Multifamily Investment Near University of
For Sale
$2,800,000
1615 NW 3rd Ave, Gainesville, FL 32603
Income-producing multifamily property near the University of Florida.
Property Size13,244 SF
Lot Size0.38 Acres
Price / SF$211.42
Days on Market141
Property Features for 1615 NW 3rd Ave
General Information
Standard status
Active
Size
13,244 SF
Lot size
0.38 Acres
Building Details
Year Built
1996
Listing Agency:
COLDWELL BANKER M.M. PARRISH REALTORS
Listed By:
Perry Pursell · License #0518980
(352) 335-4999
Source:
Flflourish
Added: Apr 24
Changed: Sep 8
Last Checked: Sep 11 at 4:28PM
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 COLDWELL BANKER M.M. PARRISH REALTORS
Investment Insights
Based on property information with market context.
This multifamily investment opportunity is located in College Park, steps from the University of Florida. The property has 13,244 square feet of space on 0.38 acres. It comprises 21 rental units across multiple buildings and is currently income-producing. The location is near Midtown and University Avenue. On-site parking is available. The property offers value-add potential through renovation, repositioning, or redevelopment in one of Gainesville’s most desirable rental markets. The bike score is 82, indicating it is very bikeable. The walk score is 11, indicating car-dependent.
Key Highlights
- Prime location steps from the University of Florida in the desirable College Park area.
- Income‑producing property with 21 rental units.
- Significant value‑add potential through renovation, repositioning, or redevelopment.
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
$116,675
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
4.17%
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%
$2,333,500
$2.3M
Cap Rate 7%
$1,666,786
$1.7M
Cap Rate 9%
$1,296,389
$1.3M
Market Conditions
NOI Build-Up for 13,244 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
$225.7K $17.04/SF
− Vacancy
−$13.5K −$1.02/SF
EGI
$212.1K $16.02/SF
− OpEx
−$95.5K −$7.21/SF
NOI
$116.7K $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%
$2,333,500
Cap Rate 7%
$1,666,786
Cap Rate 9%
$1,296,389
Alternative Uses
Best Use
Apartment 5plus
$1.67M
$1.46M – $1.94M
NOI $116,675 @ 7.0% cap · market cap 4.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.28M
$2.87M – $3.83M
NOI $229,619 @ 7.0% cap · market cap 8.20%
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
1,438
Businesses Nearby
Explore this area
Business Placement
Demographics for 32603, FL
7,367
Population
2,963
Households
2.5
Avg Household Size
24
Median Age
66%
College-Educated
95%
High-School Grad
0.9 sq mi
ZIP Area
8,186
Density / Sq Mi
$14,580
Median Household Income
$7,084
Median Earnings
$1,141
Median Rent
$290,500
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?
Apartment building - Income-producing multifamily property near the University of Florida.
Where is this apartment building located?
The property is located at 1615 NW 3rd Ave Gainesville, FL.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: Prime location steps from the University of Florida in the desirable College Park area.; Income‑producing property with 21 rental units.; Significant value‑add potential through renovation, repositioning, or redevelopment.
