Multifamily Investment Near University of
For Sale
$2,800,000
1615 NW 3rd Ave, Gainesville, FL 32603
Income-producing multifamily property near the University of Florida.
Property Size13,244 SF
Lot Size0.38 Acres
Price / SF$211.42
Days on Market203
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Property Features for 1615 NW 3rd Ave
General Information
Standard status
Active
Size
13,244 SF
Lot size
0.38 Acres
Building Details
Year Built
1996
Listing Agency:
COLDWELL BANKER M.M. PARRISH REALTORS
Listed By:
Perry Pursell · License #0518980
(352) 335-4999
Source:
Whitneyperkinsteam
Added: Mar 27
Changed: Oct 3
Last Checked: Oct 7 at 3:54PM
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
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$116,675
Cap Rate
4.17%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,333,500
$2.3M
Cap Rate 7%
$1,666,786
$1.7M
Cap Rate 9%
$1,296,389
$1.3M
Market Conditions
NOI Build-Up for 13,244 SF
Gross rent
$225.7K $17.04/SF
− Vacancy
−$13.5K −$1.02/SF
EGI
$212.1K $16.02/SF
− OpEx
−$95.5K −$7.21/SF
NOI
$116.7K $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 Rate 5%
$2,333,500
Cap Rate 7%
$1,666,786
Cap Rate 9%
$1,296,389
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 authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,438
Businesses Nearby
Explore this area
Business Placement
Demographics for 32603, FL
7,367
Population
2,963
Households
2.5
Avg Household Size
24
Median Age
66%
College-Educated
95%
High-School Grad
0.9 sq mi
ZIP Area
8,186
Density / Sq Mi
$14,580
Median Household Income
$7,084
Median Earnings
$1,141
Median Rent
$290,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
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 1615 NW 3rd Ave 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
