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    Gainesville Multi-Family Investment Opportunity Title is generated by Realmo AI

    919 NW 23RD AVENUE, Gainesville, FL 32609

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    For Sale
    $419,900

    Multi-Family 5+ - GAINESVILLE, FL

    Property size:
    3,482 SF
    Lot size:
    0.36 Acres
    Price / SF:
    $120/SF
    Added:
    Jun 4, 2024
    Days on Market:
    729
    Last Refresh:
    Jun 2 at 3:06 am

    Property Features for 919 NW 23RD AVENUE

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    OF
    Standard status
    Active
    APN
    08703-000-000
    Size
    3,482 SF
    Lot size
    0.36 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Annual Amount
    5905

    Utilities

    Cooling system
    Central Air, Multi Units, Wall/Window Unit(s), Window Unit(s)

    Building Details

    Year built
    1947
    Building materials
    Asbestos
    Architectural style
    Other

    We can help!

    Listing Contact
    Jeff Rimes
    Jeff Rimes

    Listing agent Jeff Rimes License #3379326

    Listing office COLDWELL BANKER M.M. PARRISH R 5830 NW 39 AVE, Gainesville, FL

    Listing date Jun 4, 2024

    MLS# GC522595 Listing URL

    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.

    HighLights

    • Rental income from a separate 1300 sqft one bedroom unit leased through June 2026 at $1400/month
    • Six‑bedroom main house offers potential for individual room rentals and income generation
    • Updated 200 amp electrical panel and plumbing throughout the main house
    • Durable metal roof installed in 2010
    • Fully equipped kitchen in the main house with 2 refrigerators, washer, dryer, and other appliances included
    • Separate unit includes a functional kitchen, 3 wall‑mounted AC units, loft, and workshop

    Overview

    This multi-family property in Gainesville, Florida, presents a solid investment opportunity. The main house features six bedrooms that could be individually leased for extra income. It comes complete with some furnishings, including a fully equipped kitchen with two refrigerators, a washer and dryer, and other appliances. The property has a metal roof updated in 2010, along with an updated 200 amp panel and plumbing throughout the main home. Separate from the main house is a 1300 square foot one-bedroom, one-bathroom unit with a loft, currently rented through June 2026 for $1400 per month. This unit is also equipped with a functional kitchen and three wall-mounted AC units, plus a functional workshop. The property lot size is 0.36 acres.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    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 7.31%
    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 14.38%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Single family properties

    Suggested Use

    Real Estate Agency Law Firm Restaurant Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

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

    Location Insight

    • Map
    • Local Demand
    City
    Gainesville
    County
    Alachua
    State
    Florida
    Longitude
    -82.334449
    Latitude
    29.673686

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    FAQs

    What type of property is this?
    Apartment building - Multi-family property with rental income potential in Gainesville, Florida.
    Where is this apartment building located?
    The property is located at 919 NW 23RD AVENUE Gainesville, FL.
    What is the asking price?
    The asking price for this property is $419,900.
    What are key features of this property?
    This property features: Rental income from a separate 1300 sqft one bedroom unit leased through June 2026 at $1400/month; Six‑bedroom main house offers potential for individual room rentals and income generation; Updated 200 amp electrical panel and plumbing throughout the main house
    (352) 335-4999
    We can help!
    Listing Contact
    Jeff Rimes
    Jeff Rimes
    Real Estate License ID: 3379326
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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
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