Multifamily Portfolio with Buildable
For Sale
Contact for pricing
1022 Northwest 3rd Avenue, Gainesville, FL 32601
Three well-maintained multifamily buildings totaling 19 bedrooms and 13 full baths, plus a buildable 0.12-acre lot.
Property Size8,166 SF
Price / SF$195.93
Days on Market52
Property Features for 1022 Northwest 3rd Avenue
General Information
Standard status
Active
Size
8,166 SF
Class
C
Total Parking Spaces
15
Property subtype
Multifamily
Zoning
U4 & U6
Occupancy
100%
Net Operating Income
$127,042
Additional Details
Business Included
No
Building Details
Year Renovated
2025
Buildings
3
Stories
3
Units
19
Tenancy
Multi
Listing Agency:
Bosshardt Realty Services
Listed By:
Marlon Bruce · License #FL SL625253
(352) 502-5407
Source:
Crexi
Added: Jul 23
Changed: Sep 3
Last Checked: Sep 12 at 6:41AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Bosshardt Realty Services
Investment Insights
Based on property information with market context.
This for-sale portfolio includes three well-maintained multifamily buildings offering a total of 19 bedrooms, 13 full baths, and 2 half baths. The offering is structured for existing rental income and also includes an additional buildable 0.12-acre lot, allowing for potential expansion and added future rental revenue.
The property is located within walking distance of Publix and the University of Florida, with campus described as less than three minutes away. For investors or operators seeking a compact, income-producing multifamily package with room to add value through development, this combination of existing units and a buildable lot is an important part of the opportunity.
The property is located within walking distance of Publix and the University of Florida, with campus described as less than three minutes away. For investors or operators seeking a compact, income-producing multifamily package with room to add value through development, this combination of existing units and a buildable lot is an important part of the opportunity.
Key Highlights
- Portfolio includes three well‑maintained multifamily buildings totaling 19 bedrooms and 13 full baths, plus 2 half baths.
- Offering includes a buildable 0.12‑acre lot for future development and additional rental revenue.
- Located within walking distance to Publix and the University of Florida.
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
$71,940
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
4.50%
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%
$1,438,800
$1.4M
Cap Rate 7%
$1,027,714
$1.0M
Cap Rate 9%
$799,333
$799.3K
Market Conditions
NOI Build-Up for 8,166 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
$139.1K $17.04/SF
− Vacancy
−$8.3K −$1.02/SF
EGI
$130.8K $16.02/SF
− OpEx
−$58.9K −$7.21/SF
NOI
$71.9K $8.81/SF
Area
Gainesville, FL
Vacancy
6.00%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
45.00%
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%
$1,438,800
Cap Rate 7%
$1,027,714
Cap Rate 9%
$799,333
Alternative Uses
Best Use
Apartment 5plus
$1.03M
$899.3K – $1.20M
NOI $71,940 @ 7.0% cap · market cap 4.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.02M
$1.77M – $2.36M
NOI $141,579 @ 7.0% cap · market cap 8.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
972
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
Multifamily property - Three well-maintained multifamily buildings totaling 19 bedrooms and 13 full baths, plus a buildable 0.12-acre lot.
Where is this multifamily property located?
The property is located at 1022 Northwest 3rd Avenue Gainesville, FL.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Portfolio includes three well‑maintained multifamily buildings totaling 19 bedrooms and 13 full baths, plus 2 half baths.; Offering includes a buildable 0.12‑acre lot for future development and additional rental revenue.; Located within walking distance to Publix and the University of Florida.
