725 Cherokee Street, Jacksonville, FL 32205

Property Description

Multi-Family Property - Comfort & Investment Opportunity Discover a rare gem in Riverside, Jacksonville's premier neighborhood! This exceptional multi-family home blends comfort and lucrative investment potential, perfect for savvy investors or homeowners looking to offset mortgage costs. With over $45K in recent upgrades, this property is move-in ready and poised to generate significant rental income. The main house, located at 725 Cherokee Street, offers a spacious layout with 3 bedrooms and 2 bathrooms, encompassing 1,096 sq. ft. It boasts a fully updated kitchen and bathrooms, complete with new appliances, including a washer/dryer and Ring security cameras. Recent enhancements include a new water heater, a comprehensive $18,000 foundation upgrade, a privacy fence, a new garage door, and a converted storage unit. According to Redfin, the market value of the main house is currently estimated at $297K. In addition to the main residence, the property includes a detached apartment at 2855 Gilmore Street. This independent living space features 1 bedroom, 1 bathroom, a kitchen, a living area, and a dedicated den perfect for remote work. The apartment has undergone extensive updates, including new appliances, a washer/dryer, an efficient AC unit optimized for Florida's climate, fresh exterior and interior paint, a new privacy fence, landscaping, and a new garage door and storage unit. Zillow estimates the value of this unit at $130K, with rental potential ranging from $1,200 to $2,500 per month, which could significantly reduce the owner-occupied monthly payment by 50-100%. Strategically located just 5 minutes from downtown Jacksonville and 2 minutes from prime dining and shopping destinations, Riverside offers a perfect blend of urban accessibility and neighborhood charm. The property is competitively priced at $419,000, below the combined Redfin/Zillow estimates, and benefits from low property taxes. With the potential for interest rate drops, now is the ideal time to invest, as this property is likely to attract increased buyer interest and competitive bidding. This turnkey investment opportunity, with $45,000 in recent repairs and updates, is ready for immediate occupancy or rental. It is ideal for investors looking to capitalize on Jacksonville's thriving rental market or homeowners seeking to reduce living expenses through rental income. The property's versatility as a short-term rental, long-term lease, or Airbnb venue, combined with its status as the only multi-unit offering in Riverside, underscores its unique appeal. Riverside is renowned for its vibrant community, historic charm, and prime location. Owning a property here means enjoying the best of Jacksonville while securing a high-yield investment. This property offers substantial returns and lifestyle benefits in one of the nation's top job markets. Secure this Riverside gem before it becomes the target of competitive bidding. Ideal for investors and families seeking a lucrative, comfortable living arrangement in Jacksonville. Seller is offering a 5K credit for rate buy down and or ext painting with a full price offer, OR Seller's financing for qualified buyers, 20% down, 5% Interest for 3 years If preferred lender is used, buyer will receive $1000 towards closing costs or buydown rate. Schedule a showing today! Contact us to explore this exceptional multi-family home and take advantage of its immense potential.