This Multifamily Property is Off-Market.

5122 Ricker Road
Jacksonville, FL 32210 ·

68 Units · Multifamily For Sale

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Ricker Road Apartments

Price N/A Cap Rate 9.88%
No. Units 68 Occupancy 98%
Building Size 62,900 SF No. Stories 1
Property Type Multifamily Year Built 1984
Property Sub-type
Garden/Low-Rise
More...
  • Government Subsidized
  • Mid/High-Rise
Lot Size 5 AC
Property Use Type Investment
Listing ID: 16033040 Date Created: 12/19/2008 Last Updated: 07/15/2009

Description

Ricker Road Apartments is a 68-unit fourplex style multi-family residential community (all 2 bedroom/ 2 bath) constructed in 1984, renovated in 2007, and consisting of seventeen (17) single-story wood frame residential buildings. Each of the seventeen (17) single-story buildings has brand-new pitched shingle roofs. These buildings are separately deeded on seventeen (17) parcels, allowing the potential landlord increased flexibility and potential with this investment. In addition, the offering is currently 100% occupied and has maintained this high occupancy from its strong tenant base over the past decade.

The current landlord has made significant capital improvements to the structure and appearance of the Ricker Road Apartments community. In 2007, all of the roofs were replaced on the buildings and each of the units was painted, exteriorly and inside the apartments. The buildings feature T-111 Siding Grooved Plywood, for increased appeal and less maintenance. Each of the 68 units is individually metered, passing the utility expenses to occupying tenants.

The subject property is located directly off of 103rd Street and Interstate 295. The units are situated on Ricker Road, Indian Lakes Drive, and Indian Lakes Court. Moreover, the immediate area drives a tremendous demand for well-maintained rental units due to the large population within the trade area (162,000+ individuals within 5 miles), high commercial activity, close proximity to Cecil Field NAS & Downtown Jacksonville, and excellent access to Interstate 295, Interstate 10, and Interstate 95.

Highlights

  • 68 Unit Four-Plex Residential Community | 98% Occupied All Units: 2 Bedroom / 2 Bath
  • Long-Term, High Occupancy from Strong Tenant Base
  • Recent Capital Improvements Completed - New Roofs & Paint
  • Well Maintained Property - No Deferred Maintenance
  • Single-Story Construction & Separately Deeded Parcels
  • Located Directly off of 103rd Street and Interstate 295

Research

5122 Ricker Road, Jacksonville, FL 32210 (Duval County)

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