6802 Commonwealth AveJacksonville, FL 32254

Property Details for 6802 Commonwealth Ave

Year built

1981

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

5.73 AC

Property size (Sq ft)

99,744 SF

Zone code

CCG-1

Property type

Hospitality properties

Property subtype

Hotels

APN

005128-0100

APU

51280100

Description

This 175-key, two-story hotel in Jacksonville, Florida, presents a compelling investment opportunity. Built in 1981 and situated on a 3.7-acre lot, the property enjoys a highly convenient location off Interstate 295, providing easy access to Jacksonville International Airport, the JAX Cruise Port, the Prime F. Osborn III Convention Center, and Downtown Jacksonville. The CCG-1 zoning allows for potential conversion to multifamily housing, adding significant value and flexibility. The hotel's proximity to major demand generators, including the Jacksonville Zoo & Gardens, Mayo Clinic, University of North Florida, TIAA Bank Field, Southbank Riverwalk, and the Bacardi Bottling Corporation, ensures strong occupancy potential. Its location is also less than an hour from St. Augustine. The property previously operated as a Quality Inn & Suites, consistently generating over $2 million in annual revenue. A recent purchase of the front parcel by QuikTrip has also resulted in lower property taxes for potential buyers (see survey for details). This well-priced asset offers significant upside potential through improved management and branding opportunities, making it an attractive investment in a rapidly growing market. The property is free and clear of any ground lease.

• CAP approach

  CAP return

  Valuation

  6%

  $23,034,084

  6.5%

  $21,262,232

  7%

  $19,743,500

• Comparable approach

  Method

  Valuation

  Relative Method

  $15,941,435

  Geo Method

  $15,941,435

• Alternative Use

  Use

  Valuation

  Residential

  $23,212,180

  Hospitality

  $21,262,232

  Educational

  $17,689,926

  Medical

  $18,298,310

  Retail

  $27,517,664

Location Insight

City

Jacksonville

County

Duval

State

Florida

Latitude

30.3347

Longitude

-81.7599

CBSA code

27260

CBSA name

JACKSONVILLE, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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