Four-Unit Multifamily
For Sale
Under Contract
$469,900
2321 SW 31ST Place, Gainesville, FL 32608
Residential Income, GAINESVILLE, FL
Property Size3,360 SF
Lot Size0.21 Acres
Price / SF$139.85
Days on Market81
Property Features for 2321 SW 31ST Place
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
PD
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bedroom 6, Bedroom 4, Bathroom 3, Bedroom 2, Bedroom 7, Bathroom 4, Bathroom 1, Bedroom 5, Bedroom 8, Dining Room, Bedroom 1, Bathroom 2
Parking features
Open
Window features
Wood Frames
Pets allowed
Dogs OK, Cats OK, Yes
Interior features
Ceiling Fans(s), Living Room/Dining Room Combo, Open Floorplan, Primary Bedroom Main Floor, Thermostat
Exterior features
Sidewalk
Fireplace
1
Appliances
Dishwasher, Disposal, Electric Water Heater, Exhaust Fan, Range, Range Hood, Refrigerator
Subdivision
PHOENIX SUB PH II NAPIER GRT
Lot features
Corner Lot, City Limits, Level, Near Public Transit, Sidewalk, Paved
Elementary school
Idylwild Elementary School-AL
Middle school
Kanapaha Middle School-AL
High school
Eastside High School-AL
Directions
SW Archer Rd, turn right onto, make right into Phoenix and building is the first on the left
Standard status
Active Under Contract
APN
07314-010-001
Size
3,360 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PHOENIX S/D PHASE 2 PB K-33 LOT 1 OR 2226/1792 & OR 3080/1347
Tax Annual Amount
8270
Legal Description
PHOENIX S/D PHASE 2 PB K-33 LOT 1 OR 2226/1792 & OR 3080/1347
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1983
Floors in Building
1
Number of units
4
Flooring type
Vinyl, Tile - Ceramic
Building materials
Block, Frame
Roof type
Metal
Listing Agency:
FIRST CHOICE REALTY OF NORTH FLORIDA LLC
(352) 514-9508
Listed By:
Dawn Johnson · License #3100360
(352) 514-9508
Added: Jun 11
Changed: Aug 20
Last Checked: Aug 30 at 6:06AM
MLS# GC540860
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 3,360-square-foot quadplex contains four residential units, each configured with 2 bedrooms and 1 bathroom across approximately 840 square feet. Interior features include functional living areas, ceramic tile flooring, open floor plans, ceiling fans, central heating and cooling, and kitchens equipped with ranges, refrigerators, dishwashers, disposals, and range hoods. The building was constructed in 1983 and has a metal roof installed in 2022. Public water and sewer serve the property, with open parking and sidewalk access on a 0.21-acre site. All four units are leased, creating an occupied multifamily asset. The property is located in Gainesville near shopping, dining, public transportation, parks, major roadways, the University of Florida, UF Health Shands Hospital, the Malcolm Randall VA Medical Center, Butler Plaza, Celebration Pointe, and Newnans Lake.
Key Highlights
- Four‑unit quadplex with 2‑bedroom, 1‑bath layouts
- 3,360 square feet across four units of approximately 840 square feet each
- All four units are currently leased
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
$32,987
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
7.02%
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%
$659,740
$659.7K
Cap Rate 7%
$471,243
$471.2K
Cap Rate 9%
$366,522
$366.5K
Market Conditions
NOI Build-Up for 3,360 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
$50.4K $15.00/SF
− Vacancy
−$3.3K −$0.98/SF
EGI
$47.1K $14.03/SF
− OpEx
−$14.1K −$4.21/SF
NOI
$33.0K $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%
$659,740
Cap Rate 7%
$471,243
Cap Rate 9%
$366,522
Alternative Uses
Best Use
Multifamily LT 5
$471.2K
$412.3K – $549.8K
NOI $32,987 @ 7.0% cap · market cap 7.02%
Second Best
Apartment 5plus
$422.9K
$370.0K – $493.4K
NOI $29,601 @ 7.0% cap · market cap 6.30%
Theoretical Best
Office A
$832.2K
$728.2K – $970.9K
NOI $58,254 @ 7.0% cap · market cap 12.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
200
Businesses Nearby
Explore this area
Business Placement
Demographics for 32608, FL
55,540
Population
25,939
Households
2.1
Avg Household Size
29
Median Age
58%
College-Educated
95%
High-School Grad
44.5 sq mi
ZIP Area
1,248
Density / Sq Mi
$60,182
Median Household Income
$34,991
Median Earnings
$1,357
Median Rent
$340,200
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?
Quadplex - Fully leased residential asset with four two-bedroom units, ceramic tile flooring, central air, and public utilities.
Where is this quadplex located?
The property is located at 2321 SW 31ST Place Gainesville, FL.
What is the asking price?
The asking price for this property is $469,900.
What are key features of this property?
This property features: Four‑unit quadplex with 2‑bedroom, 1‑bath layouts; 3,360 square feet across four units of approximately 840 square feet each; All four units are currently leased
