Occupied Multifamily
For Sale
$199,000
Pending
608 NW 24th Ave, Gainesville, FL 32609
Existing long-term tenancy provides an established occupancy profile for this multifamily property.
Property Size1,136 SF
Days on Market30
Property Features for 608 NW 24th Ave
General Information
Standard status
Pending
Size
1,136 SF
Property subtype
Multi-Family
Additional Details
Gross Income
$20,400
Building Details
Year Built
1946
Listing Agency:
BHHS FLORIDA REALTY
(352) 317-3354
Listed By:
Mae Alden · License #0599891
Source:
Whitneyperkinsteam
Added: Aug 2
Changed: Aug 31
Last Checked: Aug 30 at 7:10PM
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 BHHS FLORIDA REALTY
Investment Insights
Based on property information with market context.
This multifamily property contains 1,136 square feet and was constructed in 1946. Long-term tenants are already in place, providing an established residential occupancy arrangement.
Located at 608 NW 24th Ave in Gainesville, Florida, the property is positioned within an established residential setting. The existing tenancy and compact building size offer a straightforward profile for evaluating a small multifamily acquisition.
Located at 608 NW 24th Ave in Gainesville, Florida, the property is positioned within an established residential setting. The existing tenancy and compact building size offer a straightforward profile for evaluating a small multifamily acquisition.
Key Highlights
- 1,136‑square‑foot multifamily property
- Constructed in 1946
- Long‑term tenants currently in place
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
$10,008
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
5.03%
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%
$200,160
$200.2K
Cap Rate 7%
$142,971
$143.0K
Cap Rate 9%
$111,200
$111.2K
Market Conditions
NOI Build-Up for 1,136 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
$19.4K $17.04/SF
− Vacancy
−$1.2K −$1.02/SF
EGI
$18.2K $16.02/SF
− OpEx
−$8.2K −$7.21/SF
NOI
$10.0K $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%
$200,160
Cap Rate 7%
$142,971
Cap Rate 9%
$111,200
Alternative Uses
Best Use
Apartment 5plus
$143.0K
$125.1K – $166.8K
NOI $10,008 @ 7.0% cap · market cap 5.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$281.4K
$246.2K – $328.3K
NOI $19,696 @ 7.0% cap · market cap 9.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,302
Businesses Nearby
Explore this area
Business Placement
Demographics for 32609, FL
18,322
Population
8,515
Households
2.2
Avg Household Size
38
Median Age
27%
College-Educated
87%
High-School Grad
117.5 sq mi
ZIP Area
156
Density / Sq Mi
$48,121
Median Household Income
$34,041
Median Earnings
$1,159
Median Rent
$174,500
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 - Existing long-term tenancy provides an established occupancy profile for this multifamily property.
Where is this multifamily property located?
The property is located at 608 NW 24th Ave Gainesville, FL.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: 1,136‑square‑foot multifamily property; Constructed in 1946; Long‑term tenants currently in place
