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    Four-Unit Quadplex with CBD Flexibility Title is generated by Realmo AI

    720 WALNUT Street, Green Cove Springs, FL 32043

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    For Sale
    $429,500

    MULTI_FAMILY - Green Cove Springs, FL

    Property size:
    3,368 SF
    Lot size:
    0.25 Acres
    Price / SF:
    $127/SF
    Added:
    Jun 5, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 6 at 2:06 am

    Property Features for 720 WALNUT Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    8
    Bathrooms
    4
    Rooms
    Bedroom 7, Bathroom 1, Bedroom 5, Bedroom 1, Bathroom 4, Bedroom 8, Bedroom 6, Bathroom 3, Bedroom 2, Bathroom 2, Bedroom 4, Bedroom 3
    Parking features
    Off Street
    Standard status
    Active
    APN
    38062601742900000
    Size
    3,368 SF
    Lot size
    0.25 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    7836

    Utilities

    Utilities
    Cable Available
    Sewer type
    Public Sewer
    Cooling system
    Window Unit(s), Wall/Window Unit(s)
    Water source
    Public

    Building Details

    Year built
    1939
    Number of units
    4
    Flooring type
    Carpet
    Building materials
    Vinyl Siding
    Roof type
    Metal

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    Listing Contact
    DOUGLAS ADDEO

    Listing agent DOUGLAS ADDEO License #559732

    Listing office COMMUNITY REALTY ASSOCIATES 9922 Palma Vista Way, FL

    Listing date Jun 5, 2026

    MLS# 2148996 Listing URL

    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.

    HighLights

    • Historic quadruplex with CBD zoning; four 2 bed / 1 bath units (840 SF each).
    • Metal roof and vinyl siding; carpet flooring with cable available; public water and public sewer.
    • Two heat/AC wall units per unit and laundry hookups in each unit.
    • Off‑street parking for 8 spaces plus community front porch and picnic area.
    • Unit 2B is vacant and ready to rent with new flooring and paint.
    • Termite bond in place; 4‑point inspection completed ~3 years ago with no issues reported; 3 units occupied month‑to‑month below market.

    Overview

    This four-unit quadplex includes four 2-bedroom, 1-bath apartments, each listed at 840 square feet, under a metal roof. The exterior is vinyl siding and the property offers a community front porch with a picnic area. Each unit has a laundry hookup and is served by two heat/AC wall units. A termite bond is in place, and off-street parking for 8 vehicles is provided.

    The property is identified as being in a CBD zoning designation and is located in Green Cove Springs, within the Historic District. The remarks note proximity to Spring Park and the St. Johns River. The property also underwent a 4-point inspection three years ago with no issues reported in the listing.

    From an occupancy standpoint, Unit 2B is vacant and described as ready to rent with new flooring and paint. The other three units are occupied on a month-to-month basis and are described as below market in the listing. For tenants, the layout provides four separate residential units with individual heating and cooling. For buyers and operators, the CBD zoning and Historic District context are highlighted as factors that may support residential continuation or alternative redevelopment concepts.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $47.7k $14.16
    − Vacancy −$5.1k −$1.50
    EGI $42.6k $12.66
    − OpEx −$12.8k −$3.80
    NOI $29.8k $8.86
    3,368 SF · lease $14.16/SF/yr · vacancy 10.60% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $426.4K
    $373.1K – $497.4K (±1% cap)
    NOI $29,845 @ 7.0% cap · market cap 6.95%
    Second Best
    Apartment 5plus
    $376.1K
    $329.1K – $438.7K (±1% cap)
    NOI $26,324 @ 7.0% cap · market cap 6.13%
    Theoretical Best
    Office A
    $898.4K
    $786.1K – $1.05M (±1% cap)
    NOI $62,887 @ 7.0% cap · market cap 14.64%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Green Cove Springs
    County
    Clay
    State
    Florida
    Longitude
    -81.683256
    Latitude
    29.992775

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    FAQs

    What type of property is this?
    Quadplex - Four 2-bedroom units with metal roof, vinyl siding, and CBD zoning for residential or potential mixed-use use.
    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 $429,500.
    What are key features of this property?
    This property features: Historic quadruplex with CBD zoning; four 2 bed / 1 bath units (840 SF each).; Metal roof and vinyl siding; carpet flooring with cable available; public water and public sewer.; Two heat/AC wall units per unit and laundry hookups in each unit.
    (561) 218-6558
    We can help!
    Listing Contact
    DOUGLAS ADDEO
    Real Estate License ID: 559732
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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