Property Details for 8716 Acree Rd

Year built

2000

Lot size

2.50 lot acres

Property size

2,254 SF

Property type

Wedding venues

Property subtype

Serviced apartments

Description

This exceptional 2-story property in Jacksonville, Florida presents a unique investment opportunity, combining a thriving short-term rental (STR) with a rapidly expanding wedding venue business. Situated on a private 2.5-acre lot at 8716 Acree Rd, this 2,254 square foot home boasts 7 bedrooms and 3.5 bathrooms, offering ample space for guests. The property features extensive amenities designed to maximize both STR and event revenue, including an inground pool, jacuzzi, large outdoor event pavilion, waterfront wedding arch, private pond, outdoor "saloon," oyster bar, covered kitchen with grill, smoker, and pizza oven, outdoor shower and spa area, firepit, covered porches, an arcade room, and multiple TVs. The home itself includes two king beds, four queen beds, and a sofa bed. The established STR business has demonstrated strong historical income, exceeding $22,000 in revenue for July 2024 alone. The burgeoning wedding venue aspect is already generating significant bookings, with a minimum wedding rate of $8,500 for up to 50 guests, and an additional $20 per guest beyond that, up to a maximum of 120 guests. The property is fully furnished and equipped, representing a turnkey operation with minimal required work for the new owner. The asking price is $1,080,000, with a current NOI of $85,931 and a pro-forma NOI of $189,676, reflecting a 7.96% cap rate and a pro-forma cap rate of 17.56%. The property is zoned residential and was built in 2000. This investment offers significant potential for continued income growth, making it an ideal opportunity for investors seeking a high-return, turnkey operation in a desirable location. The land value alone is estimated at $498,000 per acre.

Location Insight

City

Jacksonville

County

Duval

State

Florida

Longitude

-81.812664875609

Latitude

30.467371309555