Multifamily Portfolio Near University of
For Sale
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2901 Northwest 14th Street, Gainesville, FL 32605
22-unit multifamily portfolio near the University of Florida.
Property Size14,430 SF
Lot Size0.96 Acres
Price / SF$166.32
Days on Market144
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Property Features for 2901 Northwest 14th Street
General Information
Standard status
Active
Size
14,430 SF
Class
B
Lot size
0.96 Acres
Property subtype
Multifamily
Zoning
MU1
Building Details
Units
22
Listing Agency:
Lee & Associates Gainesville
Listed By:
Brian Oen · License #FL BK3372787
(352) 664-2567
Source:
Crexi
Added: May 25
Changed: Oct 6
Last Checked: Oct 14 at 10:20PM
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 Lee & Associates Gainesville
Investment Insights
Based on property information with market context.
This property is a 22-unit multifamily portfolio totaling 14,430 square feet. It comprises three concrete block buildings situated on 0.96 acres. The property is located within walking distance of restaurants and shops, and within two miles of the University of Florida. The unit mix includes 17 one-bedroom/one-bath units and five two-bedroom/one-bath units. Tenants are responsible for all utilities. Several units have been renovated. The MU-1 zoning and existing site configuration may provide additional density potential, including the opportunity to remove the centrally located duplex and construct additional multifamily units in its place. Current in-place rents are below market, with one bedroom units averaging $900 compared to estimated market rents of $1,100, and two-bedroom units averaging $975 compared to estimated market rents of $1,400.
Key Highlights
- Value‑add opportunity through renovation to increase rents.
- Prime location, walking distance to restaurants and shops, near the University of Florida.
- Multifamily portfolio consisting of 22 units across three concrete block buildings.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$127,124
Cap Rate
5.30%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,542,480
$2.5M
Cap Rate 7%
$1,816,057
$1.8M
Cap Rate 9%
$1,412,489
$1.4M
Market Conditions
NOI Build-Up for 14,430 SF
Gross rent
$245.9K $17.04/SF
− Vacancy
−$14.8K −$1.02/SF
EGI
$231.1K $16.02/SF
− OpEx
−$104.0K −$7.21/SF
NOI
$127.1K $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 Rate 5%
$2,542,480
Cap Rate 7%
$1,816,057
Cap Rate 9%
$1,412,489
Alternative Uses
Best Use
Apartment 5plus
$1.82M
$1.59M – $2.12M
NOI $127,124 @ 7.0% cap · market cap 5.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.57M
$3.13M – $4.17M
NOI $250,182 @ 7.0% cap · market cap 10.42%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
397
Businesses Nearby
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Business Placement
Demographics for 32605, FL
24,326
Population
11,651
Households
2.1
Avg Household Size
40
Median Age
61%
College-Educated
97%
High-School Grad
9.8 sq mi
ZIP Area
2,482
Density / Sq Mi
$83,114
Median Household Income
$48,741
Median Earnings
$1,505
Median Rent
$264,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - 22-unit multifamily portfolio near the University of Florida.
Where is this apartment building located?
The property is located at 2901 Northwest 14th Street Gainesville, FL.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: Value‑add opportunity through renovation to increase rents.; Prime location, walking distance to restaurants and shops, near the University of Florida.; Multifamily portfolio consisting of 22 units across three concrete block buildings.
