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    1187 3Rd St Jacksonville, FL 32209

    For Sale
    $124,999

    High-Yield Rental Portfolio, 19.2% Cap Rate

    Property size:
    1,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    365
    This exceptional single-family rental portfolio at 1187 W 3rd St, Jacksonville, FL 32209 presents a lucrative investment opportunity. The property, built in 1960 and extensively renovated in 2021 (including a new roof in 2023), boasts a total of 1,200 square feet of net rentable space across a single, one-story building situated on a .4 to .9-acre lot. The property features a new kitchen, new bathrooms, new flooring, and new appliances. A fenced yard and ample parking (7 spaces) enhance its appeal. Currently operating at 73% occupancy (since August 10, 2020), the property generates a substantial net operating income (NOI) of $24,000 annually. The asking price is $124,999, resulting in an attractive 19.20% capitalization rate. Zoned for residential/office use, this corner property offers significant potential for value enhancement, particularly through short-term rentals (Airbnb/VRBO), with potential income estimated at $2,000 per month. Detailed financial information is available upon request. This is a rare opportunity to acquire a well-maintained, high-yield multifamily investment in a desirable Jacksonville location.

    Property Features for 1187 3Rd St

    General Information

    Property type
    Multifamily properties
    Square Feet
    1,000 SF
    Lot Size
    17,424 SF

    Building Details

    Year Built/Renovated
    1960/1
    Buildings
    1
    Stories
    1

    HighLights

    • Strong potential for short‑term rental income (Airbnb/VRBO) generating approximately $2,000 per month.
    • Currently leased to a tenant with a three‑year history, producing $725 in monthly income.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential income homes

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Jacksonville
    County
    Duval
    State
    Florida
    Longitude
    -81.6737558
    Latitude
    30.3411275

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    FAQs

    What type of property is this?
    Multifamily property - High-Yield Rental Portfolio, 19.2% Cap Rate
    Where is this multifamily property located?
    The property is located at 1187 3Rd St Jacksonville, FL.
    What is the asking price?
    The asking price for this property is $124,999.
    What are key features of this property?
    This property features: Strong potential for short-term rental income (Airbnb/VRBO) generating approximately $2,000 per month.; Currently leased to a tenant with a three-year history, producing $725 in monthly income.;
    Request Owner's contact information
    1187 3Rd St Jacksonville, FL 32209
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    Jacksonville, FL 32209
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    Realmo Value Estimation

    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.

    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.

    Alternative use

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

    More about this property
    1187 3Rd St Jacksonville, FL 32209
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