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    6901 24Th Ave Gainesville, FL 32607

    Sponsored
    For Sale
    $7,750,000

    Prime Gainesville office space, 35,821 SF.

    Property size:
    35,821 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    400
    This exceptional three-story, 35,821 square foot office building is strategically located on Gainesville's SW 24th Avenue corridor, boasting an average daily traffic count of 19,000 vehicles. The free-standing building offers flexible leasing options: lease the entire building or individual floors. Each floor provides ample space for various office configurations, including private offices and creative workspaces. The building features two central elevators and east and west stairwells for convenient access to all three floors (15,628 SF, 14,298 SF, and 5,895 SF respectively). Modern amenities include a new roof (installed February 2022), a state-of-the-art Kantech Access Control system for remote monitoring, and a comprehensive fire sprinkler system. Ample parking is available, enhanced by shaded spaces provided by elevated solar panels. The building is also wired for lighted on-building signage. The property is zoned PD - Vocational and situated in Southwestern Alachua County, near the intersection of SW 24th Avenue and SW 75th Street (Tower Road), approximately 1.2 miles west of I-75. While in unincorporated Alachua County, the Gainesville city limits are within 0.2 miles to the northeast. This property presents a unique opportunity for businesses seeking a prominent location with modern features and flexible space options. A multipurpose room with projection and retractable screens is also included.

    Property Features for 6901 24Th Ave

    General Information

    Property type
    Office space
    Square Feet
    35,821 SF

    Building Details

    Buildings
    1
    Stories
    3

    HighLights

    • 35,821± SF three‑story office building, with floor sizes of 15,628± SF, 14,298± SF, and 5,895± SF.
    • Ample solar‑covered parking.
    • New roof (February 2022).
    • Kantech access control system with remote monitoring.
    • Building‑wide fire sprinkler system.
    • Multipurpose room with projection and retractable screens.
    Property Profile Location Intelligence

    Current Use by Public Records

    Gainesville Fencing Co Fence Contractor Hogtown Painting Solutions Contractor

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Gainesville
    County
    Alachua
    State
    Florida
    Longitude
    -82.416406776476
    Latitude
    29.63120820895

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    FAQs

    What type of property is this?
    Office space - Prime Gainesville office space, 35,821 SF.
    Where is this office space located?
    The property is located at 6901 24Th Ave Gainesville, FL.
    What is the asking price?
    The asking price for this property is $7,750,000.
    What are key features of this property?
    This property features: 35,821± SF three-story office building, with floor sizes of 15,628± SF, 14,298± SF, and 5,895± SF.; Ample solar-covered parking.; New roof (February 2022).
    Request Owner's contact information
    6901 24Th Ave Gainesville, FL 32607
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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.

    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
    6901 24Th Ave Gainesville, FL 32607
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