Villas on North Ave 408 13th Ave N Immeuble residentiel 4 lots 1 081 625 € (270 406 €/Lot) Jacksonville Beach, FL 32250

Villas on North Ave is a 4-unit multifamily property located in Jacksonville Beach, Florida. The property is steps away from the beach and many of Jacksonville’s most popular dining and entertainment destinations including the Margaritaville Beach Hotel and the Jacksonville Beach Pier and Boardwalk. The property is also proximate to many demand drivers including: Downtown Jacksonville, University of North Florida, Jacksonville University, and just a 15 minute drive to Naval Station Mayport, home to the 3rd largest naval surface fleet in the United States. Investors can take advantage of a deal with significant upside by implementing a value-add business plan with light interior upgrades and capture an approximate 20% increase in NOI within the first 12 months of Ownership. Given its proximity to the beach and popular tourist destinations, investors can explore short-term vacation rentals to further increase NOI.
The property is 100% occupied with a strong rental history and consists of large 2 bedroom 1.5 baths totaling 900sf each. New roofs in 2018 and major mechanicals like plumbing and electrical were completed during a 2012 renovation of the property. Investors will have the option to purchase the identical property adjacent and take advantage of ample green space between the two assets to further enhance the property with amenities like picnic tables and outdoor grills.