| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 71st | Best |
| Demographics | 38th | Fair |
| Amenities | 76th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 116 NW 18th St, Gainesville, FL, 32603, US |
| Region / Metro | Gainesville |
| Year of Construction | 1995 |
| Units | 100 |
| Transaction Date | 1989-05-01 |
| Transaction Price | $500,000 |
| Buyer | LOOKING GLASS APARTMENTS LLP |
| Seller | KALLMAN CLAYTON H |
116 NW 18th St Gainesville Multifamily Investment
High renter concentration at the neighborhood level supports a durable tenant base, while occupancy trends and amenity access warrant disciplined leasing, according to CRE market data from WDSuite.
The property sits in an Urban Core neighborhood rated A and ranked 16 out of 114 within the Gainesville metro, indicating it is competitive among Gainesville neighborhoods. At the neighborhood level, restaurants are dense and daily needs are well covered by grocery and pharmacy access, while park space and cafes are limited. For investors, this mix often supports leasing velocity for smaller household types and students or early-career renters.
Neighborhood occupancy has eased in recent years and sits below the metro median, so underwriting should emphasize marketing execution and renewal management to maintain stability. Even with softer occupancy, the area’s average NOI per unit is strong relative to peers, signaling that well-operated assets can perform competitively in this location based on CRE market data from WDSuite.
Vintage matters: the asset was built in 1995 versus a neighborhood average year of 1986. Being newer than much of the surrounding stock can provide a competitive edge on unit layouts and building systems, though selective modernization may still be needed to meet current renter expectations.
Tenure patterns point to deep rental demand: a high share of housing units in the neighborhood are renter-occupied, which supports a wide prospect pool for multifamily. Demographic statistics aggregated within a 3-mile radius show population and household growth over the last five years, with further increases expected over the next five, reinforcing a larger tenant base and supporting occupancy stability. At the same time, neighborhood-level incomes are lower than metro norms and rent-to-income metrics indicate affordability pressure, so pricing power will depend on unit quality and value positioning.
Safety indicators at the neighborhood level trend below national averages, and the area ranks in the lower half among 114 Gainesville metro neighborhoods. However, estimated property and violent offense rates have declined year over year, indicating recent improvement. Investors should account for perception management and security line items in operations while recognizing the directionally improving trend.
This 100-unit, 1995-vintage asset offers relative competitiveness versus older neighborhood stock and benefits from a renter-heavy housing base that supports consistent leasing. Neighborhood occupancy has softened, but strong local amenity coverage for daily needs and a growing renter pool within a 3-mile radius underpin long-term demand. According to CRE market data from WDSuite, the submarket posts strong average NOI per unit, suggesting well-executed operations can outperform despite softer occupancy.
Key considerations include affordability pressure at the immediate neighborhood level and below-median safety rankings, which call for prudent pricing, targeted renovations, and active property management. With selective modernization, the asset can compete effectively for a deep renter base while prioritizing retention and reputation.
- 1995 vintage offers competitive positioning versus older neighborhood stock; targeted updates can enhance yield
- Renter-occupied concentration at the neighborhood level supports a large tenant base and leasing depth
- Strong average NOI per unit locally suggests operational upside with disciplined management
- Directional safety improvement and solid daily-needs amenities support resident retention
- Risks: softer neighborhood occupancy, affordability pressure, and safety perception require active management