Building Details

Year Built 1945

Buildings 11

Construction concrete block

Listing Agency: MITCHELL REALTY SERVICES INC Show Phone

Listed By: Bob Mitchell · License #3002625 Show Phone

Source: Exitrealty

Added: Apr 2, 2025 Changed: Oct 6 Last Checked: Oct 7 at 11:08AM

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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.

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 / Yr

$101,223

Cap Rate

7.50%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,024,460 $2.0M

Cap Rate 7%

$1,446,043 $1.4M

Cap Rate 9%

$1,124,700 $1.1M

Is this asking price fair?

Market Conditions

NOI Build-Up for 11,490 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $199,209 @ 7.0% cap · market cap 14.76%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Real Estate Agency Building Supply Hair Salon Nail Salon HVAC Service Parking Lot & Garage

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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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