Four-Unit Multifamily
New
For Sale
$500,000
45 W 10TH St, Jacksonville, FL 32206
Historic multifamily property with one-bedroom residences, off-street parking, and access to Jacksonville’s walkable Springfield neighborhood.
Property Size2,642 SF
Days on Market4
Property Features for 45 W 10TH St
General Information
Standard status
Active
Size
2,642 SF
Property subtype
Investment
Units
Unit Mix
4 x 1BR
Multifamily Units
4
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$9,815
Building Details
Building Size
2,642 SF
Year Built
1916
Stories
2
Units
4
Listed By:
KONT LECI · License #3365598
(904) 888-6446
Source:
Elliman
Added: Sep 8
Last Checked: Sep 10 at 10:24AM
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 KONT LECI
Investment Insights
Based on property information with market context.
This four-unit multifamily property in Jacksonville’s Historic Springfield neighborhood contains four one-bedroom residences. The building dates to 1916 and includes off-street parking, providing a practical amenity in an established urban setting.
The property is positioned near restaurants, coffee shops, breweries, local businesses, and destinations in Springfield and Downtown Jacksonville. WalkScore is 74, identified as Very Walkable; TransitScore is 54, identified as Good Transit; and BikeScore is 62, identified as Bikeable.
The property is positioned near restaurants, coffee shops, breweries, local businesses, and destinations in Springfield and Downtown Jacksonville. WalkScore is 74, identified as Very Walkable; TransitScore is 54, identified as Good Transit; and BikeScore is 62, identified as Bikeable.
Key Highlights
- Four 1‑bedroom residences within a single multifamily property
- Built in 1916
- Off‑street parking included
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
$24,808
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
4.96%
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%
$496,160
$496.2K
Cap Rate 7%
$354,400
$354.4K
Cap Rate 9%
$275,644
$275.6K
Market Conditions
NOI Build-Up for 2,642 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
$39.0K $14.76/SF
− Vacancy
−$3.6K −$1.35/SF
EGI
$35.4K $13.41/SF
− OpEx
−$10.6K −$4.02/SF
NOI
$24.8K $9.39/SF
Area
Jacksonville, FL
Vacancy
9.12%
Lease Rate
$14.76 /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%
$496,160
Cap Rate 7%
$354,400
Cap Rate 9%
$275,644
Alternative Uses
Best Use
Multifamily LT 5
$354.4K
$310.1K – $413.5K
NOI $24,808 @ 7.0% cap · market cap 4.96%
Second Best
Apartment 5plus
$279.2K
$244.3K – $325.8K
NOI $19,546 @ 7.0% cap · market cap 3.91%
Theoretical Best
Office A
$723.8K
$633.3K – $844.4K
NOI $50,663 @ 7.0% cap · market cap 10.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
177
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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?
Quadplex - Historic multifamily property with one-bedroom residences, off-street parking, and access to Jacksonville’s walkable Springfield neighborhood.
Where is this quadplex located?
The property is located at 45 W 10TH St Jacksonville, FL.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Four 1‑bedroom residences within a single multifamily property; Built in 1916; Off‑street parking included
