Hart House Apartments
Closed1724 Copeland St, Jacksonville, FL 32204
Property type
Multifamily
Unit / Space count
5
Price
$800,000
Building size
3,586 sf
Rentable area
3,586 SF
Year built
1924
Year renovated
Occupancy
Zoning code
Lot size
0.16 Acres
Sold/status
Sold · Date unknown
Sale price
$800000
Bedroom count
Property description
Hart House Apartments is a 5-unit multifamily investment opportunity that is nestled in the heart of Jacksonville’s esteemed Riverside Historic district. The property was built in 1924 and consists of four 1-bedroom units and a detached two-story 2-bedroom unit. The unit interiors have been substantially upgraded and modernized over time. All units feature central HVAC. Additionally, a portion of the units have been upgraded with washer/dryer hookups in-unit (shared laundry exists for the remainder of the units). The three vacant units which were previously being operated as furnished rentals, combined with two in-place leases that are either MTM or nearing expiration provide new ownership with optionality of strategy upon takeover. The demographics of the neighborhood are incredibly strong, with an average household income of $100,298 and an average home value of $513,581, underscoring the neighborhood’s desirable tenant base. Hart House Apartments is in close proximity to major economic drivers and local points of interest including Ascension St. Vincent's Riverside, the Shoppes of Avondale, Historic Five Points Entertainment District, Downtown Jacksonville, the Gateway JAX mixed-use development (22-acre, $2 billion development), Publix Supermarket, Starbucks, and the upcoming Whole Foods in Brooklyn. Hart House Apartments is a turnkey opportunity with average pro forma market rent of $1,550. The nearby points of interest and economic drivers, as well as Jacksonville’s consistent demand driven by leading net migration, offer a promising investment opportunity in an A+ location.
Property highlights
- 5-unit property well located in the highly desirable Historic Riverside neighborhood of Jacksonville, FL
- Contract signing to closing in 51 days
- Closed at contract price
- Property consists of 4 one-bedroom units and a detached two-story two-bedroom unit
- Excellent demographics – average household income of $100,298 and average home value of $513,581 in Riverside neighborhood (Homes.com)
- Conveniently located 1-minute from Ascension St. Vincent's Riverside (0.4 Mi), 2-minutes from Historic Five Points Entertainment District (.3 Mi), 5-minutes from the Shoppes of Avondale (1.7 Mi), and 5-minutes from Downtown Jacksonville and Gateway JAX mixed-use development (2.1 Mi)