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    Property profile & analytics

    6929 University Ave Gainesville, FL 32607-1623

    • High-rise multifamily apartments
    • 4,608 SF
    • 5.00 lot acres
    OFF-MARKET
    Last Sale
    May 20, 2021
    $6,100,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-9038606
    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

    • Synergy Design Build / General Contractor
    • Bentwood Apartments / Apartment Complex

    Property Details for 6929 University Ave

    Year built
    1982
    Construction
    WOOD
    Lot size
    5.00 lot acres
    Property size
    4,608 SF
    Zone code
    R-3
    Property type
    High-rise multifamily apartments
    APN
    06655-058-000
    APU
    6655058000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Gainesville
    County
    Alachua
    State
    Florida
    Longitude
    -82.416
    Latitude
    29.652
    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
    $133,830
    $3,205,867
    $3,498,633
    $6,704,500
    -
    $3,205,867
    $3,498,633
    $6,704,500

    Comparable in this City

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    • Value Estimation
      $760,000
      5,880 SF

      5950 20th Ave

      HIGH-RISE APARTMENTS • 5,880 SF
      5950 20th Ave, Gainesville, FL 32607-3647
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    • Value Estimation
      $3,725,000
      33,744 SF

      5120 13th Pl

      HIGH-RISE APARTMENTS • 33,744 SF
      5120 13th Pl, Gainesville, FL 32607-5938
      View Details
    • Value Estimation
      $1,135,000
      5,656 SF

      7301 University Ave

      HIGH-RISE APARTMENTS • 5,656 SF
      7301 University Ave, Gainesville, FL 32607-1631
      View Details
    • Value Estimation by Request
      10,872 SF

      1480 51st Ter

      HIGH-RISE APARTMENTS • 10,872 SF
      1480 51st Ter, Gainesville, FL 32607-5681
      View Details
    • Value Estimation
      $900,000
      3,600 SF

      3751 20th Ave

      HIGH-RISE APARTMENTS • 3,600 SF
      3751 20th Ave, Gainesville, FL 32607-4387
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      5,833 SF

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      Two fully leased properties near UF, ideal for investors.
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      390,733 SF

      Gainesville High-Density Development Land

      8.97 acres of high-density land suitable for mixed-use development.
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    • $449,000
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      Gainesville Quadruplex Investment Opportunity

      Turnkey four-unit multifamily property near hospitals, schools, and transportation.
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      Gainesville Duplex Ready For Investment

      Duplex in Gainesville, Florida, ideal for investors or owner-occupiers.
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    • $490,000
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      Gainesville Quadruplex Investment Opportunity

      Fully occupied Gainesville quadruplex with immediate revenue potential.
      625 SW 67Th Ter, Gainesville, FL 32607
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    Similar Nearby for Lease

    • Contact for pricing

      Gainesville Professional Office Space Available

      Well-designed office suite in a convenient, accessible Gainesville location.
      6026 NW 1St Pl, Gainesville, FL 32607
      View Details
    • $13 SF/Yr
      540 SF

      Office Space in Creekside Plaza

      Second floor office space available for rent in Gainesville, FL.
      3501 SW 2Nd Ave, Gainesville, FL 32607
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      54,801 SF

      Redevelopment Opportunity Near University of Florida

      55,000 SF building on 9 acres near University of Florida.
      3702 SW 2Nd Pl, Gainesville, FL 32607
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    • $17 SF/Yr
      5,000 SF

      Retail Space on W University

      5,000 SF retail space with high visibility.
      3441 W University Ave, Gainesville, FL 32607
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    • $18 SF/Yr

      Creative Office Campus For Lease

      Single-tenant creative office campus in Gainesville, Florida, available for lease.
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    • $15 SF/Yr
      2,102 SF

      Retail Space Near UF

      Retail and office spaces near Downtown and UF. Available for lease.
      3501 SW 2Nd Ave, Gainesville, FL 32607
      View Details
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    6929 University Ave
    Gainesville, FL 32607-1623
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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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