Historic Four-Unit
For Sale
$409,500
720 WALNUT Street, Green Cove Springs, FL 32043
Residential Income, Green Cove Springs, FL
Property Size3,368 SF
Lot Size0.25 Acres
Price / SF$121.59
Days on Market92
Property Features for 720 WALNUT Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bedroom 3, Bathroom 1, Bathroom 3, Bedroom 5, Bathroom 4, Bathroom 2, Bedroom 8, Bedroom 2, Bedroom 4, Bedroom 7, Bedroom 6
Parking features
Off Street
Subdivision
**verifying Subd**
Lot features
Historic Area
Elementary school
Charles E. Bennett
Middle school
Green Cove Springs
High school
Clay
Directions
Turn Right off Hwy 17 on to Walnut St, House on the Right
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
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Amenities
community front porch
picnic area
laundry hookup
Building Details
Year built
1939
Number of units
4
Flooring type
Carpet
Building materials
Vinyl Siding
Roof type
Metal
Listing Agency:
COMMUNITY REALTY ASSOCIATES
(561) 218-6558
Listed By:
DOUGLAS ADDEO · License #559732
(561) 852-1341
Added: Jun 5
Changed: Sep 2
Last Checked: Sep 4 at 9:06AM
MLS# 2148996
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.
Built in 1939, this 3,368-square-foot quadplex contains four two-bedroom, one-bath units measuring 840 square feet each. The property has a metal roof, vinyl siding, public water and sewer, off-street parking for 8 vehicles, and two wall-mounted heat and AC units in each apartment. Every unit also includes a laundry hookup, while shared outdoor features include a front porch and picnic area.
Three apartments are occupied on month-to-month arrangements, and one unit is vacant with new flooring and paint. CBD zoning provides a basis for continued multifamily use as well as potential office, retail, or mixed-use applications identified for the property. Located within the Historic District, the building is walkable to Spring Park and the St. Johns River.
Three apartments are occupied on month-to-month arrangements, and one unit is vacant with new flooring and paint. CBD zoning provides a basis for continued multifamily use as well as potential office, retail, or mixed-use applications identified for the property. Located within the Historic District, the building is walkable to Spring Park and the St. Johns River.
Key Highlights
- Four 2 bed / 1 bath units, each measuring 840 sq ft
- 3,368‑square‑foot quadplex on a 0.25‑acre lot
- CBD zoning with residential, office, retail, and mixed‑use potential
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
$29,845
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
7.29%
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%
$596,900
$596.9K
Cap Rate 7%
$426,357
$426.4K
Cap Rate 9%
$331,611
$331.6K
Market Conditions
NOI Build-Up for 3,368 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
$47.7K $14.16/SF
− Vacancy
−$5.1K −$1.50/SF
EGI
$42.6K $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%
$596,900
Cap Rate 7%
$426,357
Cap Rate 9%
$331,611
Alternative Uses
Best Use
Multifamily LT 5
$426.4K
$373.1K – $497.4K
NOI $29,845 @ 7.0% cap · market cap 7.29%
Second Best
Apartment 5plus
$376.1K
$329.1K – $438.7K
NOI $26,324 @ 7.0% cap · market cap 6.43%
Theoretical Best
Office A
$898.4K
$786.1K – $1.05M
NOI $62,887 @ 7.0% cap · market cap 15.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
563
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - CBD zoning and a walkable historic-district setting create residential and commercial use flexibility.
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: Four 2 bed / 1 bath units, each measuring 840 sq ft; 3,368‑square‑foot quadplex on a 0.25‑acre lot; CBD zoning with residential, office, retail, and mixed‑use potential
