Four-Unit Residential Income
2442 NW 59TH AVENUE Gainesville, FL 32653
For Sale
$380,000
Pending
Quadplex with four 2-bedroom, 1-bath units and individual laundry hook-ups.
Property Size3,348 SF
Days on Market982
Property Features for 2442 NW 59TH AVENUE
General Information
- Standard status
- Pending
- Size
- 3,348 SF
- Property subtype
- Multi Family
Building Details
- Year Built
- 1981
Listing Agency:
RE/MAX PROFESSIONALS
(352) 317-5681
Listed By:
Dada McGlynn · License #3112603
(352) 317-5681
Source:
Exitrealty
Added: Nov 14, 2023
Changed: Jul 22
Last Checked: Jul 23 at 8:21AM
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 RE/MAX PROFESSIONALS
Investment Insights
Based on property information with market context.
This quadplex features four separate residential units, each offering two bedrooms and one bathroom. The units include individual laundry hook-ups, supporting convenient in-unit laundry setups.
The property is centrally located in NW Gainesville, within walking distance to the Super Walmart Center and a quick drive to UF Health.
Several improvements have been completed in recent years, including updated water heaters for three units, updated AC units for three units, and updated refrigerators for three units. Additional updates include flooring improvements in two units, newer cabinetry in one unit, and an updated stove in one unit. The property is currently generating gross rents of $2,995 per month.
The property is centrally located in NW Gainesville, within walking distance to the Super Walmart Center and a quick drive to UF Health.
Several improvements have been completed in recent years, including updated water heaters for three units, updated AC units for three units, and updated refrigerators for three units. Additional updates include flooring improvements in two units, newer cabinetry in one unit, and an updated stove in one unit. The property is currently generating gross rents of $2,995 per month.
Key Highlights
- Quadplex built in 1981 with four 2‑bedroom, 1‑bath units
- Each unit includes individual laundry hook‑ups
- Current gross rents of $2,995/month
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $50.2k | $15.00 |
| − Vacancy | −$3.3k | −$0.98 |
| EGI | $47.0k | $14.03 |
| − OpEx | −$14.1k | −$4.21 |
| NOI | $32.9k | $9.82 |
3,348 SF · lease $15.00/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$469.6K
$410.9K – $547.8K
NOI $32,869 @ 7.0% cap · market cap 8.65%
Second Best
Apartment 5plus
$421.4K
$368.7K – $491.6K
NOI $29,495 @ 7.0% cap · market cap 7.76%
Theoretical Best
Office A
$829.2K
$725.6K – $967.4K
NOI $58,046 @ 7.0% cap · market cap 15.28%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
FAQs
What type of property is this?
Quadplex - Quadplex with four 2-bedroom, 1-bath units and individual laundry hook-ups.
Where is this quadplex located?
The property is located at 2442 NW 59TH AVENUE Gainesville, FL.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: Quadplex built in 1981 with four 2‑bedroom, 1‑bath units; Each unit includes individual laundry hook‑ups; Current gross rents of $2,995/month
