Riverside Court is an incredible value add opportunity for an investor to purchase a historic garden style brick apartment building on Riverside Avenue in Jacksonville. The property has below market rent and some deferred maintenance. The new owner has the ability to quickly reposition the property and tenant profile because of month to month leases and a thriving rental market to fill units with a 5.9% rental growth in 2018. Turning a part of all of the building into an AirBNB property has the ability to supercharge the cash flow of this garden style apartment 1 block from St. Vincent's Medical.
The property features many unique historic items such as the porcelain cabinets in the kitchens and murphy bed closets in the living room. The main building has 16 units with an additional garage apartment in the rear of building with a parking. Riverside Court is located in the highly desirable Riverside submarket of Jacksonville. Voted as one of America’s Top 10 neighborhoods, Riverside is one of Jacksonville’s oldest and liveliest neighborhoods. Close to downtown and with easy access to I-95 the Riverside area is an ideal place to live for the workforce of Jacksonville.
Jacksonville’s employers represent a local, regional and national spectrum including healthcare at the Mayo clinic, Wolfson’s children hospital, UF Health, St Vincent’s to financial services from Chase, Wells Fargo, Deutsche Bank, Merrill Lynch and Fidelity to logistics with Landstar and CSX. There are also 13 colleges within 50 miles of Jacksonville contributing both to a educated workforce and student housing that extends into the different submarkets of Jacksonville.
