Quadplex with Individual Laundry
For Sale
$380,000
Pending
2442 NW 59TH Avenue, Gainesville, FL 32653
MULTI_FAMILY - GAINESVILLE, FL
Property Size3,348 SF
Lot Size0.13 Acres
Days on Market1008
Property Features for 2442 NW 59TH Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
PD
Bedrooms
2
Rooms
Bedroom 2, Bedroom 1
Pets allowed
Yes
Interior features
Open Floorplan
Appliances
Dishwasher, Refrigerator
Subdivision
PINE RIDGE (450)
Directions
From NW 39th Ave and 34th St, head north on 34th St to left on complex.
Standard status
Pending
APN
06014-007-077
Size
3,348 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2022
Tax Description
PINERIDGE IV PB J-87 LOTS 77 78 79 80 OR 4396/0192 & OR 5053/2061
Tax Annual Amount
3570
Legal Description
PINERIDGE IV PB J-87 LOTS 77 78 79 80 OR 4396/0192 & OR 5053/2061
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Amenities
individual laundry hook-ups
Building Details
Year built
1981
Floors in Building
1
Number of units
4
Flooring type
Vinyl, Carpet, Tile - Ceramic
Building materials
Brick
Roof type
Shingle
Listing Agency:
RE/MAX PROFESSIONALS · RE/MAX International
(352) 375-1002
Listed By:
Dada McGlynn · License #3112603
(352) 317-5681
Added: Nov 13, 2023
Changed: Aug 13
Last Checked: Aug 17 at 11:06AM
MLS# GC517523
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 quadplex features four units, each with two bedrooms and one bath. The property includes open floor plans and individual laundry hook-ups for each unit. Central heating and central air are in place, with electric (heating) listed, along with public water and public sewer. Interior finishes include tile (ceramic), carpet, and vinyl flooring. Appliances noted include dishwasher and refrigerator.
Recent improvements described include three updated water heaters, three updated ACs, three updated refrigerators, two units with updated flooring, one unit with newer cabinetry, and one unit with an updated stove. The building is constructed of brick, with a shingle roof, and was built in 1981.
Set on a 0.13-acre lot with 3,348 square feet of property size and zoned PD, this quadplex can be considered as a starter investment or as an owner-occupy option alongside rental income from the other units.
Recent improvements described include three updated water heaters, three updated ACs, three updated refrigerators, two units with updated flooring, one unit with newer cabinetry, and one unit with an updated stove. The building is constructed of brick, with a shingle roof, and was built in 1981.
Set on a 0.13-acre lot with 3,348 square feet of property size and zoned PD, this quadplex can be considered as a starter investment or as an owner-occupy option alongside rental income from the other units.
Key Highlights
- Zoned PD quadplex with individual laundry hook‑ups for each unit
- Four units with two bedrooms and one bath each
- 3,348 square feet on a 0.13‑acre lot
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
$32,869
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
8.65%
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%
$657,380
$657.4K
Cap Rate 7%
$469,557
$469.6K
Cap Rate 9%
$365,211
$365.2K
Market Conditions
NOI Build-Up for 3,348 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
$50.2K $15.00/SF
− Vacancy
−$3.3K −$0.98/SF
EGI
$47.0K $14.03/SF
− OpEx
−$14.1K −$4.21/SF
NOI
$32.9K $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%
$657,380
Cap Rate 7%
$469,557
Cap Rate 9%
$365,211
Alternative Uses
Best Use
Multifamily LT 5
$469.6K
$410.9K – $547.8K
NOI $32,869 @ 7.0% cap · market cap 8.65%
Second Best
Apartment 5plus
$421.4K
$368.7K – $491.6K
NOI $29,495 @ 7.0% cap · market cap 7.76%
Theoretical Best
Office A
$829.2K
$725.6K – $967.4K
NOI $58,046 @ 7.0% cap · market cap 15.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
439
Businesses Nearby
Explore this area
Business Placement
Demographics for 32653, FL
14,397
Population
6,746
Households
2.1
Avg Household Size
45
Median Age
52%
College-Educated
97%
High-School Grad
38.5 sq mi
ZIP Area
374
Density / Sq Mi
$97,700
Median Household Income
$52,523
Median Earnings
$1,130
Median Rent
$273,700
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 - Quadplex zoned PD with two-bedroom, one-bath units and individual laundry hook-ups, plus central electric heating and central air.
Where is this quadplex located?
The property is located at 2442 NW 59TH Avenue Gainesville, FL.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: Zoned PD quadplex with individual laundry hook‑ups for each unit; Four units with two bedrooms and one bath each; 3,348 square feet on a 0.13‑acre lot
