Multifamily Investment Near University of
1624 NW 2nd Avenue Gainesville, FL 32603
1624 NW 2nd Avenue, Gainesville, FL, 32603
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For Sale
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Income-producing multifamily property near the University of Florida.
Property Size13,244 SF
Lot Size0.38 Acres
Price / SF$211.42
Days on Market120
Property Features for 1624 NW 2nd Avenue
General Information
- Standard status
- Active
- Size
- 13,244 SF
- Lot size
- 0.38 Acres
- Property subtype
- Multifamily
Building Details
- Year Built
- 1996
Listing Agency
Coldwell Banker M. M. Parrish Realtors
Listed by
Perry Pursell · License #FL
Source
Crexi
Added: Mar 20 Checked: Jul 16 at 11:18 am
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 investment opportunity is located in College Park, steps from the University of Florida. The property, situated on 0.38 acres, comprises 21 rental units within multiple buildings, totaling 13,244 square feet. It is currently income-producing. The location is near Midtown and University Avenue. On-site parking is available. The property offers value-add potential through renovation, repositioning, or redevelopment in a desirable rental market.
Key Highlights
- Prime location steps from the University of Florida
- Income‑producing property with 21 rental units
- Significant value‑add potential through renovation, repositioning, or redevelopment
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $225.7k | $17.04 |
| − Vacancy | −$13.5k | −$1.02 |
| EGI | $212.1k | $16.02 |
| − OpEx | −$95.5k | −$7.21 |
| NOI | $116.7k | $8.81 |
13,244 SF · lease $17.04/SF/yr · vacancy 6.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.67M
$1.46M – $1.94M
NOI $116,675 @ 7.0% cap · market cap 4.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.28M
$2.87M – $3.83M
NOI $229,619 @ 7.0% cap · market cap 8.20%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Income-producing multifamily property near the University of Florida.
Where is this apartment building located?
The property is located at 1624 NW 2nd Avenue Gainesville, FL.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: Prime location steps from the University of Florida; Income‑producing property with 21 rental units; Significant value‑add potential through renovation, repositioning, or redevelopment
