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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1 1st Ave Gainesville, FL 32601-6240

    • Office buildings
    • 8,272 SF
    • 0.11 lot acres
    OFF-MARKET
    Last Sale
    Sep 08, 2022
    $1,100,000
    Value Estimations
    $1,015,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-2579023
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Scruggs & Carmichael, P.A.: Kevin D Jurecko, Esq / Family Law Attorney / Criminal Justice Attorney
    • Martin Elizabeth A / Attorney
    • Stinson John G / Attorney
    • Scruggs & Carmichael, P.A.: Virginia E Griffis, Esq / Attorney
    • Appliance Repair Geeks / Appliance Repair Service

    Property Details for 1 1st Ave

    Year built
    1900
    Construction
    WOOD
    Lot size
    0.11 lot acres
    Property size
    8,272 SF
    Zone code
    DT
    Property type
    Office buildings
    APN
    14581-000-000
    APU
    14581000000

    Description

    This charming, two-story, 8,320-square-foot office building in Gainesville, Florida, presents a unique opportunity. Located at the prominent corner of SE 1st Avenue and Main Street, less than a mile from the University of Florida, this Class B property boasts exceptional visibility. Originally serving as a law office, the building offers flexible suite sizes ranging from 1,800 to 8,320 square feet, adaptable to various business needs. Amenities include a spacious lobby, large conference/meeting rooms, restrooms, and numerous private offices. The 0.1-acre lot is zoned DT (Downtown) and the building, constructed in 1900, offers a blend of historic charm and modern functionality. The single-tenant space is ideal for businesses seeking a prominent downtown Gainesville location. This is a rare chance to establish or relocate your business in a highly visible and accessible location within Gainesville's vibrant downtown district. The building's versatile layout caters to a variety of office uses, including traditional office, executive office, coworking, medical office, and creative office spaces.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $895,000
      ML approach
      $835,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,373,000
      Market price range: $676k - $1.37M
      AI Estimate
      $1,203,000
      Market price range: $535k - $1.20M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,025,000
      Current use
      MEDICAL BUILDING
      $1,215,000
      Change: +18% Conversion: Easy
      WAREHOUSE, STORAGE
      $1,040,000
      Change: +1% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Gainesville
    County
    Alachua
    State
    Florida
    Longitude
    -82.3248
    Latitude
    29.6508
    CBSA code
    23540
    CBSA name
    GAINESVILLE, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $25,259
    $678,822
    $415,281
    $1,094,103
    -
    $678,822
    $415,281
    $1,094,103

    Comparable in this City

    • Value Estimation
      $210,000
      0.09 Acres

      1025 Main St

      OFFICE BUILDING • 0.09 Acres
      1025 Main St, Gainesville, FL 32601-2348
      View Details
    • Value Estimation
      $230,000
      1,029 SF

      505 11th Ave

      OFFICE BUILDING (MULTI-STORY) • 1,029 SF
      505 11th Ave, Gainesville, FL 32601-8078
      View Details
    • Value Estimation
      $850,000
      31,040 SF

      34 13th Rd

      OFFICE BUILDING (MULTI-STORY) • 31,040 SF
      34 13th Rd, Gainesville, FL 32601-2021
      View Details
    • Value Estimation
      $615,000
      4,676 SF

      1212 12th Ave

      OFFICE BUILDING (MULTI-STORY) • 4,676 SF
      1212 12th Ave, Gainesville, FL 32601-3032
      View Details
    • Value Estimation
      $960,000
      1,193 SF

      409 8th St

      OFFICE BUILDING • 1,193 SF
      409 8th St, Gainesville, FL 32601-6418
      View Details
    • Value Estimation
      $325,000
      2,390 SF

      226 2nd St

      OFFICE BUILDING (MULTI-STORY) • 2,390 SF
      226 2nd St, Gainesville, FL 32601-6576
      View Details

    Similar Nearby for Sale

    • $950,000
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      Gainesville Office Investment Opportunity

      Office investment property located near the University of Florida.
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      Gainesville Office Building - High Visibility

      Prime Office Space, High Traffic Area
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    • $850,000
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      Mixed-Use Development Site For Sale

      Mixed-use development site near Depot Park, suitable for various businesses.
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      View Details

    Similar Nearby for Lease

    • $1,650 /Mo
      1,127 SF

      Free-Standing Office Building For Rent

      Office building for rent with high visibility and ample parking.
      4114 NW 13Th St, Gainesville, FL 32601
      View Details
    • $5,643 /Mo
      3,078 SF

      Gainesville Office Space For Rent

      Office space available for rent in Gainesville, Florida.
      1050 NW 8Th Ave, Gainesville, FL 32601
      View Details
    • $21 SF/Yr
      3,025 SF

      Gainesville Office Space For Rent

      Prime location office space near University of Florida and downtown.
      491 W University Ave, Gainesville, FL 32601
      View Details
    • $10 SF/Yr
      1,150 SF

      Second Floor Office Suite

      Second floor office suite available for lease.
      1405 NW 6Th St, Gainesville, FL 32601
      View Details
    • $9 SF/Yr
      5,711 SF

      Gainesville Office Space Available

      Flexible Office Suites in Downtown Gainesville
      602 1St St, Gainesville, FL 32601
      View Details
    • $20 SF/Yr
      15,087 SF

      Prime Gainesville Executive Suites

      Class A Office Space, Multiple Units Available
      201 2Nd Ave, Gainesville, FL 32601
      View Details
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    1 1st Ave
    Gainesville, FL 32601-6240
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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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