Flexible Office Building with Multiple
For Sale
$299,000
1215 Northwest 12th Avenue, Gainesville, FL 32601
Configured as a law office within a home-style layout, with five access points and parking for about five vehicles.
Property Size1,502 SF
Days on Market73
Property Features for 1215 Northwest 12th Avenue
General Information
Standard status
Active
Size
1,502 SF
Total Parking Spaces
5
Property subtype
Multifamily
Zoning
OF
Additional Details
Office Units
5
Building Details
Building Size
1,502 SF
Year Built
1941
Listing Agency:
BOSSHARDT REALTY SERVICES LLC
Listed By:
Makayla Richardson · License #FL #SL3598503
(352) 256-7532
Source:
Bosscommercial
Added: Jun 25
Changed: Aug 19
Last Checked: Sep 5 at 7:18AM
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 LLC
Investment Insights
Based on property information with market context.
The property is currently configured as a professional office for a law practice, while retaining the underlying structure and layout of a residential home. Zoned OF, it supports continued office use and also presents potential redevelopment options including multifamily or student housing. The building includes five separate points of access, which can support subdividing the space into multiple units or suites.
An on-site parking lot accommodates approximately five vehicles, with additional potential to generate income through leased parking. The property is surrounded by a mix of multifamily housing and professional office users, and it is approximately 8 minutes from the University of Florida.
An on-site parking lot accommodates approximately five vehicles, with additional potential to generate income through leased parking. The property is surrounded by a mix of multifamily housing and professional office users, and it is approximately 8 minutes from the University of Florida.
Key Highlights
- Built in 1941; currently configured as a professional office (law office) within a home‑style layout.
- OF zoning allows continued office use and potential redevelopment into multifamily or student housing.
- Five (5) separate entry points for flexible access and potential subdivision into multiple units or suites.
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
$18,736
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
6.27%
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%
$374,720
$374.7K
Cap Rate 7%
$267,657
$267.7K
Cap Rate 9%
$208,178
$208.2K
Market Conditions
NOI Build-Up for 1,502 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
$29.7K $19.80/SF
− Vacancy
−$4.8K −$3.17/SF
EGI
$25.0K $16.63/SF
− OpEx
−$6.2K −$4.16/SF
NOI
$18.7K $12.47/SF
Area
Gainesville, FL
Vacancy
16.00%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
25.00%
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%
$374,720
Cap Rate 7%
$267,657
Cap Rate 9%
$208,178
Alternative Uses
Best Use
Office B
$267.7K
$234.2K – $312.3K
NOI $18,736 @ 7.0% cap · market cap 6.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$372.0K
$325.5K – $434.0K
NOI $26,041 @ 7.0% cap · market cap 8.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Office units
Location Intelligence
Trade Area within ½ mile
181
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Configured as a law office within a home-style layout, with five access points and parking for about five vehicles.
Where is this office units located?
The property is located at 1215 Northwest 12th Avenue Gainesville, FL.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Built in 1941; currently configured as a professional office (law office) within a home‑style layout.; OF zoning allows continued office use and potential redevelopment into multifamily or student housing.; Five (5) separate entry points for flexible access and potential subdivision into multiple units or suites.
