219 Cherokee St
Jacksonville, FL 32254
Portfolio of 60 SFR Properties · Specialty Property For Sale · 73,757 SF

The St. Johns SFR Portfolio presents the opportunity to
acquire a stabilized, fee-simple portfolio of 60 single-family
rental homes across 60 parcels in North and Northwest
Jacksonville. The offering is priced at $8,250,000, or $137,500
per home and $111.85 per adjusted building SF,
encompassing 73,757 SF of improvements on
approximately 8.79 acres of combined land area. The
portfolio has benefited from approximately $3.57 million of
capital investment, or roughly $59,489 per home, with an
average renovation year of 2021. Further supporting long
term operations, 58 of the 60 residences are connected to
sewer.
The portfolio offers a renter-oriented mix of family-sized
homes: 2 two-bedroom/one-bath, 11 three-bedroom/one
bath, 30 three-bedroom/two-bath, and 17 four
bedroom/two-bath residences. Accordingly, 58 homes, or
97%, offer three or more bedrooms, while 47 homes, or 78%,
are three-bedroom/two-bath or four-bedroom/two-bath
layouts. Unit sizes range from approximately 849 SF to 1,915
SF, providing residents with a meaningful single-family
alternative to conventional apartment product. At 95%
occupancy, the current rent roll generates $85,734 per
month of in-place rent, or approximately $1.03 million
annually in gross scheduled rent, creating diversified
income across 60 separate homes.
The offering delivers $996,547 of effective gross income and
$590,244 of current NOI, equating to a 7.15% current cap
rate at the asking price. Under the quoted financing
scenario of 65% LTV, $5.36 million of full-term interest-only
debt at 6.95%, subject to lender underwriting, the model
produces $217,550 of current annual cash flow, a 7.53%
cash-on-cash return, and 1.58x debt coverage. The portfolio
offers a defined path to stronger performance: pro forma
gross scheduled rent increases by approximately $43,656
annually, while pro forma NOI rises by $83,284 to $673,528.
This supports an 8.16% pro forma cap rate, 10.42% cash-on
cash return, and 1.81x debt coverage.
The long-term cash-flow profile further reinforces the
investment case. Assuming the underwriting’s 3% annual
gross-scheduled-rent growth and stated expense
assumptions, NOI is projected to reach approximately
$750,117 in Year 5 and $894,686 in Year 10. Modeled cash
on-cash returns increase to 13.07% in Year 5 and 18.08% in
Year 10, while debt coverage expands to 2.01x and 2.40x,
respectively. The portfolio is supported by a large
workforce-housing demand base: the three-mile area
contains 82,041 residents and is projected to grow to 85,852
by 2031, while the five-mile area contains 211,488 residents
and is projected to reach 218,158.
The properties benefit from proximity to Downtown
Jacksonville, Springfield, major transportation corridors, and
ongoing urban-core reinvestment initiatives across the
Durkeeville, McCoys Creek, Historic Eastside, and KingSoutel
areas. Three-mile median and average household incomes
of $47,145 and $66,565, respectively, align with the
portfolio’s attainable rental positioning. Jacksonville’s
diversified employment base, which includes healthcare,
logistics, finance, defense, government, and professional
services, reinforces the long-term demand outlook for
centrally located workforce housing in established North
and Northwest Jacksonville neighborhoods.
The disposition sensitivity analysis demonstrates potential
returns across a range of exit-cap-rate outcomes. At the
base-case 7.15% exit cap rate, the model projects a Year 5
sale price of $10.49 million, approximately $174,852 per
home and $142/SF, with $5.13 million of proceeds after loan
payoff and a 20.69% levered IRR. At a more conservative
8.15% exit cap rate, the five-year model still projects a $9.20
million sale price and 15.38% levered IRR; at a 6.15% exit cap
rate, projected value increases to $12.20 million with a
26.47% levered IRR. Over a 10-year hold at the base 7.15% exit
cap rate, the analysis projects a $12.51 million sale price,
$7.15 million of proceeds after loan payoff, and an 18.24%
levered IRR.
The St. Johns SFR Portfolio is located across several
established North and Northwest Jacksonville
neighborhoods benefiting from renewed public and private
attention to housing, infrastructure, commercial corridors,
and urban-core connectivity. Nearby initiatives—including
the Durkeeville Revitalization Strategy, McCoys Creek
restoration and Emerald Trail, Historic Eastside Main Street
program, and KingSoutel Crossing CRA—are advancing
neighborhood stabilization and long-term reinvestment.
While revitalization is at varying stages across the portfolio’s
submarkets, these efforts enhance the area’s accessibility,
quality of life, and long-term housing-demand outlook.