$1,570,000 SALE
Lots & Land-Other
29 AC
EAST STREET & SLENDORA RD
Jacksonville, FL 32219 Trout River Gardens Sgl-fam Development Opportunity - Jax, FL



Strong new home projects and leasing on newly delivered projects in recent years has pulled the submarket's vacancy down to near cycle lows. The vacancy rate, which sits around 5%, is not likely to change much in the coming quarters as the supply pipeline is empty. Market-rate multifamily and affordable new home demand drivers come mostly from the area's history as an affordable, efficient logistics node. North Side has several large industrial projects under construction, comprising millions of SF and much more in the proposed pipeline. Should any single megaproject move forward, or any one of a dozen smaller projects, demand for housing in the submarket is almost certain to jump. Furthermore, I-295 and I-95 provides easy access to Jacksonville's revitalizing downtown, with several major employers announcing office-using job additions. North Side is skewed considerably towards owner occupied households, as homes remain relatively affordable in the submarket. However, renter-occupied households have increased by an average of more than 3.5% annually since 2010, compared to owner-occupied households increasing by just half a percentage point each year during the same time frame. Those with bachelor's degrees also increased by more than 4% annually this expansion, a testament to the submarket's increasing affluence. Generally, most of this growth in North Side has been concentrated north of I-295, with close proximity to River City Marketplace, the submarket's largest commercial node. As of late, vacancy has stood around 5.1%, and looks to remain tight in the coming quarters The submarket is decidedly logistics driven, containing: Jacksonville's main seaport The Jacksonville international airport Interstate I-95 Interstate I-295 - the Jacksonville's perimeter highway Blue-collar jobs have a significant presence as the submarket sees burgeoning industrial growth. Due to North Side's transportation infrastructure. While rent growth has also fluctuated Landlords have pushed rents aggressively in recent quarters. Investor activity was completely absent in 2018, as institutional properties remain limited in the submarket. However, there were two high-profile transactions in 2019 Including one of the newest properties to deliver in North Side this expansion.


Property Type Lots & Land-Other
Property Use Other Residential
Zoning RR-RES LD 3-7
Listing ID 4CPBNJ
MLS ID 1034772
Style Not Applicable
Lot Size 29.27 AC
Available Date Jan 23rd, 2020
Area Description

Area Description: With little inventory, North Side is subject to fluctuations in vacancy and rent growth as new deliveries come on line. As of late, vacancy has stood around 5.1%, and looks to remain tight in the coming quarters. The submarket is decidedly logistics driven, containing Jacksonville's main seaport; the international airport; I-95; and the Jacksonville perimeter, I-295. Blue-collar jobs have a significant presence as the submarket sees burgeoning industrial growth, in part due to North Side's transportation infrastructure. While rent growth has also fluctuated over the expansion, landlords have pushed rents aggressively in recent quarters. Investor activity was completely absent in 2018, as institutional properties remain limited in the submarket. However, there were two high-profile transactions in 2019, including one of the newest properties to deliver in North Side this expansion.

Region: Jacksonville, FL

Region: North East Florida

Region: South East United States

Property Features
Location Name: East Street and Slendora Road
Development ID: Trout River Gardens
Additional Media Area Demographics