River Road Apartments 1650 River Rd 53 Unit Apartment Building $9,900,000 ($186,792/Unit) 5.25% Cap Rate Jacksonville, FL 32207

The River Road Apartments, at 1660 River Road, provide investors with a turnkey multifamily community, with numerous recent upgrades completed and a prime location on the shores of the St John’s River in Jacksonville’s San Marco neighborhood.

Delivered 100% occupied, The River Road Apartments provide a cash-generating property with 53 total apartments units across three buildings comprising 54,014 square feet. Producing rental income of approximately $70,000 per month, the community ensures a robust going-in NOI with significant growth potential. 26 of the units in the community are fully renovated, with an additional 25 units partially renovated. A new owner will enjoy the value-add upside to complete renovations on the partially updated units, as well as the two classic units, and create added revenue.

Situated in the beautiful San Marco neighborhood, The River Road Apartments attracts tenants with beautiful views of the St Johns River and Downtown Jacksonville. The area is home to large job centers, including the Baptist Medical Center and Baptist Health Southbank Hospital, as well as large corporate offices, major flag hotels, and beautiful parks, including the Southbank Riverwalk and Treaty Oak. Residents can easily find quality retail amenities, including national brands such as Publix Supermarket, Walgreens, and Starbucks, in addition to numerous popular local restaurants.

Rental properties in San Marcos/Southbank can tap into a substantial demographic profile within 5 miles of the property, including a rapidly growing population of more than 207,000. With more than 56% of these locals currently renting their homes, there is a significant pool of potential future residents in the area that contributed to more than $1 billion in spending on household segments during 2024.