Historic Queen Anne
For Sale
$599,900
306 NE 3rd St, Gainesville, FL 32601
Two distinct living areas include separate kitchens, bathrooms, bedrooms, porches, and independent 100-amp service panels.
Property Size2,854 SF
Lot Size0.27 Acres
Price / SF$210.20
Days on Market36
Property Features for 306 NE 3rd St
General Information
Standard status
Active
Size
2,854 SF
Lot size
0.27 Acres
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1899
Buildings
1
Construction
Queen Anne
Listing Agency:
COLDWELL BANKER M.M. PARRISH REALTORS
(352) 281-6623
Listed By:
Cindy Birk · License #3137282
Source:
Flflourish
Added: Jul 26
Changed: Aug 29
Last Checked: Aug 25 at 4:36AM
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 COLDWELL BANKER M.M. PARRISH REALTORS
Investment Insights
Based on property information with market context.
Built in 1899, this Queen Anne residence is configured as a duplex with approximately 2,854 square feet on a .27-acre double lot. The layout includes three bedrooms, two kitchens, two bathrooms, dual staircases, two water heaters, a laundry room, and separate 100-amp service panels for each living area. Victorian porches feature gingerbread trim, while the interior includes finished heart pine floors and spacious living areas on both levels.
The lower level contains the primary bedroom and bathroom, laundry facilities, two living rooms, and access to the front and south-side porches. Upstairs are two bed-sitting rooms, a bathroom, screened and open porches, and attic access. A March 2026 roof update, December 2025 water heaters, and fire-resistant drywall at the downstairs ceiling are noted improvements.
Located at 306 NE 3rd St in Gainesville’s Duckpond neighborhood, the property is minutes from downtown Gainesville, parks, restaurants, and the University of Florida. The floor plan was designed for potential conversion to a single-family arrangement, subject to the applicable work and approvals.
The lower level contains the primary bedroom and bathroom, laundry facilities, two living rooms, and access to the front and south-side porches. Upstairs are two bed-sitting rooms, a bathroom, screened and open porches, and attic access. A March 2026 roof update, December 2025 water heaters, and fire-resistant drywall at the downstairs ceiling are noted improvements.
Located at 306 NE 3rd St in Gainesville’s Duckpond neighborhood, the property is minutes from downtown Gainesville, parks, restaurants, and the University of Florida. The floor plan was designed for potential conversion to a single-family arrangement, subject to the applicable work and approvals.
Key Highlights
- 1899 Queen Anne residence configured as a duplex
- Approximately 2,854 square feet on a .27‑acre double lot
- Three bedrooms, two kitchens, and two bathrooms
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
$28,019
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
4.67%
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%
$560,380
$560.4K
Cap Rate 7%
$400,271
$400.3K
Cap Rate 9%
$311,322
$311.3K
Market Conditions
NOI Build-Up for 2,854 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
$42.8K $15.00/SF
− Vacancy
−$2.8K −$0.98/SF
EGI
$40.0K $14.03/SF
− OpEx
−$12.0K −$4.21/SF
NOI
$28.0K $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%
$560,380
Cap Rate 7%
$400,271
Cap Rate 9%
$311,322
Alternative Uses
Best Use
Multifamily LT 5
$400.3K
$350.2K – $467.0K
NOI $28,019 @ 7.0% cap · market cap 4.67%
Second Best
Apartment 5plus
$359.2K
$314.3K – $419.1K
NOI $25,143 @ 7.0% cap · market cap 4.19%
Theoretical Best
Office A
$706.9K
$618.5K – $824.7K
NOI $49,482 @ 7.0% cap · market cap 8.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,219
Businesses Nearby
Explore this area
Business Placement
Demographics for 32601, FL
22,039
Population
11,204
Households
2
Avg Household Size
27
Median Age
62%
College-Educated
97%
High-School Grad
4.6 sq mi
ZIP Area
4,791
Density / Sq Mi
$30,878
Median Household Income
$18,954
Median Earnings
$1,092
Median Rent
$284,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two distinct living areas include separate kitchens, bathrooms, bedrooms, porches, and independent 100-amp service panels.
Where is this duplex located?
The property is located at 306 NE 3rd St Gainesville, FL.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: 1899 Queen Anne residence configured as a duplex; Approximately 2,854 square feet on a .27‑acre double lot; Three bedrooms, two kitchens, and two bathrooms
