11-Building Apartment
For Sale
$1,350,000
Pending
637 NE WALDO, Gainesville, FL 32641
Updated kitchens, durable finishes, and laundry connections support long-term residential occupancy.
Property Size11,490 SF
Days on Market537
Property Features for 637 NE WALDO
General Information
Standard status
Pending
Size
11,490 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$12,070
Amenities
in-unit laundry connections
Building Details
Year Built
1945
Buildings
11
Construction
concrete block
Listing Agency:
MITCHELL REALTY SERVICES INC
(352) 538-9951
Listed By:
Bob Mitchell · License #3002625
(352) 538-9951
Source:
Exitrealty
Added: Mar 13, 2025
Changed: Aug 30
Last Checked: Aug 30 at 4:18PM
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 MITCHELL REALTY SERVICES INC
Investment Insights
Based on property information with market context.
Oaks Crossing comprises 11 apartment buildings with three-bedroom, one-bath residences and 11,490 square feet of property size. The improvements include concrete block construction, metal roofing, luxury vinyl plank flooring, refreshed kitchens with contemporary cabinetry, upgraded appliances, and in-unit laundry connections. The property was built in 1945.
Located at 637 NE Waldo in Gainesville, Florida, the community combines established construction with updates to key residential features. Each residence is configured for three-bedroom living and includes one bathroom, while the flooring, kitchen, appliance, and laundry improvements provide practical functionality for occupants.
Located at 637 NE Waldo in Gainesville, Florida, the community combines established construction with updates to key residential features. Each residence is configured for three-bedroom living and includes one bathroom, while the flooring, kitchen, appliance, and laundry improvements provide practical functionality for occupants.
Key Highlights
- 11 apartment buildings with three‑bedroom, one‑bath residences
- 11,490 square feet of property size
- Concrete block construction throughout
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
$101,223
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
7.50%
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%
$2,024,460
$2.0M
Cap Rate 7%
$1,446,043
$1.4M
Cap Rate 9%
$1,124,700
$1.1M
Market Conditions
NOI Build-Up for 11,490 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
$195.8K $17.04/SF
− Vacancy
−$11.7K −$1.02/SF
EGI
$184.0K $16.02/SF
− OpEx
−$82.8K −$7.21/SF
NOI
$101.2K $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%
$2,024,460
Cap Rate 7%
$1,446,043
Cap Rate 9%
$1,124,700
Alternative Uses
Best Use
Apartment 5plus
$1.45M
$1.27M – $1.69M
NOI $101,223 @ 7.0% cap · market cap 7.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.85M
$2.49M – $3.32M
NOI $199,209 @ 7.0% cap · market cap 14.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
526
Businesses Nearby
Explore this area
Business Placement
Demographics for 32641, FL
13,872
Population
5,876
Households
2.4
Avg Household Size
38
Median Age
20%
College-Educated
86%
High-School Grad
68.7 sq mi
ZIP Area
202
Density / Sq Mi
$36,814
Median Household Income
$29,042
Median Earnings
$1,034
Median Rent
$123,600
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?
Apartment building - Updated kitchens, durable finishes, and laundry connections support long-term residential occupancy.
Where is this apartment building located?
The property is located at 637 NE WALDO Gainesville, FL.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 11 apartment buildings with three‑bedroom, one‑bath residences; 11,490 square feet of property size; Concrete block construction throughout
