Historical Multifamily Sale Listing - Ricker Road Apartments

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Ricker Road Apartments

5122 Ricker Road, Jacksonville, FL 32210

N/A

68 Units | Multifamily

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Ricker Road Apartments

Multifamily Property - Off Market

Price:
N/A
No. Units:
68
Building Size:
62,900 SF
Property Type:
Multifamily
Property Sub-type:
Garden/Low-Rise
Additional Sub-types:
Government Subsidized
Mid/High-Rise
Property Use Type:
Investment
Cap Rate:
9.88%
Occupancy:
98%
No. Stories:
1
Year Built:
1984
Lot Size:
5 AC
Listing ID
16033040
Last Updated
over 1 year ago

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

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.

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

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