one bathroom requires sink repair or replacement. A private alley-access driveway leads to a two-car garage within the third residential structure. One rear home is currently tenant-occupied. The property also supports alternative configurations, including owner occupancy in the upper level of a converted main-house duplex or use as a compound with separate accommodations.
The roof on the main residence was replaced in 2019, while the garage apartment has a metal roof. One rear home has been fully renovated; two units need kitchen updates, and one bathroom requires sink repair or replacement. A private alley-access driveway leads to a two-car garage within the third residential structure. One rear home is currently tenant-occupied. The property also supports alternative configurations, including owner occupancy in the upper level of a converted main-house duplex or use as a compound with separate accommodations.
Key Highlights
- Six rentable units: a four‑unit main residence plus two rear homes
- Each apartment in the main residence has 1 bedroom and 1 bathroom
- Main residence 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
Lease Details
6
Residential units
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 - Six rentable units include a four-unit main residence and two rear homes.
Where is this apartment building located?
The property is located at 324 E 7th St 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 rentable units: a four‑unit main residence plus two rear homes; Each apartment in the main residence has 1 bedroom and 1 bathroom; Main residence roof replaced in 2019; garage apartment has a metal roof
