Single-Story Multifamily
For Sale
$2,650,000
Pending
20420 NW 243RD, High Springs, FL 32643
Consistently fully leased, single-story apartment community with parking directly in front of each unit.
Property Size21,499 SF
Lot Size6.00 Acres
Days on Market31
Property Features for 20420 NW 243RD
General Information
Standard status
Pending
Size
21,499 SF
Lot size
6.00 Acres
Property subtype
Commercial
Occupancy
100%
Additional Details
Business Included
Yes
Multifamily Units
28
Taxes and HOA fees
Annual Taxes
$43,053
Building Details
Building Size
21,499 SF
Year Built
1983
Stories
1
Units
28
Tenancy
Multi
Listing Agency:
(352) 871-8324
Listed By:
Beau Beery
(352) 871-8324
Source:
Elliman
Added: Jul 19
Changed: Aug 15
Last Checked: Aug 18 at 8:13AM
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 Beau Beery
Investment Insights
Based on property information with market context.
This single-story apartment community is consistently fully leased and arranged with parking directly in front of the units. The property includes 7 one-bedroom/one-bath units, 17 two-bedroom/one-bath units, and 4 three-bedroom/one-bath units. One of the five buildings had its roof replaced in 2025.
The property is located in High Springs, Florida, about 10 minutes north of Gainesville. The community sits on approximately 6 acres and leaves room to add an additional 44 units. BikeScore is 36 (Somewhat Bikeable) and WalkScore is 23 (Car-Dependent). The same owner is also selling two quadruplex buildings about 2 miles away (see MLS reference in remarks).
The property is located in High Springs, Florida, about 10 minutes north of Gainesville. The community sits on approximately 6 acres and leaves room to add an additional 44 units. BikeScore is 36 (Somewhat Bikeable) and WalkScore is 23 (Car-Dependent). The same owner is also selling two quadruplex buildings about 2 miles away (see MLS reference in remarks).
Key Highlights
- Consistently fully leased single‑story apartment community with parking directly in front of the units
- 28 units total: 7x 1BR/1BA, 17x 2BR/1BA, and 4x 3BR/1BA
- Average in‑place rent is $960/month
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
$212,982
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
8.04%
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%
$4,259,640
$4.3M
Cap Rate 7%
$3,042,600
$3.0M
Cap Rate 9%
$2,366,467
$2.4M
Market Conditions
NOI Build-Up for 21,499 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
$407.6K $18.96/SF
− Vacancy
−$20.4K −$0.95/SF
EGI
$387.2K $18.01/SF
− OpEx
−$174.3K −$8.11/SF
NOI
$213.0K $9.91/SF
Area
Alachua County, FL
Vacancy
5.00%
Lease Rate
$18.96 /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%
$4,259,640
Cap Rate 7%
$3,042,600
Cap Rate 9%
$2,366,467
Alternative Uses
Best Use
Apartment 5plus
$3.04M
$2.66M – $3.55M
NOI $212,982 @ 7.0% cap · market cap 8.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.42M
$4.74M – $6.32M
NOI $379,397 @ 7.0% cap · market cap 14.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
28
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
10
Businesses Nearby
Explore this area
Business Placement
Demographics for 32643, FL
12,549
Population
4,487
Households
2.8
Avg Household Size
44
Median Age
25%
College-Educated
90%
High-School Grad
112.1 sq mi
ZIP Area
112
Density / Sq Mi
$69,871
Median Household Income
$40,458
Median Earnings
$1,515
Median Rent
$254,900
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 - Consistently fully leased, single-story apartment community with parking directly in front of each unit.
Where is this apartment building located?
The property is located at 20420 NW 243RD High Springs, FL.
What is the asking price?
The asking price for this property is $2,650,000.
What are key features of this property?
This property features: Consistently fully leased single‑story apartment community with parking directly in front of the units; 28 units total: 7x 1BR/1BA, 17x 2BR/1BA, and 4x 3BR/1BA; Average in‑place rent is $960/month
