| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 60th | Good |
| Demographics | 30th | Poor |
| Amenities | 47th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2445 Dunn Ave, Jacksonville, FL, 32218, US |
| Region / Metro | Jacksonville |
| Year of Construction | 1989 |
| Units | 20 |
| Transaction Date | 2022-07-14 |
| Transaction Price | $44,500,000 |
| Buyer | NH NORTHLAKE APARTMENTS LLC |
| Seller | BEL JACKSONVILLE HOLDINGS LIMITED PARTNE |
2445 Dunn Ave Jacksonville Multifamily Opportunity
Neighborhood occupancy is above the metro median with solid renter demand, according to WDSuite’s CRE market data, supporting stable leasing conditions for a 1989-vintage, 20-unit asset in Jacksonville’s inner suburb.
Located in Jacksonville’s Inner Suburb, the neighborhood posts an occupancy rate that is above the metro median and competitive among 368 Jacksonville neighborhoods, while also registering a stronger standing than many areas nationwide. For investors, that signals steadier lease-up and retention potential relative to softer submarkets, per commercial real estate analysis from WDSuite. The area’s renter-occupied share of housing units is in the top quartile among 368 metro neighborhoods, indicating a deep tenant pool for multifamily.
Within a 3-mile radius, population and household counts have expanded in recent years, with further population growth and a notable increase in households projected through 2028. A smaller average household size is also expected, which typically supports demand for apartments by broadening the tenant base and diversifying unit preferences. Median contract rents in the neighborhood are around $1,085 and the rent-to-income ratio near 0.23 suggests manageable affordability pressures that can aid renewal rates.
Local amenities are mixed: parks and pharmacies score above metro medians, but the density of grocery stores and cafes is low, pointing to a more car-oriented living pattern. Average school ratings in the neighborhood are below the national midpoint, which may temper appeal for some family renters; however, workforce-oriented demand drivers can still underpin occupancy in this submarket.
Home values in the neighborhood are relatively moderate in the national context. In practice, a more accessible ownership market can create some competition for renters considering entry-level home purchases, but it also keeps multifamily relevant for households prioritizing flexibility or those not ready for ownership—reinforcing the need for thoughtful pricing and amenity positioning.
Safety indicators for the neighborhood track below metro and national averages, based on WDSuite’s data. Compared with other Jacksonville areas (368 neighborhoods total), safety ranks in a lower band, and nationally the neighborhood sits in a lower percentile, indicating elevated reported crime relative to many U.S. neighborhoods.
Investors should underwrite prudent measures—such as lighting, access controls, and coordinated property management practices—and consider how security posture and resident communication can support leasing and retention. Monitoring trend direction alongside comparable submarkets can help calibrate risk and operating assumptions.
Proximity to major corporate employers supports a steady renter base, with convenient commutes to transportation, financial services, and logistics headquarters and offices that anchor Jacksonville’s employment core.
- CSX — rail transportation HQ (8.1 miles) — HQ
- Fidelity National Information Services — financial technology (8.4 miles) — HQ
- Fidelity National Financial — title & settlement services (8.4 miles) — HQ
- Anixter — distribution & supply chain (23.1 miles)
Built in 1989, the property is slightly older than the neighborhood’s average vintage, creating potential for targeted value-add and systems modernization to sharpen competitive positioning against newer stock. Neighborhood occupancy is above the metro median and in a stronger national band, which, according to CRE market data from WDSuite, supports expectations for steadier leasing dynamics relative to weaker submarkets.
Within a 3-mile radius, recent growth in population and households—and projections for further renter pool expansion alongside smaller average household sizes—points to a broader tenant base over the medium term. The neighborhood’s renter-occupied share is in the top quartile locally, and median rents alongside a moderate rent-to-income profile indicate room for durable demand management if pricing and renovations are executed with discipline.
- Above-metro neighborhood occupancy and a deep renter base support leasing stability.
- 1989 vintage offers value-add and systems-upgrade potential to enhance competitive standing.
- 3-mile growth in households and smaller projected household sizes broaden the tenant pool.
- Moderate rent-to-income dynamics can aid renewal management and pricing discipline.
- Risks: below-average school ratings, lower safety rankings, and limited walkable retail density warrant underwriting for security and amenity strategy.