| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 49th | Good |
| Demographics | 58th | Good |
| Amenities | 68th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1120 NW 45th Ave, Gainesville, FL, 32609, US |
| Region / Metro | Gainesville |
| Year of Construction | 1972 |
| Units | 100 |
| Transaction Date | 2001-09-24 |
| Transaction Price | $485,000 |
| Buyer | OAK RIDGE APT COMPLEX INC |
| Seller | OAK RIDGE APT GAINESVILLE LTD PTNR |
1120 NW 45th Ave Gainesville Multifamily Investment
Neighborhood renter concentration and improving occupancy trends point to a durable tenant base, according to CRE market data from WDSuite. Focus is on steady demand drivers rather than outsized near-term growth.
This Inner Suburb location is competitive among Gainesville neighborhoods (ranked 13 out of 114), supported by daily-needs amenities and a renter base that sustains leasing velocity. Neighborhood renter-occupied share is elevated relative to many U.S. areas, indicating depth for multifamily demand and potential for retention-focused operations.
Retail and services skew toward convenience: grocery access ranks first among 114 metro neighborhoods, while pharmacies and parks sit in the top quartile nationally by density. Cafe density is limited within the immediate area, but essential services are close, supporting workforce-oriented housing needs and day-to-day livability.
Neighborhood occupancy has trended higher over the last five years, signaling improving stability versus earlier cycles. Rents sit near national medians with solid multi-year growth, which, paired with a high renter concentration, suggests consistent leasing fundamentals; based on commercial real estate analysis from WDSuite, these dynamics support pragmatic pricing power rather than outsized gains.
Demographic statistics aggregated within a 3-mile radius point to population and household growth, creating a larger tenant base over time. Forecasts indicate more households and smaller average household sizes, which can favor smaller floorplans like studios and 1-bedrooms and support occupancy stability for efficiently sized units.
The property’s 1972 vintage is older than the neighborhood’s average construction year, implying near- to medium-term capital planning needs (systems, interiors) but also value-add potential to reposition against newer competitive stock.
Ownership costs in the area trend comparatively high relative to local incomes (above-average value-to-income ratios), which can sustain reliance on rental housing and help support tenant retention. Rent-to-income levels are manageable by national standards, but operators should monitor affordability pressure when setting renewal increases.
Safety indicators for the neighborhood are mixed. Within the Gainesville metro, the area sits near the midpoint (crime rank 58 out of 114 neighborhoods), while national comparisons place it below average for safety. Recent data shows a meaningful year-over-year decline in violent offense estimates, indicating an improving trend, according to WDSuite’s CRE market data.
For investors, the takeaway is risk management rather than avoidance: underwriting should reflect security measures and operational attention to resident experience, with recognition that recent trends have moved in a favorable direction.
This 100-unit community benefits from a renter-driven neighborhood with improving occupancy and daily-needs retail close by. According to CRE market data from WDSuite, neighborhood rent levels track near national medians while renter concentration is high, supporting a stable leasing base and consistent renewal opportunity. The 1972 construction year suggests value-add potential alongside targeted capex to sharpen competitiveness versus newer supply.
Demographics within a 3-mile radius show expanding households and a shift toward smaller household sizes, which aligns with the property’s efficient average unit size and supports demand depth. Ownership remains comparatively costly relative to local incomes, reinforcing reliance on multifamily and aiding retention, while operators should remain attentive to affordability and local safety trends in underwriting.
- High renter concentration supports steady tenant demand and renewals.
- Improving neighborhood occupancy trends point to durable cash flow potential.
- 1972 vintage offers value-add upside with focused capital planning.
- Household growth within 3 miles expands the renter pool for lease-up and retention.
- Risks: below-average national safety benchmarks and affordability management require prudent underwriting.