Two-Building Apartment Complex with
For Sale
Contact for pricing
35 Dufferin St, St Augustine, FL 32084
Class C multifamily property with 26 units across two concrete block buildings and private surface tenant parking.
Property Size16,103 SF
Price / SF$248.40
Days on Market52
Property Features for 35 Dufferin St
General Information
Standard status
Active
Size
16,103 SF
Class
C
Total Parking Spaces
30
Property subtype
Multifamily
Zoning
RS-1, Residential, Single Family-one
Occupancy
95%
Net Operating Income
$194,661
Building Details
Year Built
1946
Buildings
2
Stories
3
Units
26
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Jacksonville
Listed By:
Allan Holbrook · License #FL BK579318
(904) 672-1439
Source:
Crexi
Added: Jul 21
Changed: Aug 28
Last Checked: Sep 10 at 8:54AM
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 Marcus & Millichap - Jacksonville
Investment Insights
Based on property information with market context.
The Flamingo Apartments is a 3-story, Class C apartment complex with 24 units and a separate rear building that adds two additional units, for a total of 26 apartments. The property includes two buildings built in 1946 with solid concrete block construction and concrete stucco exterior walls. Roofs are framed with wood truss and covered with composite shingles, and unit floorplans vary in design. The complex provides a laundry room with two coin-operated washers and dryers that run on propane gas. The buildings include individually metered units, and the landlord pays for water, sewer, and trash while tenants pay electric, cable, and internet.
The property is located on a secluded street in Historic Saint Augustine, Florida, on 1.42 acres. Parking is provided as 30 free surface private spaces for tenants, noted as a premium in the area where parking is scarce. Zoning is RS-1, Residential, Single Family-one.
The separate smaller rear building totals 1,629 gross square feet and could be converted into a clubhouse with a swimming pool and patio, plus additional outdoor and fitness amenities including a conversational fire pit and BBQ area, exercise room, and pickleball courts.
The property is located on a secluded street in Historic Saint Augustine, Florida, on 1.42 acres. Parking is provided as 30 free surface private spaces for tenants, noted as a premium in the area where parking is scarce. Zoning is RS-1, Residential, Single Family-one.
The separate smaller rear building totals 1,629 gross square feet and could be converted into a clubhouse with a swimming pool and patio, plus additional outdoor and fitness amenities including a conversational fire pit and BBQ area, exercise room, and pickleball courts.
Key Highlights
- 24‑unit, 3‑story apartment complex built in 1946 on 1.42 acres in historic St. Augustine, FL
- Total of 26 units across two buildings, with 13,800 rentable SF in the main building (14,474 gross SF)
- Solid concrete block construction built by the Navy; concrete stucco exterior walls and composite shingle roof cover
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
$125,861
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
3.15%
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%
$2,517,220
$2.5M
Cap Rate 7%
$1,798,014
$1.8M
Cap Rate 9%
$1,398,456
$1.4M
Market Conditions
NOI Build-Up for 16,103 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
$253.1K $15.72/SF
− Vacancy
−$24.3K −$1.51/SF
EGI
$228.8K $14.21/SF
− OpEx
−$103.0K −$6.39/SF
NOI
$125.9K $7.82/SF
Area
St. Johns County, FL
Vacancy
9.60%
Lease Rate
$15.72 /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%
$2,517,220
Cap Rate 7%
$1,798,014
Cap Rate 9%
$1,398,456
Alternative Uses
Best Use
Apartment 5plus
$1.80M
$1.57M – $2.10M
NOI $125,861 @ 7.0% cap · market cap 3.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.30M
$3.76M – $5.01M
NOI $300,675 @ 7.0% cap · market cap 7.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
876
Businesses Nearby
Explore this area
Business Placement
Demographics for 32084, FL
34,526
Population
17,839
Households
1.9
Avg Household Size
45
Median Age
32%
College-Educated
91%
High-School Grad
45.1 sq mi
ZIP Area
766
Density / Sq Mi
$72,965
Median Household Income
$38,611
Median Earnings
$1,534
Median Rent
$295,000
Median Home Value
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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?
Apartment building - Class C multifamily property with 26 units across two concrete block buildings and private surface tenant parking.
Where is this apartment building located?
The property is located at 35 Dufferin St St Augustine, FL.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: 24‑unit, 3‑story apartment complex built in 1946 on 1.42 acres in historic St. Augustine, FL; Total of 26 units across two buildings, with 13,800 rentable SF in the main building (14,474 gross SF); Solid concrete block construction built by the Navy; concrete stucco exterior walls and composite shingle roof cover
