8-Unit Two-Bedroom Apartment
640 DETROIT Street, Jacksonville, FL 32254
For Sale
New
$800,000
A two-story, concrete-block property provides multifamily housing with off-street parking.
Property Size5,408 SF
Lot Size1.01 Acres
Price / SF$147.93
Days on Market4
Property Features for 640 DETROIT Street
General Information
Standard status
Size
Lot size
Property subtype
Site & Location
Neighborhood
Units
Unit Mix
Multifamily Units
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Buildings
Stories
Construction
Listing Agency:
BLUE PEAK REALTY LLC
Listed By:
GERARDO GUTIERREZ · License #3371018
(786) 367-6923
Source:
Houseandhavenrealty
Added: Nov 4
Changed: Nov 6
Last Checked: Nov 6 at 8:59AM
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 BLUE PEAK REALTY LLC
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Investment Insights
Based on property information with market context.
This two-story concrete-block apartment property contains eight residential units, each configured with two bedrooms and one bathroom. The building encompasses 5,408 square feet and was built in 1960. Previous renovations included flooring, kitchens, appliances, and interior finishes. Off-street parking serves the property, which occupies approximately 1.01 acres in Jacksonville, Florida.
Key Highlights
- Eight apartments, each with 2 bedrooms and 1 bathroom
- Two‑story concrete‑block building with 5,408 square feet
- Approximately 1.01‑acre site
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,010
Cap Rate
5.00%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$800,200
$800.2K
Cap Rate 7%
$571,571
$571.6K
Cap Rate 9%
$444,556
$444.6K
Market Conditions
NOI Build-Up for 5,408 SF
Gross rent
$80.5K $14.88/SF
− Vacancy
−$7.7K −$1.43/SF
EGI
$72.7K $13.45/SF
− OpEx
−$32.7K −$6.05/SF
NOI
$40.0K $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 Rate 5%
$800,200
Cap Rate 7%
$571,571
Cap Rate 9%
$444,556
Alternative Uses
Best Use
Apartment 5plus
$571.6K
$500.1K – $666.8K
NOI $40,010 @ 7.0% cap · market cap 5.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.48M
$1.30M – $1.73M
NOI $103,704 @ 7.0% cap · market cap 12.96%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
398
Businesses Nearby
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Business Placement
Demographics for 32254, FL
14,545
Population
6,331
Households
2.3
Avg Household Size
37
Median Age
10%
College-Educated
73%
High-School Grad
12.4 sq mi
ZIP Area
1,173
Density / Sq Mi
$36,449
Median Household Income
$29,443
Median Earnings
$1,111
Median Rent
$85,100
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Jacksonville, FL
Properties on Market for Apartment buildings in Jacksonville
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - A two-story, concrete-block property provides multifamily housing with off-street parking.
Where is this apartment building located?
The property is located at 640 DETROIT Street Jacksonville, FL.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Eight apartments, each with 2 bedrooms and 1 bathroom; Two‑story concrete‑block building with 5,408 square feet; Approximately 1.01‑acre site
