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    Historic St. Augustine Duplex Title is generated by Realmo AI

    8 Mulvey Street, St Augustine, FL 32084

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    For Sale
    $679,000

    Charming 1923 duplex in historic downtown St. Augustine.

    Type:Multifamily / Duplex
    Property size:
    1,920 SF
    Price / SF:
    $353/SF
    Added:
    Dec 15, 2023
    Days on Market:
    900
    Last Refresh:
    Mar 13 at 11:27 am

    Property Features for 8 Mulvey Street

    General Information

    Standard status
    Active
    Size
    1,920 SF
    Property subtype
    Multifamily / Duplex

    Building Details

    Year Built
    1923

    We can help!

    Listing Contact
    Noah Bailey
    Noah Bailey

    Listing agent Noah Bailey License #3081415

    Listing office Keller Williams Realty Atlantic Partners St Augustine

    Listing date Dec 15, 2023

    Source Compass

    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 Keller Williams Realty Atlantic Partners St Augustine

    HighLights

    • Prime location in historic downtown St. Augustine, steps from shops, restaurants, and entertainment.
    • Excellent income potential with its duplex configuration.
    • Updated and turnkey with a new metal roof (2023) and ongoing maintenance.
    • Historic charm with its 1923 build in the historic district.
    • Functional layout: each unit has 960 sq ft with 2 bedrooms and 1 bathroom.
    • Outdoor living with a front porch and back balcony, plus green space.

    Overview

    This charming duplex, built in 1923, is located in the heart of historic downtown St. Augustine. The property offers an opportunity for both investors and homeowners looking to enjoy the downtown lifestyle while generating rental income. Situated in the historic district, this duplex is a quintessential piece of local history. The property is conveniently located near shops, restaurants, and entertainment options. The metal roof was updated in 2023. Each unit offers 960 square feet of living space and features 2 bedrooms and 1 bathroom, with one unit upstairs and one unit downstairs. The downstairs unit features hardwood floors, a living room that flows into the dining and kitchen space, two bedrooms, and a shared bathroom. The upstairs unit includes a living room extending to the kitchen with a breakfast bar, two bedrooms, and a bathroom. Outdoor features include a front porch, a back balcony for intimate gatherings, and a front balcony. The upstairs unit is also accessible from the exterior back stairs. Each unit has its own utility room with a washer and dryer. There is green space suitable for a garden.
    Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Spa & Massage Center Dental Office Hair Salon Restaurant Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    St Augustine
    County
    St. Johns
    State
    Florida
    Longitude
    -81.3185653
    Latitude
    29.8967191

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    FAQs

    What type of property is this?
    Duplex - Charming 1923 duplex in historic downtown St. Augustine.
    Where is this duplex located?
    The property is located at 8 Mulvey Street St Augustine, FL.
    What is the asking price?
    The asking price for this property is $679,000.
    What are key features of this property?
    This property features: Prime location in historic downtown St. Augustine, steps from shops, restaurants, and entertainment.; Excellent income potential with its duplex configuration.; Updated and turnkey with a new metal roof (2023) and ongoing maintenance.
    (904) 867-3242
    We can help!
    Listing Contact
    Noah Bailey
    Noah Bailey
    Real Estate License ID: 3081415
    Learn More
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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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