Offered at below appraised value, The Shannon Ridge Apartments is a 11 2 unit quiet, well built community with recent renovations and lots of upside potential.

The property consists of 19 two-story all concrete block buildings with new roofs, plumbing, complete electrical & exterior/interior renovations. Floor plans include 1, 2 & 3 bedroom units.

Due to recent renovations, current occupancy is 60%. A strong & active rental market with below market rental rates creates a stabilized CAP rate of 12.8%

Assumable in place debt of $2.5 Mil at 7%.

Please email for a complete package.

Located on the Northside of Jacksonville off of Edgewood Avenue far from any competition. The closet apartment community is several miles away in a different submarket.

In time, with slightly higher rents and an easily achievable 95% occupancy the apartment complex could justify a $7 million value.

Property is currently priced below recent appriased value and before recent renovations that include new roofs, all new electrical service from pole to panel, balcony railings, exterior & interior.

There is an assumable mortgage of $2,500,000.