Occupied Multifamily
For Sale
$199,000
608 NW 24th Ave, Gainesville, FL 32609
Existing long-term tenancy provides an established occupancy profile for this multifamily property.
Property Size1,136 SF
Price / SF$175.18
Days on Market75
Property Features for 608 NW 24th Ave
General Information
Standard status
Active
Size
1,136 SF
Property subtype
Multi-Family
Additional Details
Gross Income
$20,400
Building Details
Year Built
1946
Listing Agency:
BHHS FLORIDA REALTY
Listed By:
Mae Alden · License #0599891
(352) 317-3354
Source:
Whitneyperkinsteam
Added: Aug 2
Changed: Oct 2
Last Checked: Oct 7 at 3:34PM
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 BHHS FLORIDA REALTY
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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 / Yr
$10,008
Cap Rate
5.03%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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
