Two-Unit Duplex with
For Sale
$325,000
232 NW 4TH Avenue, Gainesville, FL 32601
Residential Income, GAINESVILLE, FL
Property Size1,475 SF
Lot Size0.10 Acres
Price / SF$220.34
Days on Market209
Property Features for 232 NW 4TH Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RC
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 3, Bathroom 1, Bedroom 2, Bedroom 1
Interior features
Ceiling Fans(s), Primary Bedroom Main Floor
Exterior features
Awning(s), Fence, Lighting
Fencing
Fenced
Subdivision
BRUSH ADD TO GVILLE
Directions
From Main St traveloing south, take a right traveling west on 4th Ave. Property is on the right. Park on left side of road in designated area
Standard status
Active
APN
14228-001-000
Size
1,475 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
EAST 40.00 (D) 40.01'(M) OF LOT B, BLOCK 16, BRUSH'S ADDITION
Tax Annual Amount
5206
Legal Description
EAST 40.00 (D) 40.01'(M) OF LOT B, BLOCK 16, BRUSH'S ADDITION
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Ductless (Heating)
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1930
Number of units
2
Building materials
HardiPlank Type, Frame
Roof type
Shingle
Listing Agency:
KELLER WILLIAMS GAINESVILLE REALTY PARTNERS · Keller Williams Realty
(352) 240-0600
Listed By:
Zoma De Las Estrellas · License #3466571
(352) 246-6765
Added: Jan 30
Changed: Aug 21
Last Checked: Aug 27 at 4:06PM
MLS# GC537249
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,475-square-foot duplex configuration includes a 2/1 primary residence and an attached 1/1 unit. Built in 1930, the property features an open front porch with a swing, a rear porch, and a fenced outdoor area. Construction is HardiPlank Type and frame, with shingle roofing, ductless heating, and wall/window cooling units.
The property is located at 232 NW 4th Avenue in Gainesville, within the 32601 postal area and near the downtown core. Public water and sewer serve the site, with cable availability also noted. The 0.1-acre parcel carries RC zoning.
The property is tenant occupied through the end of July 2027. Additional features include ceiling fans, main-floor primary bedroom placement, exterior lighting, and an awning.
The property is located at 232 NW 4th Avenue in Gainesville, within the 32601 postal area and near the downtown core. Public water and sewer serve the site, with cable availability also noted. The 0.1-acre parcel carries RC zoning.
The property is tenant occupied through the end of July 2027. Additional features include ceiling fans, main-floor primary bedroom placement, exterior lighting, and an awning.
Key Highlights
- 2/1 home with attached 1/1 unit functioning as a duplex
- 1,475 square feet on a 0.1‑acre parcel
- Tenant occupied through end of July 2027
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$14,481
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.46%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$289,620
$289.6K
Cap Rate 7%
$206,871
$206.9K
Cap Rate 9%
$160,900
$160.9K
Market Conditions
NOI Build-Up for 1,475 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$22.1K $15.00/SF
− Vacancy
−$1.4K −$0.98/SF
EGI
$20.7K $14.03/SF
− OpEx
−$6.2K −$4.21/SF
NOI
$14.5K $9.82/SF
Area
Gainesville, FL
Vacancy
6.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$289,620
Cap Rate 7%
$206,871
Cap Rate 9%
$160,900
Alternative Uses
Best Use
Multifamily LT 5
$206.9K
$181.0K – $241.4K
NOI $14,481 @ 7.0% cap · market cap 4.46%
Second Best
Apartment 5plus
$185.6K
$162.4K – $216.6K
NOI $12,994 @ 7.0% cap · market cap 4.00%
Theoretical Best
Office A
$365.3K
$319.7K – $426.2K
NOI $25,573 @ 7.0% cap · market cap 7.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,835
Businesses Nearby
Explore this area
Business Placement
Demographics for 32601, FL
22,039
Population
11,204
Households
2
Avg Household Size
27
Median Age
62%
College-Educated
97%
High-School Grad
4.6 sq mi
ZIP Area
4,791
Density / Sq Mi
$30,878
Median Household Income
$18,954
Median Earnings
$1,092
Median Rent
$284,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Tenant occupancy continues through July 2027, with fenced outdoor space serving the attached unit.
Where is this duplex located?
The property is located at 232 NW 4TH Avenue Gainesville, FL.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: 2/1 home with attached 1/1 unit functioning as a duplex; 1,475 square feet on a 0.1‑acre parcel; Tenant occupied through end of July 2027
