Historic Duplex
For Sale
$599,900
306 NE 3RD Street, Gainesville, FL 32601
MULTI_FAMILY - GAINESVILLE, FL
Property Size2,854 SF
Lot Size0.27 Acres
Price / SF$210.20
Days on Market156
Property Features for 306 NE 3RD Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
U2
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3, Bedroom 2
Patio and Porch features
Porch
Interior features
Crown Molding, Thermostat
Appliances
Dishwasher, Disposal, Dryer, Gas Water Heater, Range, Refrigerator, Washer
Subdivision
ORIGINAL GAINESVILLE
Lot features
Corner Lot
Directions
From the intersection of University Avenue and Main Street, travel east on University Avenue for approximately two blocks, then turn left onto NE 3rd Street. Continue north for two blocks. 306 NE 3rd Street will be on the left-hand side. Look for sign in yard. You may park in front of the home or immediately to the right of the house.
Standard status
Active
APN
14778-000-000
Size
2,854 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
ORIG GAINESVILLE DB H-383 S 120 FT OF E 100 FT OF BK 5 RG 7 OR 469/447 DEED CALLS FOR 98.75 FT E & W OR 837/292 & OR 4147/0649
Tax Annual Amount
9894
Legal Description
ORIG GAINESVILLE DB H-383 S 120 FT OF E 100 FT OF BK 5 RG 7 OR 469/447 DEED CALLS FOR 98.75 FT E & W OR 837/292 & OR 4147/0649
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1899
Floors in Building
2
Number of units
2
Flooring type
Wood, Vinyl
Roof type
Shingle
Listing Agency:
COLDWELL BANKER M.M. PARRISH REALTORS · Coldwell Banker Real Estate
(352) 335-4999
Listed By:
Cindy Birk · License #3137282
(352) 871-2475
Added: Mar 14
Changed: Aug 13
Last Checked: Aug 16 at 10:06AM
MLS# GC538438
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1899, this Queen Anne residence is currently configured as a duplex with two separate living spaces designed for flexibility. The home offers approximately 2,854 sq. ft. of living space on a double lot totaling 0.27 acres. The layout includes three bedrooms, two kitchens, two bathrooms, and dual staircases, with interior access to both floors. Each level has its own living area, bedroom(s), bathroom, and a fully functioning kitchen, along with a 100-amp service panel. Downstairs includes the master bedroom and bath, a laundry room with a stacked washer/dryer, and two water heaters; upstairs features two bed-sitting rooms, a bathroom, and screened enclosed and open porches.
The property is located at 306 NE 3rd Street in Gainesville, FL 32601. Historic details include Victorian porches with intricate gingerbread trim and a porch layout that supports front and south-side outdoor seating. The home’s updated systems and finishes include Dec 2025 water heaters (2), a March 2026 roof, beautifully finished heart pine floors, and fire-resistant drywall on the downstairs ceiling.
The seller has a recent survey and is willing to split the property into two lots. Splitting will require amended tax parcel IDs and legal descriptions, and an amendment would also impact how the duplex is partitioned for separate ownership.
The property is located at 306 NE 3rd Street in Gainesville, FL 32601. Historic details include Victorian porches with intricate gingerbread trim and a porch layout that supports front and south-side outdoor seating. The home’s updated systems and finishes include Dec 2025 water heaters (2), a March 2026 roof, beautifully finished heart pine floors, and fire-resistant drywall on the downstairs ceiling.
The seller has a recent survey and is willing to split the property into two lots. Splitting will require amended tax parcel IDs and legal descriptions, and an amendment would also impact how the duplex is partitioned for separate ownership.
Key Highlights
- Approximately 2,854 sq. ft. duplex residence with two separate living spaces
- 0.27‑acre double lot with porch access on the front and south side
- Three bedrooms, two kitchens, two bathrooms, and dual staircases
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
2,151
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 - Queen Anne duplex on a double lot, zoned U2, with two kitchens, two bathrooms, and central air.
Where is this duplex located?
The property is located at 306 NE 3RD Street 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: Approximately 2,854 sq. ft. duplex residence with two separate living spaces; 0.27‑acre double lot with porch access on the front and south side; Three bedrooms, two kitchens, two bathrooms, and dual staircases
