Multifamily Property with Central
For Sale
$429,900
5811 NW 23RD TERRACE A B C D, Gainesville, FL 32653
Income-producing residential property with central air, electric service, and PD zoning in Gainesville.
Property Size3,600 SF
Price / SF$238.83
Days on Market300
Property Features for 5811 NW 23RD TERRACE A B C D
General Information
Standard status
Active
Size
3,600 SF
Property subtype
Residential Income
Zoning
PD
Taxes and HOA fees
Annual Taxes
$2,973
Amenities
Central Air
Electric
Building Details
Building Size
3,600 SF
Year Built
1978
Listing Agency:
Thomas Group Realty, LLC
(904) 699-8107
Listed By:
Emily Thomas · License #3570997
(904) 699-8107
Source:
Evrealestate
Added: Nov 4, 2025
Changed: Aug 29
Last Checked: Aug 30 at 2:34PM
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 Thomas Group Realty, LLC
Investment Insights
Based on property information with market context.
This multifamily property at 5811 NW 23rd Terrace includes the address designations A, B, C, D, and G. The property was built in 1978 and features central air with electric service. It is located in Gainesville, Florida, within Alachua County and carries PD zoning.
Key Highlights
- Multifamily property with 1,800 property size
- Built in 1978
- Central air conditioning
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
$15,857
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
3.69%
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%
$317,140
$317.1K
Cap Rate 7%
$226,529
$226.5K
Cap Rate 9%
$176,189
$176.2K
Market Conditions
NOI Build-Up for 1,800 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
$30.7K $17.04/SF
− Vacancy
−$1.8K −$1.02/SF
EGI
$28.8K $16.02/SF
− OpEx
−$13.0K −$7.21/SF
NOI
$15.9K $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%
$317,140
Cap Rate 7%
$226,529
Cap Rate 9%
$176,189
Alternative Uses
Best Use
Apartment 5plus
$226.5K
$198.2K – $264.3K
NOI $15,857 @ 7.0% cap · market cap 3.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$445.8K
$390.1K – $520.1K
NOI $31,208 @ 7.0% cap · market cap 7.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
439
Businesses Nearby
Explore this area
Business Placement
Demographics for 32653, FL
14,397
Population
6,746
Households
2.1
Avg Household Size
45
Median Age
52%
College-Educated
97%
High-School Grad
38.5 sq mi
ZIP Area
374
Density / Sq Mi
$97,700
Median Household Income
$52,523
Median Earnings
$1,130
Median Rent
$273,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Income-producing residential property with central air, electric service, and PD zoning in Gainesville.
Where is this multifamily property located?
The property is located at 5811 NW 23RD TERRACE A B C D Gainesville, FL.
What is the asking price?
The asking price for this property is $429,900.
What are key features of this property?
This property features: Multifamily property with 1,800 property size; Built in 1978; Central air conditioning
