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ONLY $38,500 a Door, 52 Unit Townhouse Complex in Jacksonville!



$1,999,900

SOLD

24 W 38th St

Jacksonville, FL

  • HUGE cash flow potential with this 52 unit townhome complex.
  • We challenge you to find another property with these possible returns in this condition in Jacksonville or possibly even Florida.
  • This property has 6 buildings spread over almost 2.5 acres including tennis courts and covered parking that can be converted to storage or assigned to tenants.
  • All units are 2-Story, 2/1's and are 820 SF each.
  • CBS construction with newer roofs.
  • Priced well below market and appraised value.
  • Currents rents are around $600 per month with the possibility to increase to possibility $650 to even as high as $700.
  • Perfect for Section 8 renters.
  • Profit Scenarios:
    Scenario 1 = Increase Rents to $650
    Using the 1% Rule:
    $650 x 52 Units = $33,800 gross income at 100% Occupancy per month
    This give a value of $3.38 million

    Scenario 2 = Increase Rents to $700
    Again, using the 1% Rule:
    $700 x 52 Units = $36,400 gross income at 100% Occupancy
    This gives a value of $3.64 million gross income at 100% Occupancy.
  • Currently not being properly managed.

Documents

 

  • Sale Comps $3.3M - $3.5M
  • Rental Comps $33,800 - $36,400
  • Property Type Commercial
  • Location Jacksonville, FL
  • Size 43316 sq. ft.
  • Bedrooms 104
  • Bathrooms 52
  • TAV 1.5M
  • Annual Taxes $28,685
  • Year Built 1962

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