| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 59th | Good |
| Demographics | 24th | Poor |
| Amenities | 55th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 6699 Lenox Ave, Jacksonville, FL, 32205, US |
| Region / Metro | Jacksonville |
| Year of Construction | 1984 |
| Units | 20 |
| Transaction Date | 2006-11-30 |
| Transaction Price | $875,000 |
| Buyer | MATYI DANIEL J |
| Seller | HOLLIDAY TERRY S |
6699 Lenox Ave Jacksonville 20‑Unit Value‑Add Opportunity
Neighborhood renter demand is deep and ownership costs are comparatively high, supporting a stable tenant base even as occupancy trends recover, according to WDSuite’s CRE market data.
Located in an inner-suburb pocket of Jacksonville, the neighborhood rates B- and shows improving occupancy alongside strong renter fundamentals. The share of housing units that are renter-occupied is among the highest in the metro (ranked 15 of 368) and sits in the top quartile nationally, signaling a broad tenant pool for smaller multifamily assets.
Everyday retail access is competitive: dining and grocery density track in the top quartile nationally, while pharmacies are similarly strong. Green space and dedicated childcare facilities are limited in the immediate area, which investors should account for in positioning and amenity strategy.
Construction in the neighborhood skews newer than this property (average 1998), making a 1984 vintage a candidate for targeted renovations and systems updates to improve competitive standing and capture value-add upside. Median asking rents for the neighborhood trend near the national middle, but WDSuite indicates occupancy has risen over the past five years, pointing to resilient leasing even as new and renovated stock competes.
Within a 3-mile radius, population and household counts have grown and are projected to continue rising, expanding the renter pool. Elevated home values relative to local incomes (high value-to-income ratio within the metro and top decile nationally) suggest a high-cost ownership market locally, which can sustain reliance on rental housing and support retention for well-managed properties.
Safety indicators lag metro and national benchmarks in this neighborhood. Crime ranks near the lower end among 368 Jacksonville neighborhoods, and national positioning is below the midline, according to WDSuite’s datasets. Recent readings also show year-over-year increases in both property and violent offenses. Investors should underwrite enhanced security measures, lighting, and resident engagement, and monitor quarterly trend movement rather than relying on a single datapoint.
Proximity to downtown anchors supports workforce housing demand and commute convenience, with several headquarters within a 6-mile radius that help stabilize leasing: Fidelity National Financial, Fidelity National Information Services, and CSX, plus regional industrial and logistics roles such as Anixter.
- Fidelity National Financial — financial services HQ (5.1 miles) — HQ
- Fidelity National Information Services — fintech HQ (5.1 miles) — HQ
- CSX — rail transportation HQ (5.8 miles) — HQ
- Anixter — distribution (17.8 miles)
This 20‑unit, 1984-vintage asset sits in a renter-heavy neighborhood where ownership remains comparatively expensive relative to incomes, reinforcing multifamily demand and potential lease retention. Nearby headquarters employers deepen the day-time and commuter population, while recent five-year improvement in neighborhood occupancy points to demand durability. According to CRE market data from WDSuite, neighborhood rents are around the national middle, suggesting room to compete via targeted renovations and operational execution rather than relying solely on outsized rent growth.
Vintage relative to the local 1998 average implies value‑add potential through interior upgrades, curb appeal, and building systems planning. Key underwriting considerations include elevated rent-to-income ratios (affordability pressure) and safety metrics below metro norms; both call for disciplined tenant screening, proactive security, and thoughtful rent management.
- Renter-occupied share ranked 15 of 368 in the metro indicates a deep tenant base and supports occupancy stability.
- 1984 vintage versus newer neighborhood stock creates clear value‑add angles via renovations and systems upgrades.
- Daily amenities and major HQ employers within ~6 miles bolster leasing demand and retention potential.
- Neighborhood occupancy has improved over five years, aiding cash-flow stability with focused operations.
- Risks: below-average safety readings and elevated rent-to-income ratios require conservative underwriting and security investments.