A 14-unit Jacksonville Beach apartment and duplex community was sold for $1.82 million last week.
First Street Apartments was built in the late 1940s at 16th Avenue North and 1st Street North, but the previous owners renovated the apartments in 2015 and generated a sale that represents $130,000 per unit.
Franklin Street’s James Reed and Matthew Kesterson brokered the sale.
The apartment community has eight buildings, two single-family residences and six duplexes on about half an acre.
Reed said the Jacksonville’s Beach area is very competitive in the commercial real estate market with few vacancies across all property types. First Street Apartments are 100 percent leased.
“Rents have been increasing in this area at about 5 percent annually, vacancies are decreasing and investors are being very competitive with their acquisitions, especially in popular beach locations,” he said in a written statement.
