Duplex with Fenced Outdoor
For Sale
$325,000
232 NW 4th Ave, Gainesville, FL 32601
Attached units provide distinct porches and outdoor areas, with tenancy in place through July 2027.
Property Size1,475 SF
Price / SF$220.34
Days on Market43
Property Features for 232 NW 4th Ave
General Information
Standard status
Active
Size
1,475 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Amenities
open front porch with swing
fenced area
cozy back porch
Building Details
Year Built
1930
Buildings
1
Listing Agency:
KELLER WILLIAMS GAINESVILLE REALTY PARTNERS
(352) 246-6765
Listed By:
Zoma De Las Estrellas · License #3466571
Source:
Flflourish
Added: Jul 20
Changed: Aug 30
Last Checked: Aug 30 at 8:09PM
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 KELLER WILLIAMS GAINESVILLE REALTY PARTNERS
Investment Insights
Based on property information with market context.
This 1,475-square-foot duplex, built in 1930, combines a two-bedroom, one-bath front residence with an attached one-bedroom, one-bath unit. The front residence includes an open porch with a swing, while the rear unit has a private fenced area and back porch. The property is configured for two separate living areas within the existing structure.
Located at 232 NW 4th Ave in Gainesville, the property sits near the heart of Downtown Gainesville. It is tenant occupied through the end of July 2027, providing an established occupancy arrangement for the next owner.
Located at 232 NW 4th Ave in Gainesville, the property sits near the heart of Downtown Gainesville. It is tenant occupied through the end of July 2027, providing an established occupancy arrangement for the next owner.
Key Highlights
- 2/1 front residence with attached 1/1 unit functioning as a duplex
- 1,475 square feet on a property built in 1930
- Front unit features an open porch with swing
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
$14,481
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
4.46%
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%
$289,620
$289.6K
Cap Rate 7%
$206,871
$206.9K
Cap Rate 9%
$160,900
$160.9K
Market Conditions
NOI Build-Up for 1,475 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
$22.1K $15.00/SF
− Vacancy
−$1.4K −$0.98/SF
EGI
$20.7K $14.03/SF
− OpEx
−$6.2K −$4.21/SF
NOI
$14.5K $9.82/SF
Area
Gainesville, FL
Vacancy
6.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$289,620
Cap Rate 7%
$206,871
Cap Rate 9%
$160,900
Alternative Uses
Best Use
Multifamily LT 5
$206.9K
$181.0K – $241.4K
NOI $14,481 @ 7.0% cap · market cap 4.46%
Second Best
Apartment 5plus
$185.6K
$162.4K – $216.6K
NOI $12,994 @ 7.0% cap · market cap 4.00%
Theoretical Best
Office A
$365.3K
$319.7K – $426.2K
NOI $25,573 @ 7.0% cap · market cap 7.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,835
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?
Duplex - Attached units provide distinct porches and outdoor areas, with tenancy in place through July 2027.
Where is this duplex located?
The property is located at 232 NW 4th Ave 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: 2/1 front residence with attached 1/1 unit functioning as a duplex; 1,475 square feet on a property built in 1930; Front unit features an open porch with swing
