Duplex with Separate Loft
For Sale
$419,900
919 23rd Ave, Gainesville, FL 32609
Main residence offers flexible bedroom capacity, household appliances, and updated electrical and plumbing systems.
Property Size3,482 SF
Price / SF$120.59
Days on Market819
Property Features for 919 23rd Ave
General Information
Standard status
Active
Size
3,482 SF
Taxes and HOA fees
Annual Taxes
$5,905
Listing Agency:
COLDWELL BANKER M.M. PARRISH R
(352) 335-4999
Listed By:
Jeff Rimes · License #3379326
(352) 335-4999
Source:
Exprealty
Added: Jun 4, 2024
Changed: Aug 31
Last Checked: Aug 30 at 8:19PM
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 R
Investment Insights
Based on property information with market context.
This 3,482-square-foot duplex includes a primary residence with six bedrooms, a furnished kitchen, two refrigerators, a washer and dryer, and additional appliances. The main home has a metal roof updated in 2010, a 200-amp electrical panel, and plumbing updated throughout. A workshop is also part of the property.
Set apart from the main residence, the additional unit measures 1,300 square feet and includes one bedroom, one bathroom, a loft, and a functional kitchen. Three wall-mounted AC units serve the space. The unit is leased through June 2026, providing an existing lease term for the separate accommodation.
Set apart from the main residence, the additional unit measures 1,300 square feet and includes one bedroom, one bathroom, a loft, and a functional kitchen. Three wall-mounted AC units serve the space. The unit is leased through June 2026, providing an existing lease term for the separate accommodation.
Key Highlights
- 3,482 SF duplex property with a separate additional unit
- Main residence includes six bedrooms and a furnished kitchen
- Metal roof updated in 2010
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
$34,185
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
8.14%
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%
$683,700
$683.7K
Cap Rate 7%
$488,357
$488.4K
Cap Rate 9%
$379,833
$379.8K
Market Conditions
NOI Build-Up for 3,482 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
$52.2K $15.00/SF
− Vacancy
−$3.4K −$0.98/SF
EGI
$48.8K $14.03/SF
− OpEx
−$14.7K −$4.21/SF
NOI
$34.2K $9.82/SF
Area
Gainesville, FL
Vacancy
6.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$683,700
Cap Rate 7%
$488,357
Cap Rate 9%
$379,833
Alternative Uses
Best Use
Multifamily LT 5
$488.4K
$427.3K – $569.8K
NOI $34,185 @ 7.0% cap · market cap 8.14%
Second Best
Apartment 5plus
$438.2K
$383.4K – $511.3K
NOI $30,675 @ 7.0% cap · market cap 7.31%
Theoretical Best
Office A
$862.4K
$754.6K – $1.01M
NOI $60,370 @ 7.0% cap · market cap 14.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,137
Businesses Nearby
Explore this area
Business Placement
Demographics for 32609, FL
18,322
Population
8,515
Households
2.2
Avg Household Size
38
Median Age
27%
College-Educated
87%
High-School Grad
117.5 sq mi
ZIP Area
156
Density / Sq Mi
$48,121
Median Household Income
$34,041
Median Earnings
$1,159
Median Rent
$174,500
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?
Duplex - Main residence offers flexible bedroom capacity, household appliances, and updated electrical and plumbing systems.
Where is this duplex located?
The property is located at 919 23rd Ave Gainesville, FL.
What is the asking price?
The asking price for this property is $419,900.
What are key features of this property?
This property features: 3,482 SF duplex property with a separate additional unit; Main residence includes six bedrooms and a furnished kitchen; Metal roof updated in 2010
