Renovated Duplex on Triple
For Sale
$235,000
9124 Free Ave, Jacksonville, FL 32211
CO-zoned property with two living areas and updated core systems.
Property Size1,030 SF
Price / SF$228.16
Days on Market43
Property Features for 9124 Free Ave
General Information
Standard status
Active
Size
1,030 SF
Zoning
CO
Building Details
Year Built
1946
Listing Agency:
KELLER WILLIAMS FIRST COAST REALTY
Listed By:
CHRISTOPHER RUBINAN · License #3465021
(631) 671-9910
Source:
Onewinningteam
Added: Jul 22
Changed: Aug 29
Last Checked: Sep 1 at 10:55PM
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.
Built in 1946, this 1030-square-foot duplex is arranged as two separate living areas: one with two bedrooms and one bathroom, and another with one bedroom and one bathroom. The configuration supports flexible occupancy and can be changed back to a traditional three-bedroom, two-bathroom layout. Improvements include an updated kitchen with granite countertops and appliances, along with a newer roof, HVAC system, water heater, windows, and plumbing.
The property occupies a triple lot at 9124 Free Ave in Jacksonville, Florida, with Commercial Office zoning. The additional land area provides room for expanded parking, outdoor use, or future site planning, subject to applicable approvals. Its current layout and zoning support residential, office, and other flexible uses identified in the property information.
The property occupies a triple lot at 9124 Free Ave in Jacksonville, Florida, with Commercial Office zoning. The additional land area provides room for expanded parking, outdoor use, or future site planning, subject to applicable approvals. Its current layout and zoning support residential, office, and other flexible uses identified in the property information.
Key Highlights
- 1030‑square‑foot duplex built in 1946
- Current layout includes separate 2/1 and 1/1 living areas
- Commercial Office (CO) zoning on a triple lot
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
$9,671
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
4.12%
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%
$193,420
$193.4K
Cap Rate 7%
$138,157
$138.2K
Cap Rate 9%
$107,456
$107.5K
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
$15.2K $14.76/SF
− Vacancy
−$1.4K −$1.35/SF
EGI
$13.8K $13.41/SF
− OpEx
−$4.1K −$4.02/SF
NOI
$9.7K $9.39/SF
Area
Jacksonville, FL
Vacancy
9.12%
Lease Rate
$14.76 /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%
$193,420
Cap Rate 7%
$138,157
Cap Rate 9%
$107,456
Alternative Uses
Best Use
Multifamily LT 5
$138.2K
$120.9K – $161.2K
NOI $9,671 @ 7.0% cap · market cap 4.12%
Second Best
Apartment 5plus
$108.9K
$95.3K – $127.0K
NOI $7,620 @ 7.0% cap · market cap 3.24%
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
989
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - CO-zoned property with two living areas and updated core systems.
Where is this duplex located?
The property is located at 9124 Free Ave 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: 1030‑square‑foot duplex built in 1946; Current layout includes separate 2/1 and 1/1 living areas; Commercial Office (CO) zoning on a triple lot
