Quadplex with Individual Laundry
For Sale
$380,000
Pending
2442 NW 59TH Avenue, Gainesville, FL 32653
Residential Income, GAINESVILLE, FL
Property Size3,348 SF
Lot Size0.13 Acres
Days on Market1026
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
Central, Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1981
Floors in Building
1
Number of units
4
Flooring type
Vinyl, Tile - Ceramic, Carpet
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: Sep 2
Last Checked: Sep 4 at 1:06AM
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 3,348-square-foot quadplex contains four residences, each arranged with two bedrooms and one bathroom. Individual laundry hookups serve the units, while the property includes central air, electric heating, brick construction, a shingle roof, and an open floorplan. Recent improvements include three updated water heaters, three updated AC units, three updated refrigerators, refreshed flooring in two units, newer cabinetry in one unit, and an updated stove in one unit.
The 0.13-acre property is located in northwest Gainesville at 2442 NW 59th Avenue. It is within walking distance of the Super Walmart Center and a quick drive from UF Health. Public water and public sewer serve the property, and zoning is PD. Built in 1981, the quadplex also includes dishwasher and refrigerator appliances, with vinyl, ceramic tile, and carpet flooring represented across the units.
The 0.13-acre property is located in northwest Gainesville at 2442 NW 59th Avenue. It is within walking distance of the Super Walmart Center and a quick drive from UF Health. Public water and public sewer serve the property, and zoning is PD. Built in 1981, the quadplex also includes dishwasher and refrigerator appliances, with vinyl, ceramic tile, and carpet flooring represented across the units.
Key Highlights
- Quadplex with four 2‑bedroom, 1‑bath units
- 3,348 square feet on a 0.13‑acre lot
- Individual laundry hookups in each unit
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
379
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four two-bedroom residences offer a practical income-property configuration with public water and sewer.
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: Quadplex with four 2‑bedroom, 1‑bath units; 3,348 square feet on a 0.13‑acre lot; Individual laundry hookups in each unit
