Gainesville Retail Investment
For Sale
$4,900,000
Pending
618 NW 60TH, Gainesville, FL 32607
Fully leased shopping center in a high-demand Gainesville location.
Property Size23,674 SF
Lot Size2.27 Acres
Days on Market128
Property Features for 618 NW 60TH
General Information
Standard status
Pending
Size
23,674 SF
Lot size
2.27 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$74,977
Building Details
Building Size
23,674 SF
Year Built
1996
Units
8
Listing Agency:
First Choice Realty of North Florida LLC
(352) 514-0168
Listed By:
Todd Chase · License #3100360
(352) 514-0168
Source:
Elliman
Added: Apr 24
Changed: Aug 23
Last Checked: Aug 29 at 11:01AM
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 First Choice Realty of North Florida LLC
Investment Insights
Based on property information with market context.
This income-producing retail investment is located at 618 NW 60th St in Gainesville, Florida. The established shopping center is fully leased and positioned just off Newberry Road, behind McDonald’s and adjacent to Hobby Lobby, in close proximity to Oaks Mall and the University of Florida. The property benefits from strong traffic counts and is surrounded by retail establishments in a desirable Northwest Gainesville location. The center features a diversified rent roll with national and regional tenants, including McAlister’s Deli, The HoneyBaked Ham Company, Blackadder Brewing Company, Painting with a Twist, and additional service and food-related users. Tenant longevity and brand recognition contribute to consistent income performance. Situated on approximately 2.27 acres, the property totals approximately 23,364 square feet of retail space and is 100% occupied at the time of listing. The location offers convenient access to I-75 and is surrounded by major employment drivers and demand generators including North Florida Regional Medical Center, BJ’s Restaurant, Oaks Mall, and numerous retail, dining, and service establishments. The property is well-suited for investors seeking reliable income, long-term tenant stability, and exposure to a high-demand commercial corridor. The bike score is 43, indicating it is somewhat bikeable, and the walk score is 7, indicating it is car-dependent.
Key Highlights
- 100% occupied retail shopping center
- Located in a highly desirable Northwest Gainesville location
- Stable and diversified rent roll with national and regional tenants
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
$247,726
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
5.06%
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%
$4,954,520
$5.0M
Cap Rate 7%
$3,538,943
$3.5M
Cap Rate 9%
$2,752,511
$2.8M
Market Conditions
NOI Build-Up for 23,364 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
$378.5K $16.20/SF
− Vacancy
−$24.6K −$1.05/SF
EGI
$353.9K $15.15/SF
− OpEx
−$106.2K −$4.54/SF
NOI
$247.7K $10.60/SF
Area
Gainesville, FL
Vacancy
6.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
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%
$4,954,520
Cap Rate 7%
$3,538,943
Cap Rate 9%
$2,752,511
Alternative Uses
Best Use
Retail
$3.54M
$3.10M – $4.13M
NOI $247,726 @ 7.0% cap · market cap 5.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.79M
$5.06M – $6.75M
NOI $405,076 @ 7.0% cap · market cap 8.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,738
Businesses Nearby
480k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 45%
Shops & Services 27%
Apparel 24%
Groceries 2%
Hobby Lobby
Shops & Services
55,462 visits/mo
0.1 miles
JCPenney
Apparel
42,071 visits/mo
0.3 miles
Belk
Apparel
41,818 visits/mo
0.2 miles
Starbucks
Dining
39,553 visits/mo
0.4 miles
McDonald's
Dining
36,942 visits/mo
0.1 miles
Demographics for 32607, FL
35,420
Population
16,465
Households
2.2
Avg Household Size
28
Median Age
53%
College-Educated
95%
High-School Grad
12.6 sq mi
ZIP Area
2,811
Density / Sq Mi
$46,517
Median Household Income
$30,690
Median Earnings
$1,222
Median Rent
$297,800
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Tower Center — NW 4th Blvd, Gainesville, FL 32607
- Oaks Square — 6837 W Newberry Rd, Gainesville, FL 32605
- Sunglass Hut — 6241 W Newberry Rd, Gainesville, FL 32605
- The Oaks Mall — 6419 W Newberry Rd, Gainesville, FL 32605
- Hobby Box Cards | Vending Machine — 6419 W Newberry Rd, Gainesville, FL 32605
Frequently Asked Questions
What type of property is this?
Shopping center - Fully leased shopping center in a high-demand Gainesville location.
Where is this shopping center located?
The property is located at 618 NW 60TH Gainesville, FL.
What is the asking price?
The asking price for this property is $4,900,000.
What are key features of this property?
This property features: 100% occupied retail shopping center; Located in a highly desirable Northwest Gainesville location; Stable and diversified rent roll with national and regional tenants
