219 Cherokee St - Residential Income FOR SALE


Jacksonville, FL 32254- Lackawanna
$8,250,000 USD
561-929-4098
219 Cherokee St, Jacksonville, FL for Sale
$8,250,000 USD
Residential Income - FOR SALE
1/33
null | 7.15% Cap Rate

219 Cherokee St
Jacksonville, FL 32254
Lackawanna


HIGHLIGHTS

  • 60 SFR Portfolio Offering | Stabilized
  • Renovated SFR Average | 2021
  • Total CapEx Invested | $3,569,341
  • 58 of 60 Homes On Sewer
  • Average CapEx Per SFR | $59,489
  • Average Beds & Baths | Bedrooms 3.25 Baths 1.8

OVERVIEW

The St. Johns SFR Portfolio presents the opportunity to acquire a stabilized, fee-simple portfolio of 60 single-family rental homes across 60 parcels in North and Northwest Jacksonville. The offering is priced at $8,250,000, or $137,500 per home and $111.85 per adjusted building SF, encompassing 73,757 SF of improvements on approximately 8.79 acres of combined land area. The portfolio has benefited from approximately $3.57 million of capital investment, or roughly $59,489 per home, with an average renovation year of 2021. Further supporting long term operations, 58 of the 60 residences are connected to sewer. The portfolio offers a renter-oriented mix of family-sized homes: 2 two-bedroom/one-bath, 11 three-bedroom/one bath, 30 three-bedroom/two-bath, and 17 four bedroom/two-bath residences. Accordingly, 58 homes, or 97%, offer three or more bedrooms, while 47 homes, or 78%, are three-bedroom/two-bath or four-bedroom/two-bath layouts. Unit sizes range from approximately 849 SF to 1,915 SF, providing residents with a meaningful single-family alternative to conventional apartment product. At 95% occupancy, the current rent roll generates $85,734 per month of in-place rent, or approximately $1.03 million annually in gross scheduled rent, creating diversified income across 60 separate homes. The offering delivers $996,547 of effective gross income and $590,244 of current NOI, equating to a 7.15% current cap rate at the asking price. Under the quoted financing scenario of 65% LTV, $5.36 million of full-term interest-only debt at 6.95%, subject to lender underwriting, the model produces $217,550 of current annual cash flow, a 7.53% cash-on-cash return, and 1.58x debt coverage. The portfolio offers a defined path to stronger performance: pro forma gross scheduled rent increases by approximately $43,656 annually, while pro forma NOI rises by $83,284 to $673,528. This supports an 8.16% pro forma cap rate, 10.42% cash-on cash return, and 1.81x debt coverage. The long-term cash-flow profile further reinforces the investment case. Assuming the underwriting’s 3% annual gross-scheduled-rent growth and stated expense assumptions, NOI is projected to reach approximately $750,117 in Year 5 and $894,686 in Year 10. Modeled cash on-cash returns increase to 13.07% in Year 5 and 18.08% in Year 10, while debt coverage expands to 2.01x and 2.40x, respectively. The portfolio is supported by a large workforce-housing demand base: the three-mile area contains 82,041 residents and is projected to grow to 85,852 by 2031, while the five-mile area contains 211,488 residents and is projected to reach 218,158. The properties benefit from proximity to Downtown Jacksonville, Springfield, major transportation corridors, and ongoing urban-core reinvestment initiatives across the Durkeeville, McCoys Creek, Historic Eastside, and KingSoutel areas. Three-mile median and average household incomes of $47,145 and $66,565, respectively, align with the portfolio’s attainable rental positioning. Jacksonville’s diversified employment base, which includes healthcare, logistics, finance, defense, government, and professional services, reinforces the long-term demand outlook for centrally located workforce housing in established North and Northwest Jacksonville neighborhoods. The disposition sensitivity analysis demonstrates potential returns across a range of exit-cap-rate outcomes. At the base-case 7.15% exit cap rate, the model projects a Year 5 sale price of $10.49 million, approximately $174,852 per home and $142/SF, with $5.13 million of proceeds after loan payoff and a 20.69% levered IRR. At a more conservative 8.15% exit cap rate, the five-year model still projects a $9.20 million sale price and 15.38% levered IRR; at a 6.15% exit cap rate, projected value increases to $12.20 million with a 26.47% levered IRR. Over a 10-year hold at the base 7.15% exit cap rate, the analysis projects a $12.51 million sale price, $7.15 million of proceeds after loan payoff, and an 18.24% levered IRR. The St. Johns SFR Portfolio is located across several established North and Northwest Jacksonville neighborhoods benefiting from renewed public and private attention to housing, infrastructure, commercial corridors, and urban-core connectivity. Nearby initiatives—including the Durkeeville Revitalization Strategy, McCoys Creek restoration and Emerald Trail, Historic Eastside Main Street program, and KingSoutel Crossing CRA—are advancing neighborhood stabilization and long-term reinvestment. While revitalization is at varying stages across the portfolio’s submarkets, these efforts enhance the area’s accessibility, quality of life, and long-term housing-demand outlook.

FOR SALE DETAILS

PRICE

$8,250,000 USD

PRICE/SF

$112 USD /SF

CAP RATE

7.15%

% LEASED

-

TENANCY

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Portfolio of 60 SFR Properties

PROPERTY TYPE

Specialty

PROPERTY SUBTYPE

Residential Income

TOTAL BUILDING SIZE

-

STORIES

1

BUILDING CLASS

C

YEAR BUILT

1943

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

-

LAND SF

-

ZONING

-

APN/PARCEL ID

056278-0000

ASK ABOUT THIS PROPERTY

Steven PaulsenOpen Market CREMore Info
561-929-4098

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Steven PaulsenOpen Market CREMore Info
561-929-4098

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