865 COLE RD Jacksonville, FL 32218
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Single Family Residence
Listing Status Active
Purchase Type For Sale
Square Footage 3,380 sqft
Price per Sqft $221
Subdivision Oceanway
MLS Listing ID 2154677
Bedrooms 10
Full Baths 6
HOA Y/N No
Year Built 1948
Annual Tax Amount $764
Lot Size 1.360 Acres
Acres 1.36
Property Sub-Type Single Family Residence
Source realMLS (Northeast Florida Multiple Listing Service)
Property Description
Rarely does a property offer this combination of immediate income, extensive recent improvements, valuable acreage, and long-term upside. Situated on 1.36 acres in one of North Jacksonville's fastest growing and most convenient locations, this exceptional property features five separate residences totaling approximately 4,424 square feet, creating an outstanding opportunity for investors, multi-generational families, business owners, or anyone seeking a property with multiple income streams and exceptional flexibility. Currently generating $7,800 per month ($93,600 annually) in rental income with only four of the five residences occupied, this property offers immediate cash flow while offering the opportunity to increase annual income by an added $18,600 simply by leasing the fifth residence. Based on the current financials, the property produces approximately $82,200 in annual Net Operating Income, representing an attractive 10.96% cap rate at the $750,000 asking price.
The property consists of four residential units plus a detached single-family home, offering flexibility that is nearly impossible to find in today's market.
Three residences feature 2 bedrooms, 1 bathroom, each with private interior laundry. The largest residence offers 3 bedrooms, 2 bathrooms, more than 1,360 square feet, and propane service for both the range and dryer. One residence also includes an insulated garage that could easily be converted into additional living space.
The detached home provides even greater versatility, making it ideal as an owner-occupied residence, guest house, property manager's quarters, employee housing, or an additional rental opportunity.
Extensive capital improvements have already been completed, providing peace of mind and minimizing future maintenance expenses. Recent upgrades include:
" New 6,250+ square foot ribbed metal roof " Updated plumbing throughout " New electrical panels with separate electric meters and primarily 12-gauge wiring " Hurricane-impact windows throughout most of the property " Durable red steel construction with predominantly metal siding " Matching tile flooring throughout all residences " Industrial-sized gutters with French drains " New appliances and propane service " Two oversized septic systems with expansive drain fields " Vinyl fencing with a heavy-duty automatic Ghost security gate
The exterior is equally impressive with a 220-foot paved driveway, two large carports, greenhouse, oversized concrete RV pad with full RV hookups, extensive parking, and beautifully maintained grounds. The property is located in Flood Zone X, meaning it is outside of a designated flood hazard area.
Location is another major advantage. Just minutes from I-95 and I-295, the property is less than 10 minutes from Jacksonville International Airport, approximately 15 minutes to Downtown Jacksonville, about 25 minutes to Jacksonville's beaches, and only minutes from River City Marketplace, offering major retailers, restaurants, and entertainment.
Unlike most investment properties, this estate offers multiple exit strategies. Continue operating it as a high-performing income property, occupy one residence while the remaining units generate substantial rental income, create a private multi-generational family compound, or explore the property's future development potential. Due to its size and configuration, the parcel may offer the opportunity for future subdivision or additional residential development, subject to buyer verification with the appropriate governmental authorities.
With more than 4,400 square feet of living space, 1.36 acres, substantial recent improvements, existing cash flow, and future upside, this is a truly unique opportunity that would be extraordinarily difficult--and significantly more expensive--to recreate at today's land and construction costs.
Properties offering this combination of income, flexibility, infrastructure, acreage, and long-term appreciation potential rarely become available. Schedule your private showing today and discover everything this exceptional investment property has to offer.
Location
State FL
County Duval
Community Oceanway
Area 092-Oceanway/Pecan Park
Direction Take 95N to exit 362A to 295 East. In 1.1 miles turn onto US 17, in .2 turn right onto Main Street. In .4 miles turn left onto Cole Rd W. In .5 miles turn right onto Cole Rd. In .2 miles the home is on the right and gated.
Interior
Heating Central
Cooling Central Air
Exterior
Parking Features Additional Parking, Carport, Garage
Garage Spaces 2.0
Carport Spaces 4
Utilities Available Electricity Connected, Water Connected, Propane
Total Parking Spaces 2
Garage Yes
Private Pool No
Building
Water Well
New Construction No
Others
Senior Community No
Tax ID 1068430280
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Virtual Tour https://www.zillow.com/view-imx/14ddad3d-6671-4c0b-b2f9-33355351ffbb?initialViewType=pano
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