Renovated 3-Unit
New
For Sale
$360,000
3300 SW 23RD STREET, Gainesville, FL 32608
The property combines a two-bedroom residence with a separate office and two one-bedroom apartments.
Property Size1,984 SF
Price / SF$181.45
Days on Market6
Property Features for 3300 SW 23RD STREET
General Information
Standard status
Active
Size
1,984 SF
Property subtype
Triplex
Occupancy
100%
Site & Location
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 2BR/1BA with office, 2 x 1BR/1BA
Multifamily Units
3
Amenities
screened porches
washer/dryer connections
central HVAC
energy efficient windows
Building Details
Year Built
1965
Buildings
1
Construction
concrete block
Tenancy
Multi
Listing Agency:
THE MULTIFAMILY ADVISORS
(352) 871-8324
Listed By:
Joe Klenck · License #3555950
(904) 687-7876
Source:
Endlesssummerrealty
Added: Sep 22
Changed: Sep 26
Last Checked: Sep 26 at 2:55PM
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 THE MULTIFAMILY ADVISORS
Investment Insights
Based on property information with market context.
Built in 1965, this 1,984-square-foot triplex contains three units: one with two bedrooms and a separate office, plus two one-bedroom layouts. Each residence has central HVAC, a screened rear porch, and a utility room with washer and dryer connections. Kitchen and bathroom updates, energy-efficient windows, exterior paint, and a 2024 shingle roof are among the improvements. HVAC systems date to 2019, 2018, and 2017.
The property sits on an almost half-acre lot directly off SW 23rd Street, about three minutes from the University of Florida and along a main road toward the campus’s south side. The site offers parking and yard space. There is no HOA.
All three units have remained occupied for several years, with longer-term tenants on month-to-month leases. Tenants pay their own utilities.
The property sits on an almost half-acre lot directly off SW 23rd Street, about three minutes from the University of Florida and along a main road toward the campus’s south side. The site offers parking and yard space. There is no HOA.
All three units have remained occupied for several years, with longer-term tenants on month-to-month leases. Tenants pay their own utilities.
Key Highlights
- Three units: one 2/1 with separate office and two 1/1s
- 1,984 square feet on an almost half‑acre lot
- 2024 shingle roof; updated kitchens and 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
$19,478
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
5.41%
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%
$389,560
$389.6K
Cap Rate 7%
$278,257
$278.3K
Cap Rate 9%
$216,422
$216.4K
Market Conditions
NOI Build-Up for 1,984 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
$29.8K $15.00/SF
− Vacancy
−$1.9K −$0.98/SF
EGI
$27.8K $14.03/SF
− OpEx
−$8.3K −$4.21/SF
NOI
$19.5K $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%
$389,560
Cap Rate 7%
$278,257
Cap Rate 9%
$216,422
Alternative Uses
Best Use
Multifamily LT 5
$278.3K
$243.5K – $324.6K
NOI $19,478 @ 7.0% cap · market cap 5.41%
Second Best
Apartment 5plus
$249.7K
$218.5K – $291.3K
NOI $17,478 @ 7.0% cap · market cap 4.86%
Theoretical Best
Office A
$491.4K
$430.0K – $573.3K
NOI $34,398 @ 7.0% cap · market cap 9.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
198
Businesses Nearby
Explore this area
Business Placement
Demographics for 32608, FL
55,540
Population
25,939
Households
2.1
Avg Household Size
29
Median Age
58%
College-Educated
95%
High-School Grad
44.5 sq mi
ZIP Area
1,248
Density / Sq Mi
$60,182
Median Household Income
$34,991
Median Earnings
$1,357
Median Rent
$340,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Triplex - The property combines a two-bedroom residence with a separate office and two one-bedroom apartments.
Where is this triplex located?
The property is located at 3300 SW 23RD STREET Gainesville, FL.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: Three units: one 2/1 with separate office and two 1/1s; 1,984 square feet on an almost half‑acre lot; 2024 shingle roof; updated kitchens and bathrooms
