Collier Hall Multifamily
For Sale
$2,495,000
1002 W University Ave, Gainesville, FL 32601
Three-story brick building with 37 bedrooms and communal kitchen.
Property Size15,971 SF
Price / SF$156.22
Days on Market170
Property Features for 1002 W University Ave
General Information
Standard status
Active
Size
15,971 SF
Property subtype
Other - Special Purpose
Building Details
Building Size
15,971 SF
Year Built
1900
Units
1
Listing Agency:
Bosshardt Realty Services
Listed By:
Eric Ligman · License #3086548
(352) 256-2112
Source:
Commercialcafe
Added: Mar 27
Changed: Sep 12
Last Checked: Sep 12 at 4:23AM
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.
Collier Hall is a three-story brick building located at the corner of 10th Street and University Avenue. The property features 37 bedrooms, shared bathrooms, and a fully equipped communal kitchen that includes fryers, stovetops, and a walk-in freezer. An on-site food hall is also present. The building provides a central outdoor courtyard suitable for studying or relaxation, along with a welcoming front porch. The property is fully equipped with a fire suppression and alarm system. The building has a total size of 15971 square feet.
Key Highlights
- 37 Bedrooms: High‑capacity living space.
- Fully Equipped Communal Kitchen: Includes fryers, stovetops, and a walk‑in freezer.
- On‑Site Food Hall: Convenient access to dining options.
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
$140,699
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
5.64%
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%
$2,813,980
$2.8M
Cap Rate 7%
$2,009,986
$2.0M
Cap Rate 9%
$1,563,322
$1.6M
Market Conditions
NOI Build-Up for 15,971 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
$272.1K $17.04/SF
− Vacancy
−$16.3K −$1.02/SF
EGI
$255.8K $16.02/SF
− OpEx
−$115.1K −$7.21/SF
NOI
$140.7K $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%
$2,813,980
Cap Rate 7%
$2,009,986
Cap Rate 9%
$1,563,322
Alternative Uses
Best Use
Apartment 5plus
$2.01M
$1.76M – $2.34M
NOI $140,699 @ 7.0% cap · market cap 5.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.96M
$3.46M – $4.61M
NOI $276,899 @ 7.0% cap · market cap 11.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,644
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
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Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Three-story brick building with 37 bedrooms and communal kitchen.
Where is this apartment building located?
The property is located at 1002 W University Ave Gainesville, FL.
What is the asking price?
The asking price for this property is $2,495,000.
What are key features of this property?
This property features: 37 Bedrooms: High‑capacity living space.; Fully Equipped Communal Kitchen: Includes fryers, stovetops, and a walk‑in freezer.; On‑Site Food Hall: Convenient access to dining options.
