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.