Listed by McAdoo Multifamily Advisors
$1,399,000
Rubel & College Apartments
Details
APN 0646050000
Property Type Multifamily, Land
Sub Type Apartment Building, Residential
Square Footage 7,678
Net Rentable (SqFt) 10,506
Units 16
NOI $127,304
Occupancy 90%
Tenancy Multi
Pro-Forma NOI $152,319
Year Built 1928
Year Renovated 2022,2023
Buildings 2
Stories 2
Acreage 0.160
Zoning RMD-D
Investment Type Stabilized
20 UNITS | RIVERSIDE HISTORIC DISTRICT | RENOVATED
Marketing description
The Rubel & College Portfolio is a 20-unit, two-property portfolio in Jacksonville's coveted Riverside Historic District. Two masonry multifamily properties at Rubel & College Streets offer a mix of sixteen studios and four one-bedroom units. Ownership invested over $400,000 in interior and systems upgrades, delivering turn-key cash flow with room to grow rents to market.
Every unit features quartz counters, shaker cabinetry, tile finishes, in-unit washer/dryer, and separately metered utilities paid directly by tenants. Most windows have been replaced. Roofs replaced 2017 and 2020. Located approximately one mile from Ascension St. Vincent's Riverside and minutes from Five Points, Brooklyn, and Downtown, the asset sits amid more than $5 billion in announced urban-core development.
Total current monthly revenue totals approximately $21,000 at full occupancy. See current RR.
PRICING ON THIS LISTING IS FOR ONE PROPERTY, HOWEVER BOTH 2892 COLLEGE & 931 RUBEL MUST BE PURCHASED TOGETHER.
Investment highlights
- Positioned in one of Jacksonville's most established and walkable neighborhoods, approximately one mile from Ascension St. Vincent's Riverside medical campus and minutes from Five Points, the Brooklyn commercial corridor, and Downtown Jacksonville.
- Ascension St. Vincent's Riverside, a full-service 528-bed hospital and part of a top-15 health system nationally, anchors a deep base of healthcare tenants, while Five Points, Brooklyn, Memorial Park, and Downtown Jacksonville place dining, retail, and major employment centers within a short drive.
- The surrounding urban core is the focus of more than $5 billion in announced development, including the $2 billion Gateway Jax redevelopment, the $1.4 billion EverBank Stadium renovation, and the $2.5 billion Jacksonville Shipyards district, all of which support sustained housing demand across close-in neighborhoods such as Riverside.
- The surrounding 32205 ZIP code carries an average household income of roughly $94,000 (U.S. Census ACS, 2020 to 2024), supporting sustained rental demand and continued rent growth across the studio and one-bedroom segments.
- Masonry buildings with pitched shingle roofs replaced in 2017 and 2020 and recent systems upgrades leave a new owner with minimal deferred maintenance and limited near-term capital exposure.
- Current ownership has fully modernized all unit interiors with quartz countertops, shaker cabinetry, tile finishes, new windows, and upgraded plumbing and electrical fixtures, delivering a true turn-key asset to incoming ownership.
- Every unit is completed with an in-unit washer and dryer and separately metered utilities, two uncommon and highly desirable features in the historic districts.
- In-place rents sit below the Riverside comparable set, providing a straightforward mark-to-market path as units turn, with additional monthly income available per unit by eliminating the Resident Benefit Package currently retained by management.
- Jacksonville continues to lead the nation in population growth, and with new apartment deliveries forecast to decline sharply year-over-year, supply and demand are rebalancing in favor of tighter rental conditions and improved pricing power for existing assets.
Listing Contacts
Listed by McAdoo Multifamily Advisors
Valuation Calculator
Login or Sign up to see Valuation Metrics
Sign up for Crexi to see valuation metrics for this property
Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$127,304.00
$10,608.67/mo
Valuation Metrics
0
DSCR
9.1%
Cap Rate
9.1%
ROI
Map
Zoning
RMD-D ResidentialMulti FamilyResidential Medium Density D
View municipality zoning documents Upgrade to see the zone description and what's allowed on this property
Upgrade to search and view land use codes
View all 37 uses
View all 37 uses Last updated Apr 15, 2026 For deeper zoning details, reports are available at Zoneomics
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Additional Information
Name
License
Brokerage
Title
Brokerage Address
Is there information that looks off?
