Two-Unit Duplex
For Sale
$350,000
Pending
616 & 618 MARTIN LUTHER KING JR Drive, Baldwin, FL 32234
Residential Income, Baldwin, FL
Property Size2,100 SF
Lot Size0.11 Acres
Days on Market47
Property Features for 616 & 618 MARTIN LUTHER KING JR Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 3, Bedroom 4, Bathroom 4, Bedroom 2
Parking
4
Parking features
Off Street
Appliances
Dishwasher, Electric Range, Electric Water Heater, Microwave, Refrigerator
Subdivision
Orange Blossom Park
Lot features
Cleared
Directions
Take I-10 W to US-301 N in Jacksonville. Take exit 343 from I-10 W. Follow US-301 N, W Beaver St/Lake City Rd and US-301 to MLK Jr in Baldwin
Standard status
Pending
APN
0004360035
Size
2,100 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
186
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air, Electric
Water source
Public
Building Details
Floors in Building
1
Number of units
2
Flooring type
Vinyl
Roof type
Shingle
Listing Agency:
UNITED REAL ESTATE GALLERY
(904) 500-3948
Listed By:
LISA BURSE · License #3523791
(904) 947-8201
Added: Jul 17
Changed: Aug 19
Last Checked: Sep 1 at 12:06AM
MLS# 2155924
Copyright © 2026 realMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex contains 2,100 square feet across two residences, with each unit measuring approximately 1,050 square feet and configured with 2 bedrooms and 2 bathrooms. Both units feature open-plan living areas, kitchens equipped with stainless steel appliances, ceiling fans, and private laundry rooms with utility sinks. Separate electric and water meters support distinct utility management for each residence.
The property occupies approximately 0.11 acres at 616 & 618 Martin Luther King Jr. Drive in Baldwin, Florida. Off-street parking is provided, and the site is served by public water and public sewer. Central electric heating and cooling, vinyl flooring, shingle roofing, and cable availability are also included. The location provides access to I-10 and Jacksonville.
The property occupies approximately 0.11 acres at 616 & 618 Martin Luther King Jr. Drive in Baldwin, Florida. Off-street parking is provided, and the site is served by public water and public sewer. Central electric heating and cooling, vinyl flooring, shingle roofing, and cable availability are also included. The location provides access to I-10 and Jacksonville.
Key Highlights
- Two residences totaling 2,100 square feet
- Each unit includes 2 bedrooms and 2 bathrooms
- Approximately 1,050 square feet per unit
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
$18,609
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
5.32%
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%
$372,180
$372.2K
Cap Rate 7%
$265,843
$265.8K
Cap Rate 9%
$206,767
$206.8K
Market Conditions
NOI Build-Up for 2,100 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
$29.7K $14.16/SF
− Vacancy
−$3.2K −$1.50/SF
EGI
$26.6K $12.66/SF
− OpEx
−$8.0K −$3.80/SF
NOI
$18.6K $8.86/SF
Area
Duval 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%
$372,180
Cap Rate 7%
$265,843
Cap Rate 9%
$206,767
Alternative Uses
Best Use
Multifamily LT 5
$265.8K
$232.6K – $310.2K
NOI $18,609 @ 7.0% cap · market cap 5.32%
Second Best
Apartment 5plus
$234.5K
$205.2K – $273.6K
NOI $16,414 @ 7.0% cap · market cap 4.69%
Theoretical Best
Office A
$560.2K
$490.1K – $653.5K
NOI $39,211 @ 7.0% cap · market cap 11.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
120
Businesses Nearby
Explore this area
Business Placement
Demographics for 32234, FL
7,514
Population
3,316
Households
2.3
Avg Household Size
41
Median Age
19%
College-Educated
89%
High-School Grad
152.1 sq mi
ZIP Area
49
Density / Sq Mi
$81,063
Median Household Income
$46,633
Median Earnings
$921
Median Rent
$227,400
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?
Duplex - Each residence offers an open layout, dedicated laundry room, and separate electric and water meters.
Where is this duplex located?
The property is located at 616 & 618 MARTIN LUTHER KING JR Drive Baldwin, FL.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Two residences totaling 2,100 square feet; Each unit includes 2 bedrooms and 2 bathrooms; Approximately 1,050 square feet per unit
