Renovated Brick
For Sale
$440,000
Pending
723 SW 69TH St, Gainesville, FL 32607
Brick quadruplex with renovated 2BD/1.5BA townhome-style units, private decks, fenced backyards, and newer roof and HVACs.
Property Size4,250 SF
Days on Market19
Property Features for 723 SW 69TH St
General Information
Standard status
Pending
Size
4,250 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$9,297
Building Details
Building Size
4,250 SF
Year Built
1981
Listing Agency:
THE MULTIFAMILY ADVISORS
(352) 514-4725
Listed By:
Joe Klenck · License #3555950
(352) 514-4725
Source:
Elliman
Added: Jul 24
Changed: Aug 11
Last Checked: Aug 11 at 8:53AM
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 THE MULTIFAMILY ADVISORS
Investment Insights
Based on property information with market context.
Renovated brick quadruplex offered for sale with full occupancy. Each unit is 2BD/1.5BA townhome-style with an open layout and approximately 1,062+/- square feet of living space. Updates include remodeled kitchens and bathrooms, new fixtures, and vinyl plank/tile flooring. Units also feature private deck areas for both bedrooms and private fenced backyard areas. Tenants pay all utilities and there is no HOA. The property has a 2019 asphalt shingle roof and newer HVAC systems, with plumbing drains in PVC and supply lines mainly copper with some CPVC in good condition and operable shutoff valves.
The building is located at the front of the Cedar Ridge subdivision in Gainesville, Florida. It is within 5 miles of Oaks Mall, the University of Florida, HCA North Florida Hospital, and multiple shopping centers and other amenities.
This quad is being offered for sale along with two additional quadruplexes and a duplex in the same subdivision, with the option to purchase the buildings individually or as a portfolio.
The building is located at the front of the Cedar Ridge subdivision in Gainesville, Florida. It is within 5 miles of Oaks Mall, the University of Florida, HCA North Florida Hospital, and multiple shopping centers and other amenities.
This quad is being offered for sale along with two additional quadruplexes and a duplex in the same subdivision, with the option to purchase the buildings individually or as a portfolio.
Key Highlights
- Brick quadruplex built in 1981 with four fully occupied 2BD/1.5BA townhome‑style units
- Each unit offers 1,062+/- SF with private deck areas for both bedrooms and private fenced backyard areas
- Kitchens and bathrooms have been completely remodeled with new fixtures and vinyl plank/tile flooring
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
$37,441
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
8.51%
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%
$748,820
$748.8K
Cap Rate 7%
$534,871
$534.9K
Cap Rate 9%
$416,011
$416.0K
Market Conditions
NOI Build-Up for 4,250 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
$72.4K $17.04/SF
− Vacancy
−$4.3K −$1.02/SF
EGI
$68.1K $16.02/SF
− OpEx
−$30.6K −$7.21/SF
NOI
$37.4K $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%
$748,820
Cap Rate 7%
$534,871
Cap Rate 9%
$416,011
Alternative Uses
Best Use
Multifamily LT 5
$596.1K
$521.6K – $695.4K
NOI $41,724 @ 7.0% cap · market cap 9.48%
Second Best
Apartment 5plus
$534.9K
$468.0K – $624.0K
NOI $37,441 @ 7.0% cap · market cap 8.51%
Theoretical Best
Office A
$1.05M
$921.1K – $1.23M
NOI $73,685 @ 7.0% cap · market cap 16.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
495
Businesses Nearby
Explore this area
Business Placement
Demographics for 32607, FL
35,420
Population
16,465
Households
2.2
Avg Household Size
28
Median Age
53%
College-Educated
95%
High-School Grad
12.6 sq mi
ZIP Area
2,811
Density / Sq Mi
$46,517
Median Household Income
$30,690
Median Earnings
$1,222
Median Rent
$297,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Brick quadruplex with renovated 2BD/1.5BA townhome-style units, private decks, fenced backyards, and newer roof and HVACs.
Where is this quadplex located?
The property is located at 723 SW 69TH St Gainesville, FL.
What is the asking price?
The asking price for this property is $440,000.
What are key features of this property?
This property features: Brick quadruplex built in 1981 with four fully occupied 2BD/1.5BA townhome‑style units; Each unit offers 1,062+/- SF with private deck areas for both bedrooms and private fenced backyard areas; Kitchens and bathrooms have been completely remodeled with new fixtures and vinyl plank/tile flooring
