| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 53rd | Good |
| Demographics | 28th | Poor |
| Amenities | 73rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 122 SW 62nd St, Gainesville, FL, 32607, US |
| Region / Metro | Gainesville |
| Year of Construction | 2004 |
| Units | 100 |
| Transaction Date | 2017-11-15 |
| Transaction Price | $17,820,000 |
| Buyer | PMF GAINESVILLE 77 LLC |
| Seller | AVANATH HAMPTON OAKS LLC |
122 SW 62nd St, Gainesville Multifamily Investment
Renter demand in this Inner Suburb location is supported by a high neighborhood renter-occupied share and strong amenity access, according to WDSuite’s CRE market data. While neighborhood occupancy trends have been softer, the property’s 2004 vintage positions it competitively versus older local stock.
This Inner Suburb neighborhood scores A- overall and ranks 23rd out of 114 Gainesville neighborhoods, placing it in the top quartile locally for overall quality. Food-and-beverage access is a standout: neighborhood restaurant and cafe density trends land in the top quartile nationally, and parks and everyday services (pharmacies, groceries) are also above national averages. For investors, this amenity mix supports leasing appeal and retention.
Unit tenure skews toward renter-occupied housing at the neighborhood level, which indicates a deeper tenant base for multifamily. Median neighborhood home values sit near national midrange, but the local value-to-income ratio is elevated relative to many U.S. areas — a high-cost ownership context that can sustain reliance on rental housing and support pricing power. At the same time, the neighborhood rent-to-income ratio trends lower than many markets, suggesting comparatively manageable rents that can underpin lease stability.
Demographics within a 3-mile radius show a recent slight population dip alongside a modest increase in households, signaling smaller household sizes and continued need for rental options. Forward-looking projections indicate growth in households and incomes over the next several years, which would expand the renter pool and support occupancy stability and rent performance for well-positioned assets.
Vintage matters for competitiveness. The average neighborhood construction year centers on the mid-1980s, while the subject asset was built in 2004. Newer construction can compete effectively on systems and finishes relative to older stock; investors should still plan for mid-life updates typical for early-2000s buildings to maintain positioning against both newer deliveries and renovated peers.
Safety metrics trend below national averages for this neighborhood, and its standing falls in the lower half among 114 Gainesville neighborhoods. Even so, recent year-over-year data point to improving conditions, with both property and violent offense rates declining. For investors, this suggests monitoring remains prudent, but the improving trajectory may reduce risk over time if the trend continues.
Nearby employment centers provide commute convenience that supports workforce renter demand and leasing stability in this submarket.
Built in 2004, the property is newer than much of the surrounding stock, offering competitive positioning while still allowing for targeted modernization to capture demand. Neighborhood fundamentals show robust amenity access and a renter-leaning housing base, which support tenant depth. According to CRE market data from WDSuite, neighborhood occupancy has been softer, but 3-mile demographics point to household growth and income gains ahead that can underpin renter pool expansion and steady absorption.
The ownership landscape skews higher-cost relative to incomes locally, reinforcing reliance on rentals, while rent-to-income remains comparatively manageable — a mix that can aid retention and measured rent growth. Key watch items include below-average safety metrics and ensuring capital plans address mid-life building systems to stay competitive against newer deliveries and renovated properties.
- 2004 vintage competes well versus older neighborhood stock; plan targeted updates for continued edge
- Amenity-rich Inner Suburb location supports leasing appeal and retention
- Renter-occupied concentration indicates a deeper tenant base and demand durability
- 3-mile outlook shows household and income growth that can support occupancy and rent performance
- Risks: softer neighborhood occupancy and below-average safety metrics warrant active asset and lease management