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2951 Justina Rd
Jacksonville, FL 32277
Villager Apartments South · Multifamily Property For Sale
·
40 Units
Property Facts
| No. Units | 40 | Building Size | 29,240 SF |
| Property Type | Multifamily | Average Occupancy | 67% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built | 1971 |
| Building Class | C | Parking Ratio | 3.36/1,000 SF |
| Lot Size | 1.43 AC | ||
| Zoning | CRO | ||
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.43 AC |
| Building Size | 29,240 SF |
| Average Occupancy | 67% |
| No. Stories | 2 |
| Year Built | 1971 |
| Parking Ratio | 3.36/1,000 SF |
| Zoning | CRO |
Amenities
Unit Amenities
- Dishwasher
- Refrigerator
- Oven
- Range
- Freezer
About 2951 JUSTINA RD , JACKSONVILLE, FL 32277
Multifamily Partners is pleased to offer Villager Apartments, a 40-unit apartment complex located in a stable Arlington neighborhood near Jacksonville University. INVESTMENT HIGHLIGHTS: - Last 12 leases - 32% increase over prior rental rates - Neighboring comps $150/month higher market rents - Jacksonville - 7th fastest-growing city in the US PROVEN UPSIDE AND STRONG RENT GROWTH: Villager's current market rents are up 32% year over year. However, multiple competitor properties on the same street are commanding rents $150+ higher for similar floorplans. New ownership can institute a value-add upgrade strategy to push rents even higher and maximize total return. MINUTES FROM THRIVING EMPLOYERS: Villager is located in the Arlington North Manor/Lake Lucina submarket which is central and convenient to all major submarkets of Jacksonville. Villager is located just minutes from Jacksonville's Urban Core (Downtown - 68,000 jobs), Butler/Baymeadows office corridor (14.5 million SF of office space - 61,000 jobs). Lastly, the St. Johns Town Center (4.5mm SF of high-end retail) is a short 10-15 minute drive from the subject. BOOMING JACKSONVILLE ECONOMY: A 2019 US Census study shows Jacksonville is the 7th fastest-growing city in the U.S. Vacancy rates are currently below 3.8% and annual rent growth of 4.3%. Jacksonville International Airport broke an 11-year-old record for passenger traffic in 2018 which saw business grow 16%. RECENT RENOVATIONS: All roofs were replaced in July 2019 along with associated repairs of soffits and roof trim. Buildings are concrete block with pitched roofs.
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 40 | $625.00 | 640 |
Property Taxes
| Parcel Number | 113221-0000 | Improvements Assessment | $1,638,420 |
| Land Assessment | $1,251,480 | Total Assessment | $2,889,900 |
Property Taxes
