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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

Highlights

  • 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

Investment Summary

According to the Jacksonville Business Journal, November 2019; more than 80,000 people moved to Jacksonville between 2010 and 2018, the U.S. Census Bureau estimates, increasing the city's population by 10 percent in nine years. Many of these new residents are filling apartments, spurring a boom in multifamily acquisitions, renovations and construction. That has led to the strongest multifamily demand in 10 years, with record-high occupancy rate of 96.5 percent, according to Colliers International's second quarter multifamily report. Rents rose 2.8 percent year-over year, giving the market an average monthly rent of $1,100, the report states. The rising need for apartments has helped spur interest among buyers: Deeds through October record 35 apartment sales in Duval County, according to Property Appraiser data. Buyers spent about $630 million on these properties, with a median price of $11.2 million.

The Offering

  • Listing ID: 17695047
  • Date Created: 11/11/2019
  • Last Updated:

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.

Links

Attachments

Offering_Memorandum-Conant-11.10.19

Unit Mix Information

Description No. Units Avg. Rent/Mo Sq. Ft.
0+1 1 $547.50 300 - 700
1+1 16 $610.00 600
2+1 2 $645.00 640 - 645
2+1 5 $645.00 700

Airport

Jacksonville International Airport
30 min drive 19.9 mi
Walk Score ®
18
Car-Dependent
Transit Score ®
26
Some Transit
Bike Score ®
43
Somewhat Bikeable
What is a Walk Score®, Transit Score® & BikeScore®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

The LoopNet service and information provided therein, while believed to be accurate, are provided "as is". LoopNet disclaims any and all representations, warranties, or guarantees of any kind.

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