Flex Space with Office/Warehouse
New
For Sale
$374,500
3708 NW 97TH, Gainesville, FL 32606
Office and warehouse configuration with BH zoning and association-maintained roof, common areas, and water service.
Property Size2,400 SF
Days on Market3
Property Features for 3708 NW 97TH
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Industrial
Zoning
BH
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$3,816
Building Details
Building Size
2,400 SF
Year Built
1987
Listed By:
Howard Freeman
(352) 538-2730
Source:
Elliman
Added: Sep 11
Last Checked: Sep 12 at 6:46AM
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 Howard Freeman
Investment Insights
Based on property information with market context.
This flex property combines office and warehouse functionality within a building constructed in 1987. BH zoning supports the stated office/warehouse format and the listed potential uses, including martial arts, dance, yoga, church, and general office/warehouse operations. Association services cover the roof, common-area maintenance, and water.
The property is located at 3708 NW 97TH, Gainesville, Florida 32606, just off I-75 and NW 39th Avenue. Walk Score is 3, indicating a car-dependent setting, while Bike Score is 22, classified as somewhat bikeable.
The property is located at 3708 NW 97TH, Gainesville, Florida 32606, just off I-75 and NW 39th Avenue. Walk Score is 3, indicating a car-dependent setting, while Bike Score is 22, classified as somewhat bikeable.
Key Highlights
- Flex space with office and warehouse configuration
- BH zoning
- Roof, common‑area maintenance, and water covered through the HOA
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
$22,511
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
6.01%
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%
$450,220
$450.2K
Cap Rate 7%
$321,586
$321.6K
Cap Rate 9%
$250,122
$250.1K
Market Conditions
NOI Build-Up for 2,400 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
$37.4K $15.60/SF
− Vacancy
−$2.8K −$1.17/SF
EGI
$34.6K $14.43/SF
− OpEx
−$12.1K −$5.05/SF
NOI
$22.5K $9.38/SF
Area
Gainesville, FL
Vacancy
7.50%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
35.00%
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%
$450,220
Cap Rate 7%
$321,586
Cap Rate 9%
$250,122
Alternative Uses
Best Use
Flex RnD
$321.6K
$281.4K – $375.2K
NOI $22,511 @ 7.0% cap · market cap 6.01%
Second Best
Warehouse
$250.5K
$219.2K – $292.2K
NOI $17,534 @ 7.0% cap · market cap 4.68%
Theoretical Best
Office A
$594.4K
$520.1K – $693.5K
NOI $41,610 @ 7.0% cap · market cap 11.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
64
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32606, FL
24,380
Population
11,230
Households
2.2
Avg Household Size
40
Median Age
60%
College-Educated
98%
High-School Grad
15.4 sq mi
ZIP Area
1,583
Density / Sq Mi
$79,888
Median Household Income
$49,153
Median Earnings
$1,664
Median Rent
$319,300
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Office and warehouse configuration with BH zoning and association-maintained roof, common areas, and water service.
Where is this flex space located?
The property is located at 3708 NW 97TH Gainesville, FL.
What is the asking price?
The asking price for this property is $374,500.
What are key features of this property?
This property features: Flex space with office and warehouse configuration; BH zoning; Roof, common‑area maintenance, and water covered through the HOA
