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7166 Conant Ave
24 Unit Apartment Building Offered at $1,275,000 at a 6.33% Cap Rate in Jacksonville, FL
- In-fill location in the attractive Hyde Grove area of Jacksonville, Florida
- Property is located in quiet single family home neighborhood
- Great upside increasing rents to market with light renovation
- Increased demand for work-force housing due to strong supply of employment at NAS and Cecil Commerce Mega Site
- Low maintenance concrete block construction
|Price||$1,275,000||Lot Size||0.81 AC|
|Sale Type||Investment||Building Size||16,078 SF|
|Cap Rate||6.33%||Average Occupancy||100%|
|No. Units||24||No. Stories||2|
|Property Type||Multifamily||Year Built||1963|
|Property Sub-type||Apartments||Zoning Description||RMD-B|
|Building Class||C||APN / Parcel ID||
ABOUT 7166 Conant Ave , Jacksonville, FL 32210
The property is comprised of two "U" shaped buildings consisting of 24 units total. 7154 Conant has 11 units and next door, 7166 Conant Avenue has 13 units. The unit mix is 5 large two bedrooms one bath, 2 small two bedroom one bath, 16 one bedroom one bath and 1 efficiency. The total rentable square feet is approximately 14,680 with an average unit size of 611 sq. ft. The structures are concrete block with gable shingle roofs. City water and sewer serves the property and electricity is provided by JEA. A muted pipeline has pushed vacancies to record lows in West Side, helping to contribute to the heightened rent growth throughout much of the cycle. Similar to the North Side Submarket, West Side is a logistics and distribution center in Jacksonville. This has produced a large sector of blue-collar workers that are employed by many of the industrial tenants on the West Side.
Unit Mix Information
|Description||No. Units||Avg. Rent/Mo||Sq. Ft.|
|0+1||1||$547.50||300 - 700|
|2+1||2||$645.00||640 - 645|
Jacksonville International Airport
|30 min drive||19.9 mi|
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