Multifamily Property with Loft
For Sale
$419,900
919 NW 23RD Avenue, Gainesville, FL 32609
Commercial Sale, GAINESVILLE, FL
Property Size3,482 SF
Lot Size0.36 Acres
Price / SF$120.59
Days on Market819
Property Features for 919 NW 23RD Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
OF
Subdivision
OAK PARK
Directions
Heading N on NW 13th St, make a right onto NW 23rd Ave. About 1/4 of a mile the property will be on the right.
Standard status
Active
APN
08703-000-000
Size
3,482 SF
Lot size
0.36 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
OAK PARK PB A-176 LOTS 1 2 3 BK J LESS W 25 FT LOT 3 PER OR 1596/1518) OR 4567/1083
Tax Annual Amount
5905
Legal Description
OAK PARK PB A-176 LOTS 1 2 3 BK J LESS W 25 FT LOT 3 PER OR 1596/1518) OR 4567/1083
Utilities
Cooling system
Wall/Window Unit(s), Window Unit(s), Central Air
Building Details
Year built
1947
Building materials
Asbestos
Listing Agency:
COLDWELL BANKER M.M. PARRISH R · Coldwell Banker Real Estate
(352) 335-4999
Listed By:
Jeff Rimes · License #3379326
(352) 335-4999
Added: Jun 4, 2024
Changed: Aug 28
Last Checked: Aug 31 at 7:06AM
MLS# GC522595
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.
Built in 1947, this 3,482-square-foot multifamily property includes a primary residence with six bedrooms and a separate 1,300-square-foot one-bedroom, one-bath loft unit. The main home includes some furnishings, two refrigerators, a washer and dryer, a fully equipped kitchen, and additional appliances. Its metal roof was updated in 2010, while the main residence also has an updated 200-amp electrical panel and plumbing throughout.
The detached unit has its own functional kitchen, three wall-mounted AC units, and a functional workshop. It is leased through June 2026. The property occupies 0.36 acres and carries OF zoning. Cooling for the property includes window, wall/window, and central air systems.
The detached unit has its own functional kitchen, three wall-mounted AC units, and a functional workshop. It is leased through June 2026. The property occupies 0.36 acres and carries OF zoning. Cooling for the property includes window, wall/window, and central air systems.
Key Highlights
- 3,482‑square‑foot multifamily property on 0.36 acres
- Main residence includes six bedrooms
- Separate 1,300‑square‑foot one‑bedroom, one‑bath loft unit
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
$30,675
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
7.31%
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%
$613,500
$613.5K
Cap Rate 7%
$438,214
$438.2K
Cap Rate 9%
$340,833
$340.8K
Market Conditions
NOI Build-Up for 3,482 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
$59.3K $17.04/SF
− Vacancy
−$3.6K −$1.02/SF
EGI
$55.8K $16.02/SF
− OpEx
−$25.1K −$7.21/SF
NOI
$30.7K $8.81/SF
Area
Gainesville, FL
Vacancy
6.00%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
45.00%
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%
$613,500
Cap Rate 7%
$438,214
Cap Rate 9%
$340,833
Alternative Uses
Best Use
Apartment 5plus
$438.2K
$383.4K – $511.3K
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
NOI $60,370 @ 7.0% cap · market cap 14.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,137
Businesses Nearby
Explore this area
Business Placement
Demographics for 32609, FL
18,322
Population
8,515
Households
2.2
Avg Household Size
38
Median Age
27%
College-Educated
87%
High-School Grad
117.5 sq mi
ZIP Area
156
Density / Sq Mi
$48,121
Median Household Income
$34,041
Median Earnings
$1,159
Median Rent
$174,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Multifamily property with a separate leased dwelling, furnished kitchen equipment, and a workshop.
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 $419,900.
What are key features of this property?
This property features: 3,482‑square‑foot multifamily property on 0.36 acres; Main residence includes six bedrooms; Separate 1,300‑square‑foot one‑bedroom, one‑bath loft unit
