Multifamily Investment Near University of
1615 NW 3rd Avenue Gainesville, FL 32603
For Sale
Contact for pricing
Income-producing multifamily property near the University of Florida.
Property Size13,244 SF
Lot Size0.38 Acres
Price / SF$211.42
Days on Market133
Property Features for 1615 NW 3rd 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
Changed: Jul 6
Last Checked: Jul 29 at 4:50PM
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 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 authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
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 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
