Building Details

Year Built 1983

Listing Agency: RE/MAX PROFESSIONALS Show Phone

Listed By: Jeremy Thomas · License #3134308 Show Phone

Source: Exitrealty

Added: Feb 22, 2025 Changed: Oct 7 Last Checked: Oct 12 at 5:41PM

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Investment Insights

Based on property information with market context.

Built in 1983, this 3348-square-foot quadplex contains four flat-style units configured with two bedrooms and one bathroom each. The property has a 9-year-old roof, fenced rear areas, and no association fees. It is currently fully rented, providing an established multifamily configuration for an income-property owner.

The building is located at 3511 SW 29TH TERRACE in Gainesville’s Seranola Manor, on a cul-de-sac near Archer Road’s shopping, dining, and entertainment. Bus service to UF is nearby. Another quadplex owned by the same owner sits directly next door, creating the option to acquire the adjoining property separately or together, subject to availability.

Key Highlights

• 3348 SF quadplex built in 1983
• Four 2 bed/1 bath flat‑style units
• Currently fully rented

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$32,869

Cap Rate

6.86%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$657,380 $657.4K

Cap Rate 7%

$469,557 $469.6K

Cap Rate 9%

$365,211 $365.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,348 SF

Gross rent

$50.2K $15.00/SF

− Vacancy

−$3.3K −$0.98/SF

EGI

$47.0K $14.03/SF

− OpEx

−$14.1K −$4.21/SF

NOI

$32.9K $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 Rate 5%

$657,380

Cap Rate 7%

$469,557

Cap Rate 9%

$365,211

Alternative Uses

Best Use

Multifamily LT 5

$469.6K

$410.9K – $547.8K (±1% cap)

NOI $32,869 @ 7.0% cap · market cap 6.86%

Second Best

Apartment 5plus

$421.4K

$368.7K – $491.6K (±1% cap)

NOI $29,495 @ 7.0% cap · market cap 6.16%

Theoretical Best

Office A

$829.2K

$725.6K – $967.4K (±1% cap)

NOI $58,046 @ 7.0% cap · market cap 12.12%

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

Property Analytics

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Current Use

Quadplexes

Suggested Use

Top Pick Law Firm Dental Office Real Estate Agency Electrical Service Daycare Center Accounting Firm

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

693

Businesses Nearby

Explore this area Business Placement

Demographics for 32608, FL

55,540

Population

25,939

Households

2.1

Avg Household Size

29

Median Age

58%

College-Educated

95%

High-School Grad

44.5 sq mi

ZIP Area

1,248

Density / Sq Mi

$60,182

Median Household Income

$34,991

Median Earnings

$1,357

Median Rent

$340,200

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?

Quadplex - Four flat-style units offer two bedrooms and one bath each, with no association fees.

Where is this quadplex located?

The property is located at 3511 SW 29TH TERRACE Gainesville, FL.

What is the asking price?

The asking price for this property is $479,000.

What are key features of this property?

This property features: 3348 SF quadplex built in 1983; Four 2 bed/1 bath flat‑style units; Currently fully rented