Renovated
For Sale
Under Contract
$279,900
3108 SW 24TH Drive, Gainesville, FL 32608
Residential Income, GAINESVILLE, FL
Property Size1,800 SF
Lot Size0.06 Acres
Price / SF$155.50
Days on Market17
Property Features for 3108 SW 24TH Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
PD
Pets allowed
Yes
Interior features
Ceiling Fans(s), Solid Surface Counters, Solid Wood Cabinets, Thermostat
Exterior features
Private Entrance, Sidewalk
Appliances
Microwave, Range, Refrigerator
Subdivision
PHOENIX SUB PH II NAPIER GRT
Elementary school
Idylwild Elementary School-AL
Middle school
Kanapaha Middle School-AL
High school
Eastside High School-AL
Directions
Head east on Newberry Rd / SR-26 toward Gainesville. Turn right onto SW 34th Street and continue south for about 3 miles. Turn left onto SW 24th Avenue. Continue east, then turn right onto SW 24th Drive. Arrive at 3108 SW 24th Drive - it should be on your right.
Standard status
Active Under Contract
APN
07314-010-044
Size
1,800 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PHOENIX S/D PHASE 2 PB K-33 LOT 44 OR 04541/01732
Tax Annual Amount
2957
Legal Description
PHOENIX S/D PHASE 2 PB K-33 LOT 44 OR 04541/01732
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1981
Floors in Building
2
Flooring type
Carpet, Vinyl
Building materials
Concrete, HardiPlank Type
Roof type
Metal
Listing Agency:
KELLER WILLIAMS GAINESVILLE REALTY PARTNERS · Keller Williams Realty
(352) 240-0600
Listed By:
Jonathan Mills · License #3316844
(352) 672-4467
Added: Aug 14
Changed: Aug 20
Last Checked: Aug 30 at 3:06AM
MLS# GC542545
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 Gainesville duplex contains two 2-bedroom, 1.5-bathroom residences, each measuring 900 square feet, for a combined property size of 1,800 square feet. Both units are occupied and have private entrances. The property has undergone extensive renovation, including a metal roof, HardiPlank siding, central HVAC systems, water heaters, double-pane windows, updated doors, kitchens, bathrooms, flooring, fixtures, and interior and exterior paint. Kitchen improvements include shaker cabinetry, granite countertops, and stainless steel appliances.
Built in 1981 on a 0.06-acre lot, the property is zoned PD and served by public water and public sewer. It is located on a main bus route with access to the University of Florida, restaurants, shopping, grocery stores, and other daily conveniences. Additional features include sidewalks, ceiling fans, solid surface counters, solid wood cabinets, electric heating, central air, and a metal roof.
Built in 1981 on a 0.06-acre lot, the property is zoned PD and served by public water and public sewer. It is located on a main bus route with access to the University of Florida, restaurants, shopping, grocery stores, and other daily conveniences. Additional features include sidewalks, ceiling fans, solid surface counters, solid wood cabinets, electric heating, central air, and a metal roof.
Key Highlights
- Two 2‑bedroom, 1.5‑bathroom units, each with 900 square feet
- 1,800‑square‑foot duplex on a 0.06‑acre lot
- Fully occupied with tenants in place
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
$17,672
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
6.31%
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%
$353,440
$353.4K
Cap Rate 7%
$252,457
$252.5K
Cap Rate 9%
$196,356
$196.4K
Market Conditions
NOI Build-Up for 1,800 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
$27.0K $15.00/SF
− Vacancy
−$1.8K −$0.98/SF
EGI
$25.2K $14.03/SF
− OpEx
−$7.6K −$4.21/SF
NOI
$17.7K $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%
$353,440
Cap Rate 7%
$252,457
Cap Rate 9%
$196,356
Alternative Uses
Best Use
Multifamily LT 5
$252.5K
$220.9K – $294.5K
NOI $17,672 @ 7.0% cap · market cap 6.31%
Second Best
Apartment 5plus
$226.5K
$198.2K – $264.3K
NOI $15,857 @ 7.0% cap · market cap 5.67%
Theoretical Best
Office A
$445.8K
$390.1K – $520.1K
NOI $31,208 @ 7.0% cap · market cap 11.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
260
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Fully renovated two-unit property with tenants in place, public utilities, and convenient transit access.
Where is this duplex located?
The property is located at 3108 SW 24TH Drive Gainesville, FL.
What is the asking price?
The asking price for this property is $279,900.
What are key features of this property?
This property features: Two 2‑bedroom, 1.5‑bathroom units, each with 900 square feet; 1,800‑square‑foot duplex on a 0.06‑acre lot; Fully occupied with tenants in place
