Multifamily Investment Near University of
1615 NW 3RD Ave Gainesville, FL 32603
For Sale
$2,800,000
Income-producing multifamily property near the University of Florida.
Property Size13,244 SF
Lot Size0.38 Acres
Price / SF$211.42
Days on Market94
Property Features for 1615 NW 3RD Ave
General Information
- Standard status
- Active
- Size
- 13,244 SF
- Lot size
- 0.38 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1996
Listing Agency:
Coldwell Banker M.M. Parrish Realtors
(352) 922-0048
Listed By:
Shasta Schoellhorn · License #0518980
(352) 922-0048
Source:
Elliman
Added: Apr 24
Changed: Jul 10
Last Checked: Jul 26 at 10:04AM
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 For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $225.7k | $17.04 |
| − Vacancy | −$13.5k | −$1.02 |
| EGI | $212.1k | $16.02 |
| − OpEx | −$95.5k | −$7.21 |
| NOI | $116.7k | $8.81 |
13,244 SF · lease $17.04/SF/yr · vacancy 6.00% · expense 45.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
The Sanders House & Apartments
Apartment Building
New Look Roofers
Roofing Company
Gainesville Collectables
(Bike/Boat/Book/etc) Store
FAQs
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.
