Historic Quadplex with CBD
For Sale
Contact for pricing
720 WALNUT Street, Green Cove Springs, FL 32043
Four 2-bed units with laundry hookups and off-street parking, supported by CBD zoning for residential or commercial conversions.
Property Size3,360 SF
Price / SF$121.88
Days on Market68
Property Features for 720 WALNUT Street
General Information
Standard status
Active
Size
3,360 SF
Total Parking Spaces
8
Property subtype
Multifamily
Zoning
CBD
Occupancy
75%
Additional Details
Multifamily Units
4
Building Details
Year Built
1939
Units
4
Tenancy
Multi
Listing Agency:
Community Realty Associates
(561) 852-1341
Listed By:
Douglas Addeo · License #0559732
Source:
Crexi
Added: Jun 6
Changed: Aug 10
Last Checked: Aug 11 at 7:49PM
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 Community Realty Associates
Investment Insights
Based on property information with market context.
This historic quadplex offers four 2-bedroom, 1-bath units, each with a stated size of 840 square feet. The property features vinyl siding and a metal roof, with laundry hookups provided in each unit. Outdoor amenities include a community front porch and a picnic area, and there is off-street parking for 8 vehicles. Each unit is heated and cooled with two heat/AC wall units. An inspection described as a 4-point inspection was completed about three years ago with no issues reported. Unit 2B is currently vacant and described as having new flooring and paint, ready for a new tenant, while three other units are occupied on month-to-month terms.
The property is located in a Historic District and is described as walkable to Spring Park and the St. Johns River. The asset is positioned for buyers who want a conventional residential-style configuration while retaining flexibility through CBD zoning.
With CBD zoning, the property may support keeping the units as a residential multi-family asset or potentially converting to compatible uses such as professional office or retail. This makes the building well-suited for an owner-operator who wants an income-producing residential setup, as well as for a buyer evaluating future repositioning options under the site’s zoning classification.
The property is located in a Historic District and is described as walkable to Spring Park and the St. Johns River. The asset is positioned for buyers who want a conventional residential-style configuration while retaining flexibility through CBD zoning.
With CBD zoning, the property may support keeping the units as a residential multi-family asset or potentially converting to compatible uses such as professional office or retail. This makes the building well-suited for an owner-operator who wants an income-producing residential setup, as well as for a buyer evaluating future repositioning options under the site’s zoning classification.
Key Highlights
- Historic 1939 building with four 2‑bed/1‑bath units, each 840 SF
- CBD zoning supports multiple uses, including keeping as residential or converting to office/retail
- Laundry hookup in each unit plus two heat/AC wall units 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
$29,774
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
7.27%
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%
$595,480
$595.5K
Cap Rate 7%
$425,343
$425.3K
Cap Rate 9%
$330,822
$330.8K
Market Conditions
NOI Build-Up for 3,360 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
$47.6K $14.16/SF
− Vacancy
−$5.0K −$1.50/SF
EGI
$42.5K $12.66/SF
− OpEx
−$12.8K −$3.80/SF
NOI
$29.8K $8.86/SF
Area
Clay 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%
$595,480
Cap Rate 7%
$425,343
Cap Rate 9%
$330,822
Alternative Uses
Best Use
Multifamily LT 5
$425.3K
$372.2K – $496.2K
NOI $29,774 @ 7.0% cap · market cap 7.27%
Second Best
Apartment 5plus
$375.2K
$328.3K – $437.7K
NOI $26,262 @ 7.0% cap · market cap 6.41%
Theoretical Best
Office A
$896.3K
$784.2K – $1.05M
NOI $62,738 @ 7.0% cap · market cap 15.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
75%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
598
Businesses Nearby
Explore this area
Business Placement
Demographics for 32043, FL
30,369
Population
13,331
Households
2.3
Avg Household Size
41
Median Age
31%
College-Educated
92%
High-School Grad
229.3 sq mi
ZIP Area
132
Density / Sq Mi
$80,698
Median Household Income
$46,310
Median Earnings
$1,370
Median Rent
$292,300
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?
Quadplex - Four 2-bed units with laundry hookups and off-street parking, supported by CBD zoning for residential or commercial conversions.
Where is this quadplex located?
The property is located at 720 WALNUT Street Green Cove Springs, FL.
What is the asking price?
The asking price for this property is $409,500.
What are key features of this property?
This property features: Historic 1939 building with four 2‑bed/1‑bath units, each 840 SF; CBD zoning supports multiple uses, including keeping as residential or converting to office/retail; Laundry hookup in each unit plus two heat/AC wall units per unit
