1279 Mull St - Apartments FOR SALE


Jacksonville, FL 32205
$679,000 USD
904-233-8077
1279 Mull St, Jacksonville, FL for Sale
$679,000 USD
Apartments - FOR SALE
1/22
null | 21.91% Cap Rate

1279 Mull St
Jacksonville, FL 32205


HIGHLIGHTS

  • Short Term Rentals
  • Padsplit
  • Van Zant House property, childhood home of founders of Lynynrd Skynrd and .38 Special

OVERVIEW

This Historic property was home to the Van Zant family, founders of the rock bands Lynyrd Skynyrd, and .38 Special. It is recognized as an historical site by the State of Florida, complete with historic marker. The main four unit building is operated as short term rentals, with guests coming from all over the world! The manufactured home in back operates as a Padsplit with six private rooms and shared common areas. Tremendous cash flows make this a profitable investment from day one. New owner can continue to operate as is (seller will assist in transition), or come live in one unit and manage the rest and live off the income. All units come fully furnished and everything conveys, including branded website, operating systems, and two sets of coin operated washers/dryers for even more income! Property creates cash flows between $10-12K per month. Expenses are around $2000/mo before debt service, making this deal a 13.7%-17.2% cap rate, about three times better than the going market cap rates. There is a great deal of meat on the bone for investors. This is not traditional multifamily, but short term rental (STR) and Padsplit, which creates revenues 2-3x higher than traditional multifam. Please make sure your buyers understand this. See financials and offering memorandum for more detail.

FOR SALE DETAILS

PRICE

$679,000 USD

PRICE/SF

$131 USD /SF

# OF UNITS

10

PRICE/UNIT

$67,900

CAP RATE

21.91%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Dormitory

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1950

PARKING SPACES

12

LAND DETAILS

LAND ACRES

0.5 AC

LAND SF

21,780 SF

ZONING

RMD-A

APN/PARCEL ID

066841-0000

ASK ABOUT THIS PROPERTY

TODD SMITHBLUE HORIZON REAL ESTATE LLCMore Info
904-233-8077

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TODD SMITHBLUE HORIZON REAL ESTATE LLCMore Info
904-233-8077

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.