2514 Walnut St Jacksonville, FL 32206

Property Details for 2514 Walnut St

Year built

1924

Property size

4,476 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a four-unit apartment building located at 2514 Walnut St, Jacksonville, FL 32206. The property, built in 1924, is a two-story Class B building totaling 4,476 square feet, with each unit boasting over 1000 square feet. All four units are currently leased, providing immediate cash flow. The asking price is $500,000, representing a price per unit of $125,000 and a price per square foot of $111.71. The property enjoys a strong 6.90% cap rate, generating a net operating income (NOI) of $34,513. Recent improvements include a new roof (May 2022), refinished hardwood floors in two units, and partially new HVAC systems in all units. Each unit features two bedrooms, one bathroom, and its own washer and dryer. The units are HUD-qualified, allowing for potentially higher rental income. The property's location in the developing Phoenix Arts District offers significant potential for future appreciation, with major multi-use developments underway nearby. This turnkey quadraplex presents a rare opportunity for investors seeking a stable, high-return investment with significant upside potential. All units are under one-year leases, ensuring consistent occupancy. The seller has completed necessary improvements, minimizing future maintenance needs.