8-Unit Multifamily
New
For Sale
$1,035,000
824 SE 1ST Avenue, Gainesville, FL 32601
Residential Income, GAINESVILLE, FL
Property Size2,966 SF
Lot Size0.32 Acres
Price / SF$348.95
Days on Market5
Property Features for 824 SE 1ST Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
RMF7
Interior features
Ninguno
Subdivision
GAINESVILLE KINGS ADD
Directions
Driving Directions: From downtown Gainesville, take E University Ave east and turn right onto SE 9th St. Turn right onto SE 1st Ave; the fourplex at 824 SE 1st Ave is on your right. This is a three-property portfolio. The other properties are located at 1504 E University Ave, Gainesville, FL 32641, and 3116 SW 26th Way, Gainesville, FL 32608. Enter each address separately for directions to those sites.
Standard status
Active
APN
12639-000-000
Size
2,966 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
KING ADD PB A-58 LOT 14 OR 3112/0432
Tax Annual Amount
7432
Legal Description
KING ADD PB A-58 LOT 14 OR 3112/0432
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1978
Building materials
Block
Roof type
Metal
Listing Agency:
BOSSHARDT REALTY SERVICES LLC
(352) 371-6100
Listed By:
Daryus Boyd · License ##SL3648942
(352) 514-1129
Added: Sep 28
Changed: Oct 2
Last Checked: Oct 2 at 6:06PM
MLS# GC543835
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This Gainesville multifamily portfolio contains eight units across three properties: one fourplex and two duplexes. The featured fourplex at 824 SE 1st Avenue measures 2,966 square feet on a 0.32-acre lot. Built in 1978, it has block construction, a metal roof, central air, natural gas heat, public water, and public sewer. The property is zoned RMF7.
The portfolio also includes duplexes at 3116 SW 26th Way and 1504 E University Avenue. The fourplex and SW 26th Way property have had capital improvements; the E University Avenue duplex is identified as a renovation opportunity. The properties are located in downtown, southwest Gainesville, and along the East University Avenue corridor. Rental income is in place, and vacant units are available for lease-up.
The portfolio also includes duplexes at 3116 SW 26th Way and 1504 E University Avenue. The fourplex and SW 26th Way property have had capital improvements; the E University Avenue duplex is identified as a renovation opportunity. The properties are located in downtown, southwest Gainesville, and along the East University Avenue corridor. Rental income is in place, and vacant units are available for lease-up.
Key Highlights
- Eight units across one fourplex and two duplexes
- 2,966‑square‑foot fourplex on a 0.32‑acre lot
- RMF7 zoning
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
$29,119
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
2.81%
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%
$582,380
$582.4K
Cap Rate 7%
$415,986
$416.0K
Cap Rate 9%
$323,544
$323.5K
Market Conditions
NOI Build-Up for 2,966 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
$44.5K $15.00/SF
− Vacancy
−$2.9K −$0.98/SF
EGI
$41.6K $14.03/SF
− OpEx
−$12.5K −$4.21/SF
NOI
$29.1K $9.82/SF
Area
Gainesville, FL
Vacancy
6.50%
Lease Rate
$15.00 /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%
$582,380
Cap Rate 7%
$415,986
Cap Rate 9%
$323,544
Alternative Uses
Best Use
Multifamily LT 5
$416.0K
$364.0K – $485.3K
NOI $29,119 @ 7.0% cap · market cap 2.81%
Second Best
Apartment 5plus
$373.3K
$326.6K – $435.5K
NOI $26,130 @ 7.0% cap · market cap 2.52%
Theoretical Best
Office A
$734.6K
$642.8K – $857.1K
NOI $51,423 @ 7.0% cap · market cap 4.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,558
Businesses Nearby
Explore this area
Business Placement
Demographics for 32601, FL
22,039
Population
11,204
Households
2
Avg Household Size
27
Median Age
62%
College-Educated
97%
High-School Grad
4.6 sq mi
ZIP Area
4,791
Density / Sq Mi
$30,878
Median Household Income
$18,954
Median Earnings
$1,092
Median Rent
$284,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Three Gainesville properties combine a fourplex and two duplexes, with recent capital work at two buildings.
Where is this multifamily property located?
The property is located at 824 SE 1ST Avenue Gainesville, FL.
What is the asking price?
The asking price for this property is $1,035,000.
What are key features of this property?
This property features: Eight units across one fourplex and two duplexes; 2,966‑square‑foot fourplex on a 0.32‑acre lot; RMF7 zoning
