Renovated
New
For Sale
$284,900
2604 SW 31ST PLACE, Gainesville, FL 32608
Both residences are vacant, giving the next owner flexibility to select tenants or live in one unit while leasing the other.
Property Size1,800 SF
Price / SF$158.28
Days on Market4
Property Features for 2604 SW 31ST PLACE
General Information
Standard status
Active
Size
1,800 SF
Property subtype
Duplex
Units
Unit Mix
2 x 2BR/1.5BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Building Details
Year Built
1979
Listing Agency:
KELLER WILLIAMS GAINESVILLE REALTY PARTNERS
(352) 240-0600
Listed By:
Jonathan Mills · License #3316844
(904) 687-7876
Source:
Endlesssummerrealty
Added: Sep 24
Changed: Sep 26
Last Checked: Sep 26 at 3:02PM
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.
Built in 1979, this duplex contains two residences, each with two bedrooms, one full bathroom, one half bathroom, and approximately 900 square feet. The units are vacant. Renovations include a metal roof, HardiePlank siding, HVAC systems, water heaters, double-pane windows, and new interior and exterior doors. Interior work covers kitchens with shaker cabinets, granite counters, and stainless steel appliances, along with updated bathrooms, flooring, fixtures, and paint. Renovation work was completed with permits.
The property is on a main bus route and has access to the University of Florida, restaurants, shopping, and grocery stores. Its two-unit layout supports separate occupancy or an owner living in one residence while leasing the other.
The property is on a main bus route and has access to the University of Florida, restaurants, shopping, and grocery stores. Its two-unit layout supports separate occupancy or an owner living in one residence while leasing the other.
Key Highlights
- Two‑bedroom, 1.5‑bath units, each with approximately 900 square feet
- Both residences are currently vacant
- Renovations completed with permits
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
$17,672
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
6.20%
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%
$353,440
$353.4K
Cap Rate 7%
$252,457
$252.5K
Cap Rate 9%
$196,356
$196.4K
Market Conditions
NOI Build-Up for 1,800 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
$27.0K $15.00/SF
− Vacancy
−$1.8K −$0.98/SF
EGI
$25.2K $14.03/SF
− OpEx
−$7.6K −$4.21/SF
NOI
$17.7K $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%
$353,440
Cap Rate 7%
$252,457
Cap Rate 9%
$196,356
Alternative Uses
Best Use
Multifamily LT 5
$252.5K
$220.9K – $294.5K
NOI $17,672 @ 7.0% cap · market cap 6.20%
Second Best
Apartment 5plus
$226.5K
$198.2K – $264.3K
NOI $15,857 @ 7.0% cap · market cap 5.57%
Theoretical Best
Office A
$445.8K
$390.1K – $520.1K
NOI $31,208 @ 7.0% cap · market cap 10.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
412
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Both residences are vacant, giving the next owner flexibility to select tenants or live in one unit while leasing the other.
Where is this duplex located?
The property is located at 2604 SW 31ST PLACE Gainesville, FL.
What is the asking price?
The asking price for this property is $284,900.
What are key features of this property?
This property features: Two‑bedroom, 1.5‑bath units, each with approximately 900 square feet; Both residences are currently vacant; Renovations completed with permits
