Multifamily Portfolio Near University of
For Sale
Contact for pricing
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 Market99
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
(352) 664-2567
Listed By:
Brent Line · License #SL3543025
Source:
Crexi
Added: May 25
Changed: Aug 25
Last Checked: Aug 29 at 6:57AM
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 = 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
$127,124
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
5.30%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
397
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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.
