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

    2701 23rd Blvd Gainesville, FL 32605-5906

    • High-rise multifamily apartments
    • 8,910 SF
    • 24.75 lot acres
    OFF-MARKET
    Value Estimations
    $1,190,000
    Show details
    Cap Rate Potential
    8.2%
    High-rise multifamily apartments
    Location Intelligence
    Property ID
    US18-5005938
    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

    • Madison Pointe Apartments / Apartment Complex
    • Madison Pointe Basketball Court / Sports Field & Court / Construction Company
    • Madison Pointe Pool / Swimming Pool / Hardware & Home Improvement
    • Madison Point Clubhouse / Gym & Fitness Center / Sports Field & Court
    • Madison Point Recreation Center / Gym & Fitness Center

    Property Details for 2701 23rd Blvd

    Year built
    1999
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    24.75 lot acres
    Property size
    8,910 SF
    Zone code
    RMF6
    Property type
    High-rise multifamily apartments
    APN
    09001-000-000
    APU
    9001000000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $955,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,310,000
      6.5%
      $1,210,000
      7%
      $1,120,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,403,000
      Market price range: $287k - $1.40M

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

    Location Insight

    • Map
    • Local Demand
    City
    Gainesville
    County
    Alachua
    State
    Florida
    Longitude
    -82.3462
    Latitude
    29.6788
    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
    $464,630
    $6,708,377
    $22,991,623
    $29,700,000
    -
    $6,708,377
    $22,991,623
    $29,700,000

    Comparable in this City

    • Value Estimation
      $1,365,000
      10,720 SF

      2801 23rd Blvd

      HIGH-RISE APARTMENTS • 10,720 SF
      2801 23rd Blvd, Gainesville, FL 32605-5937
      View Details
    • Value Estimation
      $545,000
      4,446 SF

      1925 43rd St

      HIGH-RISE APARTMENTS • 4,446 SF
      1925 43rd St, Gainesville, FL 32605-3478
      View Details
    • Value Estimation
      $1,260,000
      10,788 SF

      2130 31st Ave

      HIGH-RISE APARTMENTS • 10,788 SF
      2130 31st Ave, Gainesville, FL 32605-2319
      View Details
    • Value Estimation
      $3,405,000
      26,622 SF

      1500 16th Ave

      HIGH-RISE APARTMENTS • 26,622 SF
      1500 16th Ave, Gainesville, FL 32605-4073
      View Details
    • Value Estimation
      $1,425,000
      21,004 SF

      1324 16th Ave

      HIGH-RISE APARTMENTS • 21,004 SF
      1324 16th Ave, Gainesville, FL 32605-4064
      View Details
    • Value Estimation by Request
      22,897 SF

      2512 38th Pl

      HIGH-RISE APARTMENTS • 22,897 SF
      2512 38th Pl, Gainesville, FL 32605-2274
      View Details

    Similar Nearby for Sale

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      1,318 SF Medical Office For Sale

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    • New
      $164,000
      0.67 Acres

      Oversized Buildable Land in Gainesville

      Large .67 acre lot in desirable Gainesville neighborhood.
      NW 23Rd Blvd, Gainesville, FL 32605
      View Details
    • $11,900,000
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      Gainesville Office Building with Gymnasium

      66,247± SF building with modern amenities on 10.4± acres.
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    • $150,000
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      Waterfront Lot in Townsend

      0.89-acre waterfront lot in Gainesville's Townsend neighborhood.
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    • $242,000

      Land For Sale

      Land available for purchase.
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    Similar Nearby for Lease

    • $20 SF/Yr
      9,891 SF

      Gainesville Office Space Available

      9,891 SF Office, Alachua County
      7000 11Th Pl, Gainesville, FL 32605
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    • Contact for pricing
      80,201 SF

      Gainesville Retail Center Investment

      High-traffic retail space available
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      View Details
    • $14 SF/Yr
      7,250 SF

      Gainesville Freestanding Medical Office

      Freestanding medical office near HCA Healthcare, I-75, and Oaks Mall.
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    • Contact for pricing
      5,200 SF

      Retail Space on Newberry Road

      Retail space available in Gainesville near major retailers and medical.
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    • $14 SF/Yr
      3,267 SF

      Medical Office Space For Rent

      Medical office space available within Park Avenue Medical Office Park.
      915 NW 56Th Ter, Gainesville, FL 32605
      View Details
    • $23 SF/Yr
      4,424 SF

      Retail Space Near Interstate-75

      Retail space with high visibility and easy access.
      7400-7420 W Newberry Rd, Gainesville, FL 32605
      View Details
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    2701 23rd Blvd
    Gainesville, FL 32605-5906
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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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