Renovated Duplex with Flexible
For Sale
$235,000
9124 Free Avenue, Jacksonville, FL 32211
Configured as two separate living areas with an updated kitchen and adaptable occupancy options.
Property Size1,030 SF
Days on Market92
Property Features for 9124 Free Avenue
General Information
Standard status
Active
Size
1,030 SF
Property subtype
Commercial
Zoning
Commercial/Residential/Office
Taxes and HOA fees
Annual Taxes
$2,711
Building Details
Building Size
1,030 SF
Year Built
1946
Stories
1
Units
1
Abandoned
No
Listing Agency:
KELLER WILLIAMS FIRST COAST REALTY
(631) 671-9910
Listed By:
CHRISTOPHER RUBINAN · License #3465021
(631) 671-9910
Source:
Modernrealtyputnam
Added: May 14
Changed: Aug 11
Last Checked: Aug 12 at 12:43PM
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 FIRST COAST REALTY
Investment Insights
Based on property information with market context.
Located at 9124 Free Avenue in Jacksonville, this duplex was built in 1946 and has been renovated with a practical, adaptable configuration. The interior currently provides two separate living areas: one arranged as a 2/1 and the other as a 1/1. An updated kitchen includes granite countertops and appliances, while the layout can be converted to a traditional 3/2 arrangement.
The property occupies a triple lot, providing additional outdoor area for parking, entertaining, expansion, or other site improvements. Major updates include the roof, HVAC system, water heater, windows, and plumbing. The flexible setup supports multi-purpose or multigenerational living, rental use, or office occupancy, subject to applicable requirements.
The property occupies a triple lot, providing additional outdoor area for parking, entertaining, expansion, or other site improvements. Major updates include the roof, HVAC system, water heater, windows, and plumbing. The flexible setup supports multi-purpose or multigenerational living, rental use, or office occupancy, subject to applicable requirements.
Key Highlights
- Triple‑lot property at 9124 Free Avenue in Jacksonville, FL 32211
- Two separate living areas configured as 2/1 and 1/1
- Layout can be converted to a traditional 3/2 arrangement
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
$13,596
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
5.79%
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%
$271,920
$271.9K
Cap Rate 7%
$194,229
$194.2K
Cap Rate 9%
$151,067
$151.1K
Market Conditions
NOI Build-Up for 1,030 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
$24.7K $24.00/SF
− Vacancy
−$3.0K −$2.88/SF
EGI
$21.8K $21.12/SF
− OpEx
−$8.2K −$7.92/SF
NOI
$13.6K $13.20/SF
Area
Jacksonville, FL
Vacancy
12.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$271,920
Cap Rate 7%
$194,229
Cap Rate 9%
$151,067
Alternative Uses
Best Use
Mixed Use
$194.2K
$170.0K – $226.6K
NOI $13,596 @ 7.0% cap · market cap 5.79%
Second Best
Multifamily LT 5
$138.2K
$120.9K – $161.2K
NOI $9,671 @ 7.0% cap · market cap 4.12%
Theoretical Best
Office A
$282.2K
$246.9K – $329.2K
NOI $19,751 @ 7.0% cap · market cap 8.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
904
Businesses Nearby
Explore this area
Business Placement
Demographics for 32211, FL
34,168
Population
15,250
Households
2.2
Avg Household Size
36
Median Age
20%
College-Educated
89%
High-School Grad
8.2 sq mi
ZIP Area
4,167
Density / Sq Mi
$55,208
Median Household Income
$33,993
Median Earnings
$1,104
Median Rent
$208,900
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?
Duplex - Configured as two separate living areas with an updated kitchen and adaptable occupancy options.
Where is this duplex located?
The property is located at 9124 Free Avenue Jacksonville, FL.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: Triple‑lot property at 9124 Free Avenue in Jacksonville, FL 32211; Two separate living areas configured as 2/1 and 1/1; Layout can be converted to a traditional 3/2 arrangement
