Multifamily Property with Two
For Sale
$325,000
221/223 SE 9TH STREET, Gainesville, FL 32601
Two renovated residences share a parcel, with an additional lot included and both homes currently leased.
Property Size1,680 SF
Days on Market176
Property Features for 221/223 SE 9TH STREET
General Information
Standard status
Active
Size
1,680 SF
Property subtype
Residential Income
Zoning
RMF7
Occupancy
100%
Lease Term
Twelve Months
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$32,484
Taxes and HOA fees
Annual Taxes
$3,303
Building Details
Building Size
1,680 SF
Year Built
1933
Buildings
2
Units
2
Listing Agency:
GOLDEN RULE REAL ESTATE AND PROPERTY MANAGEMENT
(352) 505-3499
Listed By:
April Strickland · License #3262700
(352) 505-3499
Source:
Bonjorn
Added: Mar 9
Changed: Aug 30
Last Checked: Aug 30 at 1:00PM
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 GOLDEN RULE REAL ESTATE AND PROPERTY MANAGEMENT
Investment Insights
Based on property information with market context.
This multifamily property includes two updated vintage homes along with an additional lot. The front residence measures 784 square feet and offers two bedrooms and one bath; the rear residence contains 896 square feet with the same bedroom and bath configuration. Improvements include new roofs, AC units, plumbing, and windows. Both homes were built in 1933 and are located within the RMF7 zoning designation.
The front home is leased through 9/3/26, while the rear home is leased through 1/30/2027. The property is at 221/223 SE 9TH STREET in Gainesville, with Depot Park and the downtown area identified as walkable destinations. The two-home arrangement also supports the owner-occupant structure described for the property, with one residence available for personal use and the other leased.
The front home is leased through 9/3/26, while the rear home is leased through 1/30/2027. The property is at 221/223 SE 9TH STREET in Gainesville, with Depot Park and the downtown area identified as walkable destinations. The two-home arrangement also supports the owner-occupant structure described for the property, with one residence available for personal use and the other leased.
Key Highlights
- Two residences on one property plus an additional lot
- Front home: 784 sq ft, 2 bedrooms, 1 bath; leased through 9/3/26
- Rear home: 896 sq ft, 2 bedrooms, 1 bath; leased through 1/30/2027
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
$14,800
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
4.55%
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%
$296,000
$296.0K
Cap Rate 7%
$211,429
$211.4K
Cap Rate 9%
$164,444
$164.4K
Market Conditions
NOI Build-Up for 1,680 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
$28.6K $17.04/SF
− Vacancy
−$1.7K −$1.02/SF
EGI
$26.9K $16.02/SF
− OpEx
−$12.1K −$7.21/SF
NOI
$14.8K $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%
$296,000
Cap Rate 7%
$211,429
Cap Rate 9%
$164,444
Alternative Uses
Best Use
Apartment 5plus
$211.4K
$185.0K – $246.7K
NOI $14,800 @ 7.0% cap · market cap 4.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$416.1K
$364.1K – $485.5K
NOI $29,127 @ 7.0% cap · market cap 8.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,558
Businesses Nearby
Explore this area
Business Placement
Demographics for 32601, FL
22,039
Population
11,204
Households
2
Avg Household Size
27
Median Age
62%
College-Educated
97%
High-School Grad
4.6 sq mi
ZIP Area
4,791
Density / Sq Mi
$30,878
Median Household Income
$18,954
Median Earnings
$1,092
Median Rent
$284,200
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?
Multifamily property - Two renovated residences share a parcel, with an additional lot included and both homes currently leased.
Where is this multifamily property located?
The property is located at 221/223 SE 9TH STREET Gainesville, FL.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Two residences on one property plus an additional lot; Front home: 784 sq ft, 2 bedrooms, 1 bath; leased through 9/3/26; Rear home: 896 sq ft, 2 bedrooms, 1 bath; leased through 1/30/2027
