703 Detroit St Jacksonville, FL 32254

Property Details for 703 Detroit St

Year built

1922

Property type

Residential income homes

Description

This exceptional investment opportunity presents a 19-unit single-family rental portfolio located in Jacksonville, Florida, at 703 Detroit St, 32254. The portfolio boasts a current Net Operating Income (NOI) of $160,800, translating to a 5.54% capitalization rate. The properties, built in 1922 and consisting of single-story homes, offer significant upside potential. A pro-forma NOI of $216,000 projects a 7.45% capitalization rate, indicating strong potential for increased profitability. Currently, 16 units are generating income, while two are under construction and two are undergoing evictions. The asking price is $2,900,000, representing a price per unit of $152,631.58. This portfolio presents a compelling opportunity for investors seeking a high-yield, multi-family investment in a growing Florida market. The portfolio's location in Duval County provides access to a robust rental market. The current income stream, coupled with the potential for increased occupancy and rental rates, makes this a highly attractive investment. The opportunity to add value through completing the construction and resolving the eviction processes further enhances the long-term return potential. This portfolio offers a unique blend of immediate income and future growth prospects.