Multifamily Portfolio with
New
For Sale
$1,035,000
824 SE 1ST, Gainesville, FL 32601
The Gainesville offering combines a fourplex and two duplexes, with rental income and vacant units available for lease-up.
Property Size2,966 SF
Days on Market2
Property Features for 824 SE 1ST
General Information
Standard status
Active
Size
2,966 SF
Property subtype
Investment
Additional Details
Asking Price
$1,035,000
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$7,432
Building Details
Building Size
2,966 SF
Year Built
1978
Buildings
3
Listing Agency:
Bosshardt Realty Services
Listed By:
Makayla Richardson · License ##SL3598503
(352) 256-7532
Source:
Elliman
Added: Oct 2
Changed: Oct 3
Last Checked: Oct 3 at 2:27AM
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 Bosshardt Realty Services
Investment Insights
Based on property information with market context.
This Gainesville multifamily portfolio contains eight units in three properties: one fourplex and two duplexes. Two properties have received recent capital improvements; the East University Avenue duplex presents a renovation opportunity. The properties can be acquired together or individually.
The portfolio spans downtown, southwest Gainesville, and the East University Avenue corridor. The fourplex at 824 SE 1st Ave was built in 1978. Existing rental income and vacant units available for lease-up provide a mix of current occupancy and leasing potential.
The portfolio spans downtown, southwest Gainesville, and the East University Avenue corridor. The fourplex at 824 SE 1st Ave was built in 1978. Existing rental income and vacant units available for lease-up provide a mix of current occupancy and leasing potential.
Key Highlights
- Eight units across one fourplex and two duplexes
- Three properties in downtown, southwest Gainesville, and the East University Avenue corridor
- Two properties have received recent capital improvements
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
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,973
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - The Gainesville offering combines a fourplex and two duplexes, with rental income and vacant units available for lease-up.
Where is this quadplex located?
The property is located at 824 SE 1ST 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; Three properties in downtown, southwest Gainesville, and the East University Avenue corridor; Two properties have received recent capital improvements
