Property Highlights: 5-unit property well located in the highly desirable Historic Riverside neighborhood of Jacksonville, FL. Property consists of 4 one-bedroom units and a detached two-story two bedroom unit. All units have central HVAC and select units have in-unit washer/dryer (shared laundry on-site for remaining units). Extremely high barrier of entry to new supply in the submarket. Units that were previously operating as furnished rentals and are currently being kept vacant (3), along with in-place leases nearing expiration (2), allowing new ownership immediate optionality in operations and tenant placement. Potential opportunity to enhance revenue through furnished and shortterm rentals, which are popular in Riverside due to local employment drivers (St Vincent's, Downtown, Brooklyn) and local points of interest. Average Pro Forma Market Rent: $1, 550
Surrounding Area Highlights:
Excellent demographics - average household income of $100, 298 and average home $513, 581 Jacksonville FL ranked #1 for 2021-2022 and 2022-2023 domestic net migration % (U. S. Census Bureau). 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). Major Nearby Retailers Include Publix Supermarket (. 2 Mi), Starbucks (. 3 Mi), Walgreens (0. 8 Mi), and the upcoming Whole Foods in Brooklyn (1. 5 Mi)
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$899,999
William Raveis Real Estate
Phone: 888.699.8876
Contact@raveis.com
RVP, Mortgage Banker
William Raveis Mortgage, LLC
Phone: 917.838.7300
Melissa.Cohn@raveis.com
NMLS Mortgage Loan Originator ID 16953
5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
|
---|---|---|---|
Loan Amount | $719,999 | $719,999 | $719,999 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 7.125% | 6.875% | 6.750% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 7.838% | 7.002% | 6.915% |
Monthly Tax Payment | $861 | $861 | $861 |
H/O Insurance Payment | $92 | $92 | $92 |
Initial Principal & Interest Pmt | $4,851 | $4,730 | $6,371 |
Total Monthly Payment | $5,804 | $5,683 | $7,324 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.