This feature is unavailable at the moment.

We apologize, but the feature you are trying to access is currently unavailable. We are aware of this issue and our team is working hard to resolve the matter.

Please check back in a few minutes. We apologize for the inconvenience.

- LoopNet Team

You must register your contact information to view secure information on this listing.
You must register your contact information to view secure information on this listing.
This Residential Property is no longer advertised on LoopNet.co.uk.

888 Franklin St
Jacksonville, FL 32206

Downtown East Apts · Residential Property For Sale · 98 Units

Investment Highlights

  • Value add Property in Opportunity Zone with 2020 Pro-forma NOI over $400K and 2021 reaching over $500K+
  • Continue Recent Reposition or Convert to HUD Property for Maximum Cashflow OR BUILD 25+ UNITS on remaining lot!!
  • Owner pays all Utilities - RUBS implemented in Q2 2020 and captured $140K NOI
  • One mile North of $2.5 Billion Proposed Sports and Entertainment District Redevelopment
  • New Roof has 2 Year Warranty and 10-12 Years of Life Remaining
  • Close to New $450M "Lot J" Project with Entertainment District by Jaguars and JAX City (Phase1 of $2.5B project) - Set to Start in Q1 2020

PROPERTY FACTS

No. Units 98
Property Type Residential
Property Subtype Apartment
Apartment Style Mid Rise
Building Class C
Lot Size 1.68 AC
Building Size 65,492 SF
Average Occupancy 71%
Number of Floors 4
Year Built/Renovated 1971/2020
Parking Ratio 1.1/1,000 SF

Unit Amenities

  • Air Conditioning
  • Heating
  • Kitchen
  • Refrigerator
  • Oven
  • Range
  • Tub/Shower
  • Yard

Site Amenities

  • 24 Hour Access
  • Courtyard
  • Laundry Facilities
  • Security System
  • Grill
  • Lift

About 888 Franklin St , Jacksonville, FL 32206

***IMP***OFF MARKET LISTING***IF INTERESTED, PLS SEND AN EMAIL TO SALES@KNARRS.COM***IMP*** Downtown East Apts (In Opportunity Zone & JAX Urban Core to qualify various incentives!!). * 98-Unit, Four-Story, U-Shaped, Interior-Corridor, All Concrete, Flat Roof, Fenced-In, BBQ Courtyard, Community Room with kitchen, Leasing Office, 6-Storage Rooms, Elevator, 3-Staircases. * Additional vacant lot to build 25++ units (Potentially 2BR's to have all unit types including Studio and 1BR's!!) * All units are studios and one-bedroom units with all utilities included (RUB's being implemented to capture at least $120K NOI; 2020 Proforma NOI of over $400K++ and 2021 would be over 500K+). * Walkable distance to new $450M "Lot J Project (Starting in Q1 2020) with Entertainment District with Restaurants, Highend Hotel, Office and Multi-family units"...Part of $2B+ Jaguars Project near TIAA Bank field (Jaguars Stadium & Amphitheater). On bus route, minutes to bridges, major parkways, and Interstate highways. Walking distance to Jacksonville's Sports District, Metro park, Saint Johns River, Jaguars football stadium, Jacksonville minor league baseball stadium, Memorial Arena, Jacksonville fairgrounds, and many stores, bars, and outdoor flea market. FEW LATEST PROJECT NEAR WALKABLE DISTANCE: https://www.jaxdailyrecord.com/article/apartments-retail-rooftop-bar-planned-for-doro-fixture-co-site-downtown https://www.jaxdailyrecord.com/article/armadas-downtown-stadium-plans-more-than-soccer Capital improvements over the past seven years include Complete elevator upgrade, new roof, parking lot, fire and burglar alarm system, magnetized fire doors and exits, complete camera surveillance system, plumbing, and electrical upgrades to approximately half the building, appliances, and cabinets. Property has been stabilized for the past four years and rent increases are being implemented. It operates mostly absentee-owner. There is no carpeting anywhere in the building, and most repair costs are minimal and done in-house.

Unit Mix Information

Description No. Units Avg. Rent.Mo SF
Studios 55 £800.00 -
1+1 43 £900.00 -

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
122486-0000
Land Assessment
£297,850
Improvements Assessment
£3,906,121
Total Assessment
£4,203,971

zoning

Zoning Code RMD-D (Opportunity Zone)
RMD-D (Opportunity Zone)
  • Listing ID: 15351404

  • Date on Market: 05/03/2019

  • Last Updated:

  • Address: 888 Franklin St, Jacksonville, FL 32206

Please Share Your Feedback

We welcome any feedback on how we can improve LoopNet to better serve your needs.
X
{{ getErrorText(feedbackForm.starRating, 'rating') }}
255 character limit ({{ remainingChars() }} characters remainingover)
{{ getErrorText(feedbackForm.msg, 'rating') }}
{{ getErrorText(feedbackForm.fname, 'first name') }}
{{ getErrorText(feedbackForm.lname, 'last name') }}
{{ getErrorText(feedbackForm.phone, 'phone number') }}
{{ getErrorText(feedbackForm.phonex, 'phone extension') }}
{{ getErrorText(feedbackForm.email, 'email address') }}