Ocean View Multifamily on
For Sale
$949,000
337 N Fletcher Avenue, Fernandina Beach, FL 32034
Four-unit multifamily property near the Atlantic Ocean.
Property Size3,164 SF
Price / SF$299.94
Days on Market167
Property Features for 337 N Fletcher Avenue
General Information
Standard status
Active
Size
3,164 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$13,561
Building Details
Building Size
3,164 SF
Year Built
1956
Buildings
1
Stories
2
Units
4
Listing Agency:
MCADOO MULTIFAMILY ADVISORS LLC
(904) 574-7400
Listed By:
STEVEN MICHAEL MCADOO · License #BK3445628
(904) 574-7400
Source:
Giffordproperties
Added: Mar 10
Changed: Aug 23
Last Checked: Aug 22 at 6:09PM
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 MCADOO MULTIFAMILY ADVISORS LLC
Investment Insights
Based on property information with market context.
This four-unit multifamily property offers ocean views and is located on the quiet North End of Amelia Island, one block from the Atlantic Ocean. The unit mix includes two 1-bedroom, 1-bathroom ground-floor units, one 2-bedroom, 1-bathroom unit, and one 2-bedroom, 2-bathroom upper unit. Summer lease expirations, month-to-month tenancy, and a vacant unit provide immediate flexibility for repositioning or renovation. The projected pro forma income is approximately $88,000 at market rents. Long-term rental inventory on Amelia Island is extremely limited. Tourism generated $1.2 billion in economic impact in 2023, a 21% increase since 2021, with operators reporting a near year-round visitor pattern. The median household income in Fernandina Beach is $92,535, and the average island household income is $135,075. The property is located minutes from Main Beach Park, Salt Life Food Shack, and The Sandbar, and a short drive to Historic Downtown Fernandina Beach. Mayport NAS is approximately 27 miles away, and Baptist Medical Center Nassau is 2.2 miles away. This coastal multifamily property is a rare find so close to the water on Amelia Island.
Key Highlights
- Ocean view multifamily property just one block from the Atlantic Ocean on Amelia Island.
- Projected pro forma income of ~$88,000 at market rents.
- Diverse unit mix with a vacant unit, offering immediate flexibility.
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
$28,037
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
2.95%
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%
$560,740
$560.7K
Cap Rate 7%
$400,529
$400.5K
Cap Rate 9%
$311,522
$311.5K
Market Conditions
NOI Build-Up for 3,164 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
$44.8K $14.16/SF
− Vacancy
−$4.7K −$1.50/SF
EGI
$40.1K $12.66/SF
− OpEx
−$12.0K −$3.80/SF
NOI
$28.0K $8.86/SF
Area
Nassau County, FL
Vacancy
10.60%
Lease Rate
$14.16 /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%
$560,740
Cap Rate 7%
$400,529
Cap Rate 9%
$311,522
Alternative Uses
Best Use
Multifamily LT 5
$400.5K
$350.5K – $467.3K
NOI $28,037 @ 7.0% cap · market cap 2.95%
Second Best
Apartment 5plus
$353.3K
$309.1K – $412.2K
NOI $24,730 @ 7.0% cap · market cap 2.61%
Theoretical Best
Office A
$844.0K
$738.5K – $984.6K
NOI $59,078 @ 7.0% cap · market cap 6.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
105
Businesses Nearby
Explore this area
Business Placement
Demographics for 32034, FL
38,167
Population
21,768
Households
1.8
Avg Household Size
56
Median Age
54%
College-Educated
97%
High-School Grad
65.0 sq mi
ZIP Area
587
Density / Sq Mi
$97,756
Median Household Income
$48,467
Median Earnings
$1,399
Median Rent
$484,200
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 - Four-unit multifamily property near the Atlantic Ocean.
Where is this quadplex located?
The property is located at 337 N Fletcher Avenue Fernandina Beach, FL.
What is the asking price?
The asking price for this property is $949,000.
What are key features of this property?
This property features: Ocean view multifamily property just one block from the Atlantic Ocean on Amelia Island.; Projected pro forma income of ~$88,000 at market rents.; Diverse unit mix with a vacant unit, offering immediate flexibility.
