Stucco Retail Office
For Sale
$499,000
1820 2ND STREET, Gainesville, FL 32609
Stucco retail building split into two sections with handicap accessibility and multiple interior rooms for office use.
Property Size2,245 SF
Lot Size0.42 Acres
Price / SF$222.27
Days on Market1096
Property Features for 1820 2ND STREET
General Information
Standard status
Active
Size
2,245 SF
Lot size
0.42 Acres
Property subtype
Mixed Use
Taxes and HOA fees
Annual Taxes
$4,965
Amenities
Central Air
3
City Road, Paved Road.
Building Details
Year Built
1976
Stories
1
Construction
stucco
Listing Agency:
BHGRE THOMAS GROUP
(352) 226-8228
Listed By:
Gigi Tajalli · License #3160332
(352) 281-0001
Source:
Xome
Added: Sep 11, 2023
Changed: Sep 1
Last Checked: Sep 9 at 6:15AM
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 BHGRE THOMAS GROUP
Investment Insights
Based on property information with market context.
This stucco retail office building is divided into two separated sections. The first section includes three small rooms and one large room, along with a spacious lobby and waiting area. There is also an additional small room configured as a kitchen, plus a ladies restroom with two bathroom stalls and a men’s room with a shower. The layout is handicap accessible.
The second section features a separate office with a newly built half bath.
The property is offered for sale with approximately 2,173 H/C square feet on about 0.42 acres, providing a compact, self-contained setup within one building footprint at 1820 NE 2nd Street, Gainesville, FL 32609.
The second section features a separate office with a newly built half bath.
The property is offered for sale with approximately 2,173 H/C square feet on about 0.42 acres, providing a compact, self-contained setup within one building footprint at 1820 NE 2nd Street, Gainesville, FL 32609.
Key Highlights
- Stucco retail building built in 1976, with 2,173 H/C SF on 0.42 acres
- Building is divided into 2 separated sections, each with multiple interior rooms for office or use flexibility
- First section includes a spacious lobby and waiting area, plus 3 small rooms and 1 large room
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
$28,004
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
5.61%
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%
$560,080
$560.1K
Cap Rate 7%
$400,057
$400.1K
Cap Rate 9%
$311,156
$311.2K
Market Conditions
NOI Build-Up for 2,245 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
$44.5K $19.80/SF
− Vacancy
−$7.1K −$3.17/SF
EGI
$37.3K $16.63/SF
− OpEx
−$9.3K −$4.16/SF
NOI
$28.0K $12.47/SF
Area
Gainesville, FL
Vacancy
16.00%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
25.00%
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%
$560,080
Cap Rate 7%
$400,057
Cap Rate 9%
$311,156
Alternative Uses
Best Use
Office B
$400.1K
$350.1K – $466.7K
NOI $28,004 @ 7.0% cap · market cap 5.61%
Second Best
Mixed Use
$370.4K
$324.1K – $432.2K
NOI $25,930 @ 7.0% cap · market cap 5.20%
Theoretical Best
Office A
$556.0K
$486.5K – $648.7K
NOI $38,923 @ 7.0% cap · market cap 7.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,147
Businesses Nearby
Explore this area
Business Placement
Demographics for 32609, FL
18,322
Population
8,515
Households
2.2
Avg Household Size
38
Median Age
27%
College-Educated
87%
High-School Grad
117.5 sq mi
ZIP Area
156
Density / Sq Mi
$48,121
Median Household Income
$34,041
Median Earnings
$1,159
Median Rent
$174,500
Median Home Value
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Stucco retail building split into two sections with handicap accessibility and multiple interior rooms for office use.
Where is this mixed-use property located?
The property is located at 1820 2ND STREET Gainesville, FL.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Stucco retail building built in 1976, with 2,173 H/C SF on 0.42 acres; Building is divided into 2 separated sections, each with multiple interior rooms for office or use flexibility; First section includes a spacious lobby and waiting area, plus 3 small rooms and 1 large room
