Property Description

A rare chance to acquire an irreplaceable 5-unit executive housing asset in the heart of Historic Springfield. Stabilized or repositioned, the numbers work either way. The building delivers four oversized 1BR/1.5BA residences (~1,100 SF each) and a true 2,288 SF penthouse occupying the entire third floor with 2 bedrooms, 2.5 baths, and sweeping views of Klutho Park and the downtown Jacksonville skyline. All five units feature in-unit laundry, which is a meaningful competitive advantage in this submarket. Pro forma gross income of $192,000 annually supports a projected ~8% cap rate at the asking price, based on executive lease rates of $2,750/month for the flats and $5,000/month for the penthouse. Current rents reflect an owner-occupied and partially furnished operation; two furnished units and the penthouse offer immediate repositioning upside. Delivery terms are negotiable. The rear yard amenity package, outdoor tiki bar, hot tub, sauna, and courtyard gathering space, creates a boutique, lifestyle-forward community that executive and corporate tenants cannot find elsewhere in Jacksonville at this price point. Built in 1906. Brick construction. HVAC is approximately 2 years old.

Property Features