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    Property profile & analytics

    1604 3rd Ave Gainesville, FL 32641-7346

    • Office buildings
    • 9,865 SF
    • 0.83 lot acres
    OFF-MARKET
    Value Estimations
    $1,880,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-8906871
    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

    • Honor Center for Veteran's / Bus Stop
    • VA Honor Center / Corporate Office
    • Gainesville VA Domiciliary / Medical Clinic
    • Domicillary / Housing Authority
    • The Lords Obedient Services Ministries / Church / Mosque

    Property Details for 1604 3rd Ave

    Year built
    1917
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.83 lot acres
    Property size
    9,865 SF
    Zone code
    U6
    Property type
    Office buildings
    APN
    11627-001-000
    APU
    11627001000

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,190,000
      6.5%
      $2,020,000
      7%
      $1,875,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,098,000
      Market price range: $1.03M - $2.64M
      AI Estimate
      $1,528,000
      Market price range: $669k - $1.84M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,635,000
      Current use
      RESTAURANT
      $2,755,000
      Change: +68% Conversion: Moderate
      RETAIL STORES
      $2,130,000
      Change: +30% Conversion: Moderate
      MEDICAL BUILDING
      $1,450,000
      Change: -12% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Gainesville
    County
    Alachua
    State
    Florida
    Longitude
    -82.304
    Latitude
    29.6495
    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
    $34,062
    $27,000
    $1,363,900
    $1,390,900
    -
    $27,000
    $1,363,900
    $1,390,900

    Comparable in this City

    • Value Estimation by Request
      1,761 SF

      106 11th St

      OFFICE BUILDING (MULTI-STORY) • 1,761 SF
      106 11th St, Gainesville, FL 32641-7148
      View Details
    • Value Estimation
      $675,000
      5,858 SF

      2802 University Ave

      OFFICE BUILDING (MULTI-STORY) • 5,858 SF
      2802 University Ave, Gainesville, FL 32641
      View Details
    • Value Estimation by Request
      1,511 SF

      3540 University Ave

      OFFICE BUILDING (MULTI-STORY) • 1,511 SF
      3540 University Ave, Gainesville, FL 32641-6057
      View Details
    • Value Estimation by Request
      660 SF

      950 22nd Ave

      OFFICE BUILDING (MULTI-STORY) • 660 SF
      950 22nd Ave, Gainesville, FL 32641
      View Details
    • Value Estimation
      $1,810,000
      18,446 SF

      730 Waldo Rd

      OFFICE BUILDING (MULTI-STORY) • 18,446 SF
      730 Waldo Rd, Gainesville, FL 32641-3604
      View Details
    • Value Estimation
      $6,065,000
      55,346 SF

      1000 27th St

      OFFICE BUILDING (MULTI-STORY) • 55,346 SF
      1000 27th St, Gainesville, FL 32641-8835
      View Details

    Similar Nearby for Sale

    • $4,900,000
      50,719 SF

      Office Buildings and Land Assemblage

      7.07 acres with 50,719 SF office buildings for sale.
      730 NE Waldo Rd, Gainesville, FL 32641
      View Details
    • $4,900,000
      7.07 Acres

      Property Assemblage For Sale - 7.07 acres of land and 4 office buildings

      Property Assemblage For Sale - 7.07 acres of land and 4 office buildings
      730 NE Waldo Road, Gainesville, FL 32641
      View Details
    • Contact for pricing
      50,719 SF

      Gainesville Assemblage Opportunity For Sale

      7.07 acres with 50,719 SF in 4 buildings.
      730 NE Waldo Rd, Gainesville, FL 32641
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    • $1,300,000
      10,022 SF

      Gainesville Flex Space For Rent

      10,022 SF flex space in a prime location.
      7230 W University Ave, Gainesville, FL 32641
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    • $4,900,000
      50,719 SF

      Gainesville Office Property Assemblage

      7.07 acres with 4 office buildings totaling 50,719 SF.
      730 NE Waldo Rd, Gainesville, FL 32641
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    • $849,000

      Land with Signage Visibility

      Land with excellent visibility and flexible development options.
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    Similar Nearby for Lease

    • $12 SF/Yr
      4,000 SF

      Versatile Flex Space Available

      Adaptable flex space suitable for retail, service, and light industrial.
      2314 NE Waldo Rd, Gainesville, FL 32641
      View Details
    • $2,500 /Mo
      3,900 SF

      Gainesville Automotive/Industrial Facility For Lease

      3,612 SF industrial/automotive facility on 0.33 acre lot for lease.
      1550 SE 3Rd Ave, Gainesville, FL 32641
      View Details
    • $10 SF/Yr
      6,400 SF

      Gainesville Commercial Property For Rent

      Commercial property with office and warehouse space, fenced yard.
      3038 NE Waldo Rd, Gainesville, FL 32641
      View Details
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    1604 3rd Ave
    Gainesville, FL 32641-7346
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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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