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    Gainesville High-Density Development Land Title is generated by Realmo AI

    4510 SW 24th Ave, Gainesville, FL 32607

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    8.97 acres of high-density land suitable for mixed-use development.

    Type:Mixed Use, Multifamily, Office, Retail
    Property size:
    390,733 SF
    Lot size:
    10.81 Acres
    Price / SF:
    $9/SF
    Added:
    Dec 10, 2019
    Days on Market:
    2364
    Last Refresh:
    May 19 at 11:01 pm

    Property Features for 4510 SW 24th Ave

    General Information

    Standard status
    Active
    Size
    390,733 SF
    Lot size
    10.81 Acres
    Property subtype
    Mixed Use, Multifamily, Office, Retail

    Building Details

    Year Built
    2023

    We can help!

    Listing Contact
    Joshua Williams

    Listing agent Joshua Williams License #FL 3100207

    Listing office J&S Commercial Real Estate Services Inc

    Listing date Dec 10, 2019

    Source Crexi

    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 J&S Commercial Real Estate Services Inc

    HighLights

    • 8.97 usable acres of high‑density land in a central location.
    • Zoned U9, allowing for diverse commercial uses: Multifamily, Mixed Use, Retail, Office, Hotel/Motel, Light Industrial, and more.
    • High multifamily density allowance: 100 units per acre by right.
    • Rezoning completed in Nov 2021 from RMF7 to U9.
    • Clark Butler Blvd construction scheduled to commence 4th Q 2022, improving accessibility.
    • New construction: Year Built 2023

    Overview

    Available for sale is 8.97 usable acres of high-density land, centrally located near Alachua County's retail area. The overall parcel encompasses 10.81 acres, which can be used as the basis for density calculations. The existing zoning permits mixed-use developments, retail spaces, multifamily housing, office buildings, and more. Multifamily density allows for 100 units per acre by right and up to 125 units with a special use permit. The property was rezoned in November 2021 from RMF7 to U9, which accommodates various commercial uses, including multifamily housing, mixed-use developments, retail, office spaces, hotels/motels, and light industrial facilities. Construction on Clark Butler Boulevard is scheduled to begin in the fourth quarter of 2022, with completion expected by the fourth quarter of 2024. The owner intends to wait to enter into a contract until the Florida Department of Transportation (FDOT) has made its first offer for the 1.83 acres designated for stormwater management. The "First offer" is currently scheduled to be delivered in January/February 2020.
    Location Intelligence

    Current Use by Public Records

    Delmastro LLC Hardware & Home Improvement

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office 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
    -82.3916307
    Latitude
    29.630599

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    FAQs

    What type of property is this?
    Commercial land - 8.97 acres of high-density land suitable for mixed-use development.
    Where is this commercial land located?
    The property is located at 4510 SW 24th Ave Gainesville, FL.
    What is the asking price?
    The asking price for this property is $3,750,000.
    What are key features of this property?
    This property features: 8.97 usable acres of high‑density land in a central location.; Zoned U9, allowing for diverse commercial uses: Multifamily, Mixed Use, Retail, Office, Hotel/Motel, Light Industrial, and more.; **High multifamily density allowance: 100 units per acre by right.**
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Joshua Williams
    Real Estate License ID: FL 3100207
    Learn More
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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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    4510 SW 24th Ave, Gainesville, FL 32607
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