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- LoopNet Team
888 Franklin St
Jacksonville, FL 32206
Downtown East Apts · Multifamily Property For Sale
·
98 Units
Investment Highlights
- Value add Property in Opportunity Zone with 2020 Pro-forma NOI over $400K and 2021 reaching over $500K+
- Continue Recent Reposition or Convert to HUD Property for Maximum Cashflow OR BUILD 25+ UNITS on remaining lot!!
- Owner pays all Utilities - RUBS implemented in Q2 2020 and captured $140K NOI
- One mile North of $2.5 Billion Proposed Sports and Entertainment District Redevelopment
- New Roof has 2 Year Warranty and 10-12 Years of Life Remaining
- Close to New $450M "Lot J" Project with Entertainment District by Jaguars and JAX City (Phase1 of $2.5B project) - Set to Start in Q1 2020
Property Facts
| No. Units | 98 | Building Size | 65,492 SF |
| Property Type | Multifamily | Average Occupancy | 100% |
| Property Subtype | Apartment | No. Stories | 4 |
| Apartment Style | Mid-Rise | Year Built/Renovated | 1971/2020 |
| Building Class | C | Parking Ratio | 1.1/1,000 SF |
| Lot Size | 1.68 AC | ||
| Zoning | RMD-D - Opportunity Zone | ||
| No. Units | 98 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 1.68 AC |
| Building Size | 65,492 SF |
| Average Occupancy | 100% |
| No. Stories | 4 |
| Year Built/Renovated | 1971/2020 |
| Parking Ratio | 1.1/1,000 SF |
| Zoning | RMD-D - Opportunity Zone |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Yard
Site Amenities
- 24 Hour Access
- Courtyard
- Laundry Facilities
- Security System
- Grill
- Elevator
About 888 FRANKLIN ST , JACKSONVILLE, FL 32206
***IMP***OFF MARKET LISTING***IF INTERESTED, PLS SEND AN EMAIL TO SALES@KNARRS.COM***IMP*** Downtown East Apts (In Opportunity Zone & JAX Urban Core to qualify various incentives!!). * 98-Unit, Four-Story, U-Shaped, Interior-Corridor, All Concrete, Flat Roof, Fenced-In, BBQ Courtyard, Community Room with kitchen, Leasing Office, 6-Storage Rooms, Elevator, 3-Staircases. * Additional vacant lot to build 25++ units (Potentially 2BR's to have all unit types including Studio and 1BR's!!) * All units are studios and one-bedroom units with all utilities included (RUB's being implemented to capture at least $120K NOI; 2020 Proforma NOI of over $400K++ and 2021 would be over 500K+). * Walkable distance to new $450M "Lot J Project (Starting in Q1 2020) with Entertainment District with Restaurants, Highend Hotel, Office and Multi-family units"...Part of $2B+ Jaguars Project near TIAA Bank field (Jaguars Stadium & Amphitheater). On bus route, minutes to bridges, major parkways, and Interstate highways. Walking distance to Jacksonville's Sports District, Metro park, Saint Johns River, Jaguars football stadium, Jacksonville minor league baseball stadium, Memorial Arena, Jacksonville fairgrounds, and many stores, bars, and outdoor flea market. FEW LATEST PROJECT NEAR WALKABLE DISTANCE: https://www.jaxdailyrecord.com/article/apartments-retail-rooftop-bar-planned-for-doro-fixture-co-site-downtown https://www.jaxdailyrecord.com/article/armadas-downtown-stadium-plans-more-than-soccer Capital improvements over the past seven years include Complete elevator upgrade, new roof, parking lot, fire and burglar alarm system, magnetized fire doors and exits, complete camera surveillance system, plumbing, and electrical upgrades to approximately half the building, appliances, and cabinets. Property has been stabilized for the past four years and rent increases are being implemented. It operates mostly absentee-owner. There is no carpeting anywhere in the building, and most repair costs are minimal and done in-house.
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 55 | $800.00 | - |
| 1+1 | 43 | $900.00 | - |
Property Taxes
| Parcel Number | 122486-0000 | Improvements Assessment | $3,523,707 |
| Land Assessment | $2,534,293 | Total Assessment | $6,058,000 |
Property Taxes
