Multifamily Property with Loft
New
For Sale
$409,900
919 NW 23RD, Gainesville, FL 32609
Includes a separately located one-bedroom unit, furnished kitchen equipment, and a functional workshop.
Property Size3,482 SF
Days on Market4
Property Features for 919 NW 23RD
General Information
Standard status
Active
Size
3,482 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$5,905
Building Details
Building Size
3,482 SF
Year Built
1947
Year Renovated
2010
Tenancy
Multi
Listing Agency:
Coldwell Banker M.M. Parrish Realtors
Listed By:
Tony Espetia · License #3310460
(352) 284-3131
Source:
Elliman
Added: Sep 8
Changed: Sep 10
Last Checked: Sep 11 at 10:18AM
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 Realtors
Investment Insights
Based on property information with market context.
This multifamily property includes a main home with six bedrooms, a furnished kitchen, two refrigerators, a washer and dryer, and additional appliances. The main residence also has a metal roof updated in 2010, an updated 200 amp electrical panel, and plumbing throughout.
Separate from the main home is a 1,300-square-foot one-bedroom, one-bathroom unit with a loft. The unit includes a functional kitchen, three wall-mounted AC units, and a workshop. It is currently rented through June 2026. The property was built in 1947 and is located at 919 NW 23RD in Gainesville, Florida.
Separate from the main home is a 1,300-square-foot one-bedroom, one-bathroom unit with a loft. The unit includes a functional kitchen, three wall-mounted AC units, and a workshop. It is currently rented through June 2026. The property was built in 1947 and is located at 919 NW 23RD in Gainesville, Florida.
Key Highlights
- Separate 1,300‑square‑foot one‑bedroom, one‑bathroom unit with loft
- Unit rented through June 2026
- Main home includes six bedrooms and a furnished kitchen
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
$30,675
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
7.48%
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%
$613,500
$613.5K
Cap Rate 7%
$438,214
$438.2K
Cap Rate 9%
$340,833
$340.8K
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
$59.3K $17.04/SF
− Vacancy
−$3.6K −$1.02/SF
EGI
$55.8K $16.02/SF
− OpEx
−$25.1K −$7.21/SF
NOI
$30.7K $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%
$613,500
Cap Rate 7%
$438,214
Cap Rate 9%
$340,833
Alternative Uses
Best Use
Apartment 5plus
$438.2K
$383.4K – $511.3K
NOI $30,675 @ 7.0% cap · market cap 7.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$862.4K
$754.6K – $1.01M
NOI $60,370 @ 7.0% cap · market cap 14.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
215
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?
Multifamily property - Includes a separately located one-bedroom unit, furnished kitchen equipment, and a functional workshop.
Where is this multifamily property located?
The property is located at 919 NW 23RD Gainesville, FL.
What is the asking price?
The asking price for this property is $409,900.
What are key features of this property?
This property features: Separate 1,300‑square‑foot one‑bedroom, one‑bathroom unit with loft; Unit rented through June 2026; Main home includes six bedrooms and a furnished kitchen
