39-Unit Apartment
For Sale
Contact for pricing
6315 Southwest 13th Street, Gainesville, FL 32608
Renovated multifamily community with one- and two-bedroom residences, concrete block construction, and convenient access to Gainesville employment centers.
Property Size19,384 SF
Lot Size3.39 Acres
Price / SF$211.51
Days on Market14
Property Features for 6315 Southwest 13th Street
General Information
Standard status
Active
Size
19,384 SF
Lot size
3.39 Acres
Property subtype
Multifamily
Investment Type
Value Add
Financials
Cap Rate
6.54%
Average Monthly Rent
$1,025
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
39
Building Details
Year Built
1964
Buildings
10
Units
39
Construction
concrete block
Listing Agency:
Franklin Street Tampa
Listed By:
Geno Cronin · License #SL3612814
Source:
Crexi
Added: Aug 18
Changed: Aug 29
Last Checked: Aug 29 at 6:50PM
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 Franklin Street Tampa
Investment Insights
Based on property information with market context.
The 39-unit apartment community occupies 3.39 acres at 6315 Southwest 13th Street in Gainesville. Constructed in 1964 with concrete block construction, the property includes a mix of one- and two-bedroom residences. Recent improvements include new roofs, updated landscaping, a repaved parking lot, and renovated interiors with granite countertops, stainless steel appliances, and luxury vinyl plank flooring.
The property has frontage along SW 13th Street (US-441) and is approximately 4 miles from the University of Florida. Downtown Gainesville, Butler Plaza, Celebration Pointe, UF Health Shands, and major retail and dining corridors are accessible from the site. In-place operations reflect a 6.54% going-in cap rate. Electricity is individually metered and paid directly by residents, while water and sewer costs are recovered through a RUBS program.
The property has frontage along SW 13th Street (US-441) and is approximately 4 miles from the University of Florida. Downtown Gainesville, Butler Plaza, Celebration Pointe, UF Health Shands, and major retail and dining corridors are accessible from the site. In-place operations reflect a 6.54% going-in cap rate. Electricity is individually metered and paid directly by residents, while water and sewer costs are recovered through a RUBS program.
Key Highlights
- 39‑unit apartment community on 3.39 acres
- 6.54% going‑in cap rate on in‑place income
- Frontage along SW 13th Street (US‑441)
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
$170,767
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
4.17%
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%
$3,415,340
$3.4M
Cap Rate 7%
$2,439,529
$2.4M
Cap Rate 9%
$1,897,411
$1.9M
Market Conditions
NOI Build-Up for 19,384 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
$330.3K $17.04/SF
− Vacancy
−$19.8K −$1.02/SF
EGI
$310.5K $16.02/SF
− OpEx
−$139.7K −$7.21/SF
NOI
$170.8K $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%
$3,415,340
Cap Rate 7%
$2,439,529
Cap Rate 9%
$1,897,411
Alternative Uses
Best Use
Apartment 5plus
$2.44M
$2.13M – $2.85M
NOI $170,767 @ 7.0% cap · market cap 4.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.80M
$4.20M – $5.60M
NOI $336,072 @ 7.0% cap · market cap 8.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
39
Residential units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
28
Businesses Nearby
Explore this area
Business Placement
Demographics for 32608, FL
55,540
Population
25,939
Households
2.1
Avg Household Size
29
Median Age
58%
College-Educated
95%
High-School Grad
44.5 sq mi
ZIP Area
1,248
Density / Sq Mi
$60,182
Median Household Income
$34,991
Median Earnings
$1,357
Median Rent
$340,200
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?
Apartment building - Renovated multifamily community with one- and two-bedroom residences, concrete block construction, and convenient access to Gainesville employment centers.
Where is this apartment building located?
The property is located at 6315 Southwest 13th Street Gainesville, FL.
What is the asking price?
The asking price for this property is $4,100,000.
What are key features of this property?
This property features: 39‑unit apartment community on 3.39 acres; 6.54% going‑in cap rate on in‑place income; Frontage along SW 13th Street (US‑441)
