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2504 Park StJacksonville, FL 32204

Historic Riverside, 10-unit apartment building

Overview

Added:
Dec 11, 2024
Days on market:
114
Park Manor, a 10-unit apartment building in Jacksonville, Florida's desirable Historic Riverside District, presents a compelling investment opportunity. This two-story, 7,710 square foot building, constructed in 1929, boasts a 100% occupancy rate. The property features a mix of spacious one-bedroom, one-bathroom units averaging 767 square feet. Units include updated fixtures and hardware, with select units showcasing granite countertops, tiled backsplashes, and subway tile bathroom surrounds. A significant advantage is the abundance of on-site, off-street parking, a rarity in this area. Each unit has individually metered water, sewer, and electric utilities, simplifying tenant billing. Located at 2504 Park St, Jacksonville, FL 32204 (APN: 090818-0000), this corner property benefits from a walk score of 87 and is zoned CRO. Significant rental upside potential exists, estimated at over $300 per unit per month, through further interior renovations and the addition of in-unit laundry. The strong local demographics, with an average household income exceeding $92,999 within a one-mile radius and a low rent-to-income ratio of 16%, support future rent growth. Jacksonville's robust job market and limited new multifamily construction further enhance the property's long-term prospects. This landmark property offers a blend of stable cash flow and substantial value-add potential in a highly sought-after neighborhood.

Highlights

  • Prime location in the Historic Riverside District, a top-ranked neighborhood.
  • Walk Score of 87.
  • Significant value-add opportunity with over $300/unit/month rental upside.
  • Individual utility metering (water, sewer, electric) with tenant-paid utilities.
  • Strong demographics: $92,999 average household income within 1 mile, resulting in a low 16% rent-to-income ratio.
  • Jacksonville leads the nation in domestic net migration (2021-2023).

Property Details for 2504 Park St

Property type
Apartment buildings
Square Feet
7,710 SF
Year Built
1929
Buildings
1
Stories
2
Units
10

Location Insight

City
Jacksonville
County
Duval
State
Florida
Latitude
30.312174052929
Longitude
-81.688487225565
2504 Park St, Jacksonville, Florida

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2504 Park St
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