| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 71st | Best |
| Demographics | 38th | Fair |
| Amenities | 76th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 111 NW 16th St, Gainesville, FL, 32603, US |
| Region / Metro | Gainesville |
| Year of Construction | 1995 |
| Units | 100 |
| Transaction Date | 2007-09-26 |
| Transaction Price | $1,938,800 |
| Buyer | LOOKING GLASS APARTMENTS LLP |
| Seller | KALLMAN CLAYTON H |
111 NW 16th St Gainesville Multifamily Investment
Positioned in Gainesville s Urban Core, this 100-unit asset benefits from a deep renter base and steady neighborhood demand, according to WDSuite s CRE market data. A high share of renter-occupied units in the immediate area supports leasing durability while offering room to optimize operations.
Location fundamentals: The property sits in an Urban Core setting that ranks 16 out of 114 Gainesville neighborhoods (A rating), making it competitive among Gainesville neighborhoods. Dining access is a standout with restaurant density in the top tier nationally, and neighborhood-level grocery and pharmacy access are also strong. Caf e9 and park options are limited locally, which may modestly affect lifestyle appeal but does not typically impede renter demand in student- and workforce-oriented subareas.
Stock and positioning: Built in 1995, the asset is newer than the neighborhood s average construction year (1986). Newer vintage can be more competitive versus older stock, though investors should still plan for system upgrades and periodic modernization to sustain positioning against recent deliveries.
Tenure and demand: Renter-occupied share in the neighborhood is high, indicating a sizable tenant base that can support occupancy and leasing velocity for multifamily assets. Neighborhood contract rents sit around the middle of the national distribution, which can help maintain absorption when paired with the area s renter concentration.
Demographic context (3-mile radius): Recent years show population and household growth, with forecasts indicating further household expansion alongside smaller average household sizes. That combination generally points to a larger renter pool and supports occupancy stability over the medium term. Median home values in the neighborhood are below many coastal markets, but the value-to-income relationship ranks in the top tier nationally, suggesting a high-cost ownership market relative to incomes that can reinforce reliance on multifamily rentals and aid lease retention.
Neighborhood safety trends are mixed. The area ranks 67 out of 114 Gainesville neighborhoods for crime, which is below the metro median for safety and below the national median by percentile. However, recent directionality is constructive: both violent and property offense rates have declined year over year, indicating incremental improvement rather than a deterioration.
For underwriting, this typically argues for prudent security budgeting and tenant-experience measures, while recognizing that trend improvements can support retention. Comparisons should be made to peer Urban Core locations in Gainesville and similar university-adjacent neighborhoods nationally.
This 1995-vintage, 100-unit asset benefits from a renter-heavy neighborhood, strong amenity access for daily needs, and competitive standing within Gainesville. According to CRE market data from WDSuite, the area s restaurant, grocery, and pharmacy density outperforms many peer neighborhoods, which supports leasing and renewals. Demographic trends within a 3-mile radius point to continued household growth and a gradually expanding renter pool, providing a backdrop for occupancy stability and long-run income durability.
While the ownership market shows elevated value-to-income dynamics that tend to sustain rental demand, investors should underwrite to affordability pressure in certain micro-pockets and to a safety profile that is below metro median but showing year-over-year improvement. Given its newer-than-average vintage, the property can compete well versus older stock, with capital programs focused on systems, interiors, and amenity refresh to capture value-add upside.
- Renter-heavy neighborhood supports demand depth and leasing stability.
- Strong daily-needs access (restaurants, groceries, pharmacies) aids retention and absorption.
- 1995 vintage offers competitive positioning versus older stock with targeted modernization upside.
- 3-mile demographics indicate growth in households and an expanding renter pool.
- Risks: below-median safety within metro and potential affordability pressure warrant careful lease and capex planning.