Riverside Mixed-Use Fixer-Upper
For Sale
Contact for pricing
918 KING Street, Jacksonville, FL 32204
Mixed-use property with duplex, garage apartment, and retail space.
Property Size1,250 SF
Price / SF$395.20
Days on Market847
Property Features for 918 KING Street
General Information
Standard status
Active
Size
1,250 SF
Property subtype
Mixed Use, Multifamily, Office
Building Details
Year Built
1921
Stories
2
Units
4
Listing Agency:
LOCKLEAR REALTY LLC
Listed By:
TREY HAGINS
Source:
Crexi
Added: Apr 28, 2024
Changed: Aug 12
Last Checked: Aug 20 at 10:07PM
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 LOCKLEAR REALTY LLC
Investment Insights
Based on property information with market context.
This property presents a fixer-upper opportunity in Riverside, featuring a duplex, a garage apartment, and a separate unit that can be reconverted to retail space or a studio apartment. The duplex consists of two units, each with 2 bedrooms and 1 bathroom, spanning 1102 square feet. The garage apartment offers 1 bedroom, 1 bathroom, and 1250 square feet of living space, with a 2-car garage underneath for extra storage. Adjacent to the duplex is a stand-alone unit of 300 square feet with a half bath attached in the back. This unit was originally a storefront. The property has three separate electrical meters, while water is master metered. The main roof was replaced in 2015, and the garage roof was updated in the early 2000s. One duplex unit uses a gas water heater, while the other duplex unit and the garage apartment use electric water heaters. There is an opportunity to convert the garage space into a secondary unit within the garage apartment and transform the stand-alone building into a fifth apartment. The property is being sold as-is, with the seller making no repairs.
Key Highlights
- Fixer‑upper duplex with garage apartment and stand‑alone unit – a high‑potential investment!
- Opportunity to create a 5‑unit property by converting the garage and stand‑alone building.
- The garage apartment is a spacious 1 bed, 1 bath at 1250 sq ft.
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
$16,500
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
3.34%
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%
$330,000
$330.0K
Cap Rate 7%
$235,714
$235.7K
Cap Rate 9%
$183,333
$183.3K
Market Conditions
NOI Build-Up for 1,250 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
$30.0K $24.00/SF
− Vacancy
−$3.6K −$2.88/SF
EGI
$26.4K $21.12/SF
− OpEx
−$9.9K −$7.92/SF
NOI
$16.5K $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%
$330,000
Cap Rate 7%
$235,714
Cap Rate 9%
$183,333
Alternative Uses
Best Use
Mixed Use
$235.7K
$206.3K – $275.0K
NOI $16,500 @ 7.0% cap · market cap 3.34%
Second Best
Multifamily LT 5
$167.7K
$146.7K – $195.6K
NOI $11,737 @ 7.0% cap · market cap 2.38%
Theoretical Best
Office A
$342.4K
$299.6K – $399.5K
NOI $23,970 @ 7.0% cap · market cap 4.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,284
Businesses Nearby
Explore this area
Business Placement
Demographics for 32204, FL
8,673
Population
5,342
Households
1.6
Avg Household Size
39
Median Age
41%
College-Educated
88%
High-School Grad
2.7 sq mi
ZIP Area
3,212
Density / Sq Mi
$54,462
Median Household Income
$47,872
Median Earnings
$1,132
Median Rent
$342,700
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?
Mixed-use property - Mixed-use property with duplex, garage apartment, and retail space.
Where is this mixed-use property located?
The property is located at 918 KING Street Jacksonville, FL.
What is the asking price?
The asking price for this property is $494,000.
What are key features of this property?
This property features: Fixer‑upper duplex with garage apartment and stand‑alone unit – a high‑potential investment!; Opportunity to create a 5‑unit property by converting the garage and stand‑alone building.; The garage apartment is a spacious 1 bed, 1 bath at 1250 sq ft.
