US - Jacksonville, FL
JLL has been retained on an exclusive basis to arrange for the sale of 444 West 48th Street, a 50-foot wide, 5-story elevatored apartment building located on the south side of West 48th Street between 9th and 10th Avenues.
Comprised of approximately 16,355 gross square feet above grade, the property is currently configured as 30 apartments of which 24 are free market and 6 are rent stabilized. Layouts consist of 3 two-bedrooms, 7 one-bedrooms, and 20 studio units. Building-wide rents average $2,296 per month with the free market units averaging $2,559 per month representing a significant discount to citywide trending rents.
In addition to the continuing post-pandemic recovery in rents allowing immediate gains to be realized as leases roll, there is an additional opportunity to drive rents and add value by further upgrading apartment finishes and implementing cosmetic renovations of the common areas. Each apartment is individually metered for electric, and the building is heated by an oil-fired boiler. 444 West 48th Street is located within the Special Clinton District Preservation Area A which limits max FAR to 4.2 for all uses, allowing for approximately 4,733 SF of additional air-rights that could be used in the future to enlarge the existing structure.
50’ of Frontage
80% Free Market
Light Value Add Opportunity
Close to Multiple Subway and Bus Lines