| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 39th | Poor |
| Demographics | 30th | Poor |
| Amenities | 46th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 645 E 21st St, Jacksonville, FL, 32206, US |
| Region / Metro | Jacksonville |
| Year of Construction | 2006 |
| Units | 24 |
| Transaction Date | 2005-05-20 |
| Transaction Price | $850,000 |
| Buyer | CREATIVE CHOICE HOMES XXIV LTD |
| Seller | 645 EAST 21ST STREET LLC |
645 E 21st St Jacksonville 24-Unit Multifamily
Renter concentration in the neighborhood is elevated, supporting a deeper tenant base and steady lease-up potential, according to WDSuite’s CRE market data.
Located in Jacksonville’s inner-suburban fabric, the immediate neighborhood shows a high share of renter-occupied housing units, which typically supports demand for smaller multifamily assets. Neighborhood occupancy has trended upward over the past five years, a constructive signal for investor underwriting, based on CRE market data from WDSuite.
Relative to the metro, local amenities are mixed: parks and open space access is stronger than average among area peers, while daily-service depth (notably pharmacies and cafes) is thinner. Grocery options are reasonably represented nearby. Average school ratings in the neighborhood track on the lower side; investors often account for this with resident experience programming and targeted marketing toward workforce renters.
The typical housing stock in the neighborhood skews older (average 1950s). By contrast, a 2006 construction vintage positions this property as newer than much of the surrounding inventory, implying comparatively fewer near-term system replacements while still allowing scope for selective value-add (interiors, common areas, curb appeal) to improve competitive standing against both older stock and newer deliveries.
Within a 3-mile radius, households increased over the last five years and are projected to expand further, pointing to a larger tenant base and supporting occupancy stability. Median contract rents in the neighborhood are lower than broader metro benchmarks, which can aid leasing velocity; however, higher rent-to-income ratios locally suggest affordability pressure that warrants disciplined lease management and renewal strategies. Elevated value-to-income dynamics also indicate a high-cost ownership context relative to local incomes, which tends to sustain reliance on rental housing.
Safety indicators in the neighborhood track weaker than both metro and national norms, per WDSuite’s data. The area ranks closer to the higher-crime end among 368 Jacksonville neighborhoods and sits in a lower national safety percentile compared with neighborhoods across the U.S.
Recent year-over-year trends show upticks in both violent and property offense estimates. For investors, this typically translates into a need for thoughtful property operations: lighting, access control, and partnerships with local community resources, alongside realistic underwriting for security-related operating expenses.
Proximity to several major employers underpins workforce housing demand and commute convenience for residents, including CSX, Fidelity National Financial, Fidelity National Information Services, and Anixter.
- CSX — rail transportation (2.6 miles) — HQ
- Fidelity National Financial — title insurance (3.3 miles) — HQ
- Fidelity National Information Services — fintech (3.3 miles) — HQ
- Anixter — distribution (16.9 miles)
This 24-unit, 2006-vintage asset stands newer than much of the neighborhood’s mid-century housing stock, creating a relative competitive edge on systems and curb appeal while leaving room for targeted value-add. Elevated renter-occupied share in the neighborhood, combined with household growth within a 3-mile radius, points to a deeper tenant base that supports occupancy stability and renewal potential. According to CRE market data from WDSuite, local rents trail broader metro levels, which can aid lease-up and price-to-value positioning.
Key considerations include managing affordability pressure—reflected in higher rent-to-income ratios at the neighborhood level—and addressing safety through operations and CapEx planning. With disciplined expense controls, resident retention programs, and selective upgrades, investors can align the asset with durable workforce demand anchored by nearby employment centers.
- 2006 vintage offers competitive positioning versus older local stock with room for selective value-add
- Elevated renter concentration supports a larger tenant base and leasing stability
- Household growth within 3 miles expands the renter pool and supports renewals
- Rents that trail broader metro levels can aid lease-up and pricing power for well-managed units
- Risks: local safety headwinds and affordability pressure require active operations and prudent underwriting