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    230 2Nd Ave Gainesville, FL 32601

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    For Sale
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    32-Unit Multifamily Complex, 100% Occupancy

    Property size:
    36,000 SF

    Property Features for 230 2Nd Ave

    General Information

    Property type
    Multifamily properties
    Square Feet
    36,000 SF
    Class
    A
    Lot Size
    11,326 SF

    Building Details

    Year Built
    2008
    Buildings
    1
    Stories
    4
    Units
    32

    We can help!

    Listing Contact
    Teresa Callen
    Teresa Callen

    Listing Agent: Teresa Callen

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional Class A multifamily property, the Palms Condominiums, presents a compelling investment opportunity in the vibrant downtown Gainesville, Florida market. Located at 230 SW 2nd Ave, Gainesville, FL 32601, this 2008-built, four-story building encompasses 36,000 square feet on a 0.26-acre lot. The property boasts 32 residential units, each featuring two bedrooms and two bathrooms, with diverse floor plans catering to a range of tenant needs. Currently enjoying 100% occupancy, this asset offers immediate and substantial cash flow. Residents enjoy a community pool within a shared common area. The building is zoned DT and comprises a single structure with 72 total beds. Priced at $7,000,000, this represents a compelling price per unit of $218,750 and a price per square foot of $194.44. The property's strong performance, prime location, and attractive amenities make it an ideal addition to any investment portfolio. This offering includes majority ownership of the complex. This is a rare opportunity to acquire a well-maintained, high-occupancy multifamily asset in a thriving Florida market. The property is currently operating as an apartment building, single-family rental portfolio, and student housing.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    The Palms Condominiums Condominium Complex Anthem Tattoo Parlor Tattoo & Piercing Shop Gainesville Palms Condominium Complex

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Gainesville
    County
    Alachua
    State
    Florida
    Longitude
    -82.3277234
    Latitude
    29.6504895

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    FAQs

    What type of property is this?
    Multifamily property - 32-Unit Multifamily Complex, 100% Occupancy
    Where is this multifamily property located?
    The property is located at 230 2Nd Ave Gainesville, FL.
    What is the asking price?
    The asking price for this property is $7,000,000.
    What are key features of this property?
    This property features: 32 well-maintained units.; 100% occupancy.; Majority ownership included.
    (352) 871-5865 Call to check price and availability
    Request Owner's contact information
    230 2Nd Ave Gainesville, FL 32601
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    Gainesville, FL 32601
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    230 2Nd Ave Gainesville, FL 32601
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Teresa Callen
    Teresa Callen
    Real Estate License ID: SI3360412
    (352) 871-5865 (352) 871-5864
    Learn more
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