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Multifamily Property with Rental Income

919 NW 23rd Avenue, Gainesville, FL 32609

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For Sale

$429,900

Investment opportunity with main house and separate rental unit.

Type:Multi-Family

Property size:

3,482 SF

Price / SF:

$123/SF

HighLights

Separate 1300 sqft rental unit generating $1400/month income through June 2026.
Six‑bedroom main house offers potential for individual room rentals.
Updated 200 amp electrical panel and plumbing throughout the main house.
Main house includes a fully equipped kitchen with 2 refrigerators, washer, dryer, and other appliances.
Rental unit has a functional kitchen, 3 wall‑mounted AC units, and a workshop.
Metal roof updated in 2010.

We can help!

Contact an agent

Jeff Rimes

For Sale

$429,900

Investment opportunity with main house and separate rental unit.

Type:Multi-Family

Property size:

3,482 SF

Price / SF:

$123/SF

Added:: Jun 3, 2024
Days on Market:: 757
Last Refresh:: May 13 at 8:12 pm

Property Features for 919 NW 23rd Avenue

General Information

Standard status: Active
Size: 3,482 SF
Property subtype: Multi-Family

Building Details

Year Built: 1947

We can help!

Contact an agent

Jeff Rimes

Listing office COLDWELL BANKER M.M. PARRISH REALTORS

Listing date Jun 3, 2024

Source Xome

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 COLDWELL BANKER M.M. PARRISH REALTORS

HighLights

Separate 1300 sqft rental unit generating $1400/month income through June 2026.
Six‑bedroom main house offers potential for individual room rentals.
Updated 200 amp electrical panel and plumbing throughout the main house.
Main house includes a fully equipped kitchen with 2 refrigerators, washer, dryer, and other appliances.
Rental unit has a functional kitchen, 3 wall‑mounted AC units, and a workshop.
Metal roof updated in 2010.

Overview

This multifamily property presents an investment opportunity with a main house featuring six bedrooms that could be individually leased for extra income. The main house includes some furnishings, a fully equipped kitchen with two refrigerators, a washer and dryer, and other appliances. The metal roof was updated in 2010, and the property has an updated 200 amp panel and plumbing throughout the main home. Separate from the main house is a 1300 sqft one-bedroom, one-bathroom unit with a loft, currently rented through June 2026 for $1400 per month. This unit is equipped with a functional kitchen, three wall-mounted AC units, and a functional workshop. The property size is 3482 sqft.

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$59.3k	$17.04
− Vacancy	−$3.6k	−$1.02
EGI	$55.8k	$16.02
− OpEx	−$25.1k	−$7.21
NOI	$30.7k	$8.81

3,482 SF · lease $17.04/SF/yr · vacancy 6.00% · expense 45.00%

Alternative Uses

Best Use

Apartment 5plus

$438.2K

$383.4K – $511.3K (±1% cap)

NOI $30,675 @ 7.0% cap · market cap 7.14%

Second Best

—

no second resolved use

Theoretical Best

Office A

$862.4K

$754.6K – $1.01M (±1% cap)

NOI $60,370 @ 7.0% cap · market cap 14.04%

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

Property Profile Location Intelligence

Current Use by Public Records

Multifamily properties

Suggested Use

Location Insight

Map
Local Demand

City: Gainesville
County: Alachua
State: Florida
Longitude: -82.3343611
Latitude: 29.6737316

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For sale
Multifamily properties
FL
Gainesville
32609
919 NW 23rd Avenue

What type of property is this?

Multifamily property - Investment opportunity with main house and separate rental unit.

Where is this multifamily property located?

The property is located at 919 NW 23rd Avenue Gainesville, FL.

What is the asking price?

The asking price for this property is $429,900.

What are key features of this property?

This property features: Separate 1300 sqft rental unit generating $1400/month income through June 2026.; Six‑bedroom main house offers potential for individual room rentals.; Updated 200 amp electrical panel and plumbing throughout the main house.