15 Unit Investment Property FSBO in Jacksonville, FL

Property Description

Multifamily Investment Property For Sale By Owner in Jacksonville, FL | Riverfront 15 Units | Value-Add Opportunity

Rare riverfront multifamily investment opportunity located at 103 Trout River Dr in Jacksonville, FL, featuring 15 units on the scenic Trout River. This property offers a unique combination of peaceful waterfront living and prime urban convenience, just minutes from Downtown Jacksonville and approximately 30 minutes from Atlantic beaches. Situated directly across from the Jacksonville Zoo and Gardens, the property provides a distinctive setting with a lively atmosphere while still maintaining privacy and a retreat-like feel.

Built in 1950, this vintage asset has a renovated exterior while the interiors require full rehab, presenting a strong value-add opportunity for investors. The property was originally envisioned for use as housing for traveling nurses but is also well-suited for workforce housing, veteran housing, or other income-producing rental strategies thanks to its flexible layout and desirable location.

Conservative financial projections estimate market rents at $1,300 per unit per month, generating a gross potential income of $234,000 annually and an effective gross income of approximately $222,300 after vacancy. With an estimated expense ratio of 36%, the projected net operating income is approximately $142,000. Based on current market conditions and underwriting standards, the property supports a cap rate range of 6% to 7%, resulting in an estimated stabilized value between $1,960,000 and $2,100,000, with a more conservative valuation range of $1,850,000 to $1,950,000.

Financing analysis under typical 2026 DSCR loan assumptions supports estimated loan proceeds of approximately $1,350,000 to $1,400,000, reflecting a loan to value ratio of roughly 70% to 73%. With conservative rent assumptions, realistic expense projections, and strong financing support, this property represents a compelling opportunity to acquire a waterfront multifamily asset with significant upside potential through renovation and lease-up in one of Jacksonville’s most unique and well located settings.

Details & Amenities

Property Address

103 Trout River Dr, Jacksonville, FL 32208, USA, City - Duval County