Two-Bedroom Multifamily
For Sale
$475,000
3605 SW 29TH Ter, Gainesville, FL 32608
Occupied units offer practical layouts with equipped kitchens, private baths, and washer and dryer connections.
Property Size3,424 SF
Days on Market110
Property Features for 3605 SW 29TH Ter
General Information
Standard status
Active
Size
3,424 SF
Property subtype
Investment
Occupancy
100%
Taxes and HOA fees
Annual Taxes
$6,935
Amenities
refrigerators
electric ranges
dishwashers
washer and dryer hookups
Building Details
Building Size
3,424 SF
Year Built
1981
Listing Agency:
UNION PROPERTIES OF GAINESVILLE, INC.
(352) 672-1494
Listed By:
Myles Grayson · License #3427457
(352) 672-1494
Source:
Elliman
Added: May 15
Changed: Aug 31
Last Checked: Aug 31 at 2:59PM
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 UNION PROPERTIES OF GAINESVILLE, INC.
Investment Insights
Based on property information with market context.
This multifamily property was built in 1981 and includes occupied units configured with two bedrooms and one bathroom each. Interiors feature open living areas, spacious kitchens with cabinet storage, refrigerators, electric ranges, and dishwashers. Laundry closets off the kitchens provide full-size washer and dryer hookups, while ceramic tile covers the common areas.
The property is located minutes from UF Campus and UF Health in Gainesville. Access for tours requires an appointment, with 48 hours of notice preferred because all units are occupied. The location records a Bike Score of 68, classified as Bikeable, and a Walk Score of 10, classified as Car-Dependent. The property has maintained consistent rental activity for 30 years.
The property is located minutes from UF Campus and UF Health in Gainesville. Access for tours requires an appointment, with 48 hours of notice preferred because all units are occupied. The location records a Bike Score of 68, classified as Bikeable, and a Walk Score of 10, classified as Car-Dependent. The property has maintained consistent rental activity for 30 years.
Key Highlights
- Two‑bedroom, one‑bath units
- Built in 1981
- Kitchens include refrigerators, electric ranges, and dishwashers
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
$30,164
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
6.35%
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%
$603,280
$603.3K
Cap Rate 7%
$430,914
$430.9K
Cap Rate 9%
$335,156
$335.2K
Market Conditions
NOI Build-Up for 3,424 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
$58.3K $17.04/SF
− Vacancy
−$3.5K −$1.02/SF
EGI
$54.8K $16.02/SF
− OpEx
−$24.7K −$7.21/SF
NOI
$30.2K $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%
$603,280
Cap Rate 7%
$430,914
Cap Rate 9%
$335,156
Alternative Uses
Best Use
Apartment 5plus
$430.9K
$377.1K – $502.7K
NOI $30,164 @ 7.0% cap · market cap 6.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$848.1K
$742.1K – $989.4K
NOI $59,364 @ 7.0% cap · market cap 12.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
618
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Occupied units offer practical layouts with equipped kitchens, private baths, and washer and dryer connections.
Where is this multifamily property located?
The property is located at 3605 SW 29TH Ter Gainesville, FL.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Two‑bedroom, one‑bath units; Built in 1981; Kitchens include refrigerators, electric ranges, and dishwashers
