Fully Leased Quadplex
For Sale
$469,900
Pending
2321 SW 31ST Pl, Gainesville, FL 32608
Well-maintained quadplex with four leased two-bedroom, one-bath units and a 2022 metal roof.
Property Size3,360 SF
Days on Market63
Property Features for 2321 SW 31ST Pl
General Information
Standard status
Pending
Size
3,360 SF
Property subtype
Investment
Occupancy
100%
Lease Term
12 months
Additional Details
Business Included
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$8,269
Building Details
Building Size
3,360 SF
Year Built
1983
Units
4
Tenancy
Multi
Listing Agency:
First Choice Realty of North Florida LLC
(352) 514-9508
Listed By:
Dawn Johnson · License #3100360
(352) 514-9508
Source:
Elliman
Added: Jun 17
Changed: Aug 8
Last Checked: Jul 25 at 10:01AM
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 First Choice Realty of North Florida LLC
Investment Insights
Based on property information with market context.
This well-maintained quadplex features four separate residential units, each with two bedrooms and one bathroom. The floor plans are described as functional with spacious living areas and abundant natural light, along with tile flooring throughout. Each unit includes a kitchen with ample cabinet storage. All four units are currently leased, supporting immediate occupancy. The property also has a metal roof installed in 2022, which is intended to add durability and reduce maintenance.
The property is located in Gainesville at 2321 SW 31ST Pl, in a convenient area near shopping, dining, public transportation, parks, and major roadways. The public remarks also note proximity to University of Florida and several healthcare and destination uses, including UF Health Shands Hospital, the Malcolm Randall VA Medical Center, and the UF College of Veterinary Medicine.
For investors seeking a fully leased multifamily asset, this quadplex provides a straightforward structure of four similarly configured units. The consistency of unit type and the presence of common in-unit features like tile flooring and kitchen cabinet storage may appeal to operators looking to maintain steady leasing in a market positioned near schools, healthcare, and retail amenities.
The property is located in Gainesville at 2321 SW 31ST Pl, in a convenient area near shopping, dining, public transportation, parks, and major roadways. The public remarks also note proximity to University of Florida and several healthcare and destination uses, including UF Health Shands Hospital, the Malcolm Randall VA Medical Center, and the UF College of Veterinary Medicine.
For investors seeking a fully leased multifamily asset, this quadplex provides a straightforward structure of four similarly configured units. The consistency of unit type and the presence of common in-unit features like tile flooring and kitchen cabinet storage may appeal to operators looking to maintain steady leasing in a market positioned near schools, healthcare, and retail amenities.
Key Highlights
- Well‑maintained quadplex built in 1983 with four 2‑bedroom, 1‑bath units
- Each unit offers approximately 840 SF, with tile flooring and functional layouts
- All four units are currently leased, generating $4,400/month in gross rental income ($52,800 annually)
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
$32,987
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
7.02%
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%
$659,740
$659.7K
Cap Rate 7%
$471,243
$471.2K
Cap Rate 9%
$366,522
$366.5K
Market Conditions
NOI Build-Up for 3,360 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
$50.4K $15.00/SF
− Vacancy
−$3.3K −$0.98/SF
EGI
$47.1K $14.03/SF
− OpEx
−$14.1K −$4.21/SF
NOI
$33.0K $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%
$659,740
Cap Rate 7%
$471,243
Cap Rate 9%
$366,522
Alternative Uses
Best Use
Multifamily LT 5
$471.2K
$412.3K – $549.8K
NOI $32,987 @ 7.0% cap · market cap 7.02%
Second Best
Apartment 5plus
$422.9K
$370.0K – $493.4K
NOI $29,601 @ 7.0% cap · market cap 6.30%
Theoretical Best
Office A
$832.2K
$728.2K – $970.9K
NOI $58,254 @ 7.0% cap · market cap 12.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
260
Businesses Nearby
Explore this area
Business Placement
Demographics for 32608, FL
55,540
Population
25,939
Households
2.1
Avg Household Size
29
Median Age
58%
College-Educated
95%
High-School Grad
44.5 sq mi
ZIP Area
1,248
Density / Sq Mi
$60,182
Median Household Income
$34,991
Median Earnings
$1,357
Median Rent
$340,200
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?
Quadplex - Well-maintained quadplex with four leased two-bedroom, one-bath units and a 2022 metal roof.
Where is this quadplex located?
The property is located at 2321 SW 31ST Pl Gainesville, FL.
What is the asking price?
The asking price for this property is $469,900.
What are key features of this property?
This property features: Well‑maintained quadplex built in 1983 with four 2‑bedroom, 1‑bath units; Each unit offers approximately 840 SF, with tile flooring and functional layouts; All four units are currently leased, generating $4,400/month in gross rental income ($52,800 annually)
