Fenced Duplex Near Public
New
For Sale
Under Contract
$220,000
1509 NE 5TH AVE, Gainesville, FL 32641
MULTI_FAMILY - GAINESVILLE, FL
Property Size1,587 SF
Lot Size0.28 Acres
Price / SF$138.63
Days on Market5
Property Features for 1509 NE 5TH AVE
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RC
Bedrooms
12
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 12, Bedroom 4, Bedroom 9, Bedroom 3, Bedroom 8, Bedroom 6, Bathroom 2, Bathroom 3, Bedroom 5, Bedroom 11, Bathroom 1, Bedroom 7, Bathroom 4, Bedroom 10, Bedroom 1, Bedroom 2
Pets allowed
Dogs OK, Cats OK
Interior features
Ceiling Fans(s)
Exterior features
Private Entrance, Private Mailbox, Private Yard
Appliances
Electric Water Heater, Range, Refrigerator
Subdivision
NEW GAINESVILLE
Lot features
Paved
View
Park
Directions
Heading on E University towards Hawthorne Rd, go to NE 15th St and turn left, follow to NE 5th Ave and turn right, and the Duplex will be on your right-hand side.
Standard status
Active Under Contract
APN
11391-000-000
Size
1,587 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
New Gainesville PB A-65 Lots 5 6 BK 3 OR 4928/0093. Lots 5 and 6, Block 3, NEW GAINESVILLE, according to the map or Plat thereof as recorded in Plat Book A, Page 65, Public Records OF Alachua County, Florida
Tax Annual Amount
2909
Legal Description
New Gainesville PB A-65 Lots 5 6 BK 3 OR 4928/0093. Lots 5 and 6, Block 3, NEW GAINESVILLE, according to the map or Plat thereof as recorded in Plat Book A, Page 65, Public Records OF Alachua County, Florida
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Central Air
Water source
Public
Amenities
fully fenced
oversized backyard
Building Details
Year built
1980
Floors in Building
1
Flooring type
Vinyl, Tile
Building materials
Block
Roof type
Shingle
Listing Agency:
EXP REALTY LLC
(888) 883-8509
Listed By:
Deena Erickson-Klacko · License #3132562
(352) 494-2404
Added: Aug 13
Changed: Aug 15
Last Checked: Aug 17 at 11:06AM
MLS# GC542741
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1980, this Gainesville duplex contains two matching residences, each with 2 bedrooms, 1 bathroom, a flex room, living room, and full kitchen. The property totals 1,587 square feet, with approximately 793.5 square feet per side, and both units are currently occupied. Vinyl and tile flooring, central air, electric heat, ceiling fans, ranges, refrigerators, and electric water heaters serve the interiors. Block construction, shingle roofing, private entrances, and private mailboxes are also included.
The 0.28-acre parcel has a fully fenced backyard that directly adjoins a public playground. Public water and public sewer serve the property, which is zoned RC. The address is near downtown Gainesville, local schools, major shopping centers, the University of Florida, and regional medical centers.
The 0.28-acre parcel has a fully fenced backyard that directly adjoins a public playground. Public water and public sewer serve the property, which is zoned RC. The address is near downtown Gainesville, local schools, major shopping centers, the University of Florida, and regional medical centers.
Key Highlights
- Two‑unit duplex with 1,587 square feet total and approximately 793.5 square feet per side
- Each unit includes 2 bedrooms, 1 bathroom, a flex room, living room, and full kitchen
- Both units are currently occupied
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
$15,580
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
7.08%
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%
$311,600
$311.6K
Cap Rate 7%
$222,571
$222.6K
Cap Rate 9%
$173,111
$173.1K
Market Conditions
NOI Build-Up for 1,587 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
$23.8K $15.00/SF
− Vacancy
−$1.5K −$0.98/SF
EGI
$22.3K $14.03/SF
− OpEx
−$6.7K −$4.21/SF
NOI
$15.6K $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%
$311,600
Cap Rate 7%
$222,571
Cap Rate 9%
$173,111
Alternative Uses
Best Use
Multifamily LT 5
$222.6K
$194.8K – $259.7K
NOI $15,580 @ 7.0% cap · market cap 7.08%
Second Best
Apartment 5plus
$199.7K
$174.8K – $233.0K
NOI $13,981 @ 7.0% cap · market cap 6.35%
Theoretical Best
Office A
$393.1K
$343.9K – $458.6K
NOI $27,515 @ 7.0% cap · market cap 12.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
480
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?
Duplex - Two matching residences provide four bedrooms, two bathrooms, flex rooms, and separate living and kitchen areas.
Where is this duplex located?
The property is located at 1509 NE 5TH AVE Gainesville, FL.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,587 square feet total and approximately 793.5 square feet per side; Each unit includes 2 bedrooms, 1 bathroom, a flex room, living room, and full kitchen; Both units are currently occupied
