Investment Homes Near UF
For Sale
Contact for pricing
Pending
21 SW 23rd Terrace, Gainesville, FL 32607
Two fully leased properties near UF, ideal for investors.
Property Size5,833 SF
Days on Market190
Property Features for 21 SW 23rd Terrace
General Information
Standard status
Pending
Size
5,833 SF
Class
C
Property subtype
Multifamily
Zoning
SFR
Occupancy
100%
Investment Type
Stabilized
Building Details
Year Built
1956
Buildings
2
Stories
2
Units
2
Listing Agency:
The Multifamily Advisors
(352) 514-4725
Listed By:
Joe Klenck · License #FLSL3555950
Source:
Crexi
Added: Feb 10
Changed: Aug 8
Last Checked: Jul 24 at 3:03PM
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 The Multifamily Advisors
Investment Insights
Based on property information with market context.
Two investment homes are available in close proximity to the University of Florida's Law School. Both properties have a history of 100% occupancy. One property, located at 21 SW 23rd Ter, features 5 bedrooms and 3.5 bathrooms. It includes two kitchens, concrete block construction, and a wrap-around balcony that overlooks a large backyard and patio area. The second property, located at 111 SW 23rd Ter, offers 5 bedrooms and 3 bathrooms, concrete block construction, a large deck, and a backyard concrete area with a basketball court. The properties are currently leased through July 2026 for $4,000 per month, with renewal leases through July 2027 in the process of being signed. Tenants are responsible for all utilities, and both properties are professionally managed. The combined property size is 5833 square feet. These properties are suitable for alumni, parents of future students, investors, or future homeowners seeking a central location.
Key Highlights
- Prime investment opportunity with two properties near UF Law School.
- Currently leased through July 2026 for $4,000/month, with renewals in process through July 2027.
- Proven 100% occupancy history.
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
$51,387
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
3.49%
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%
$1,027,740
$1.0M
Cap Rate 7%
$734,100
$734.1K
Cap Rate 9%
$570,967
$571.0K
Market Conditions
NOI Build-Up for 5,833 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
$99.4K $17.04/SF
− Vacancy
−$6.0K −$1.02/SF
EGI
$93.4K $16.02/SF
− OpEx
−$42.0K −$7.21/SF
NOI
$51.4K $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%
$1,027,740
Cap Rate 7%
$734,100
Cap Rate 9%
$570,967
Alternative Uses
Best Use
Apartment 5plus
$734.1K
$642.3K – $856.5K
NOI $51,387 @ 7.0% cap · market cap 3.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.44M
$1.26M – $1.69M
NOI $101,130 @ 7.0% cap · market cap 6.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
385
Businesses Nearby
Explore this area
Business Placement
Demographics for 32607, FL
35,420
Population
16,465
Households
2.2
Avg Household Size
28
Median Age
53%
College-Educated
95%
High-School Grad
12.6 sq mi
ZIP Area
2,811
Density / Sq Mi
$46,517
Median Household Income
$30,690
Median Earnings
$1,222
Median Rent
$297,800
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 - Two fully leased properties near UF, ideal for investors.
Where is this apartment building located?
The property is located at 21 SW 23rd Terrace Gainesville, FL.
What is the asking price?
The asking price for this property is $1,474,000.
What are key features of this property?
This property features: Prime investment opportunity with two properties near UF Law School.; Currently leased through July 2026 for $4,000/month, with renewals in process through July 2027.; Proven 100% occupancy history.
