2504 Park St Jacksonville, FL 32204

Property Details for 2504 Park St

Year built

1929

Property size

7,710 SF

Property type

Commercial real estate

APN

090818-0000

Description

Park Manor, a 10-unit apartment building in Jacksonville, Florida's desirable Historic Riverside District, presents a compelling investment opportunity. This two-story, 7,710 square foot building, constructed in 1929, boasts a 100% occupancy rate. The property features a mix of spacious one-bedroom, one-bathroom units averaging 767 square feet. Units include updated fixtures and hardware, with select units showcasing granite countertops, tiled backsplashes, and subway tile bathroom surrounds. A significant advantage is the abundance of on-site, off-street parking, a rarity in this area. Each unit has individually metered water, sewer, and electric utilities, simplifying tenant billing. Located at 2504 Park St, Jacksonville, FL 32204 (APN: 090818-0000), this corner property benefits from a walk score of 87 and is zoned CRO. Significant rental upside potential exists, estimated at over $300 per unit per month, through further interior renovations and the addition of in-unit laundry. The strong local demographics, with an average household income exceeding $92,999 within a one-mile radius and a low rent-to-income ratio of 16%, support future rent growth. Jacksonville's robust job market and limited new multifamily construction further enhance the property's long-term prospects. This landmark property offers a blend of stable cash flow and substantial value-add potential in a highly sought-after neighborhood.