21-Unit Multifamily Apartment
For Sale
$2,800,000
1615 NW 3RD Avenue, Gainesville, FL 32603
Commercial Sale, GAINESVILLE, FL
Property Size13,244 SF
Lot Size0.38 Acres
Price / SF$211.42
Days on Market163
Property Features for 1615 NW 3RD Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
RMU
Subdivision
COLLEGE PARK
Directions
From W University Avenue, turn north onto NW 16th Street. Turn right (east) onto NW 2nd Avenue. The property is located in the College Park neighborhood, just north of the University of Florida campus, behind the Swamp Restaurant. The property will be on the south side of NW 2nd Avenue
Standard status
Active
APN
15032-000-000
Lot size
0.38 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
COLLEGE PARK PB A-9 N 1/2 OF W 8 FT OF LOT 2 & N 1/2 OF LOT 3 & LOTS 4 5 BK 9 OR 4458/0403
Tax Annual Amount
32568
Legal Description
COLLEGE PARK PB A-9 N 1/2 OF W 8 FT OF LOT 2 & N 1/2 OF LOT 3 & LOTS 4 5 BK 9 OR 4458/0403
Utilities
Cooling system
Central Air
Building Details
Year built
1996
Number of units
21
Building materials
Brick, HardiPlank Type, Frame
Listing Agency:
COLDWELL BANKER M.M. PARRISH REALTORS · Coldwell Banker Real Estate
(352) 335-4999
Listed By:
Perry Pursell · License #BK518980
(352) 665-9731
Added: Mar 18
Changed: Aug 24
Last Checked: Aug 27 at 3:06PM
MLS# GC538532
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.
This multifamily property contains 21 rental units totaling 13,244 SF across multiple buildings on 0.38 acres. Built in 1996, the improvements feature brick, HardiPlank Type, and frame construction, along with central air conditioning. The property is currently income-producing and includes on-site parking.
The address is near the University of Florida, Midtown, and University Avenue in Gainesville. RMU zoning is in place, providing the property’s stated land-use designation. The existing configuration offers a multifamily asset with multiple structures and established rental units.
The address is near the University of Florida, Midtown, and University Avenue in Gainesville. RMU zoning is in place, providing the property’s stated land-use designation. The existing configuration offers a multifamily asset with multiple structures and established rental units.
Key Highlights
- 21 rental units across multiple buildings
- 13,244 SF multifamily property on 0.38 acres
- RMU zoning
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
$116,675
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
4.17%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
21
Residential units
Location Intelligence
Trade Area within ½ mile
1,504
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Income-producing property near the University of Florida with on-site parking and RMU zoning.
Where is this apartment building located?
The property is located at 1615 NW 3RD 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: 21 rental units across multiple buildings; 13,244 SF multifamily property on 0.38 acres; RMU zoning
