Multifamily Portfolio Near University of
2901 Northwest 14th Street Gainesville, FL 32605
2901 Northwest 14th Street, Gainesville, FL, 32605
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For Sale
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22-unit multifamily portfolio near the University of Florida.
Property Size14,430 SF
Lot Size0.96 Acres
Price / SF$166.32
Days on Market54
Property Features for 2901 Northwest 14th Street
General Information
- Standard status
- Active
- Size
- 14,430 SF
- Lot size
- 0.96 Acres
- Property subtype
- Multifamily
Listing Agency
Lee & Associates Gainesville
(352) 664-2567
Listed by
Brent Line · License #SL3543025
Source
Crexi
Added: May 25 Checked: Jul 15 at 11:20 pm
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.
Local Financial Insights For Apartment 5plus
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 | $245.9k | $17.04 |
| − Vacancy | −$14.8k | −$1.02 |
| EGI | $231.1k | $16.02 |
| − OpEx | −$104.0k | −$7.21 |
| NOI | $127.1k | $8.81 |
14,430 SF · lease $17.04/SF/yr · vacancy 6.00% · expense 45.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Robert O'Brian Apartments
Apartment Building
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FAQs
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.
