| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 52nd | Good |
| Demographics | 65th | Best |
| Amenities | 78th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1242 NW 8th Ave, Gainesville, FL, 32601, US |
| Region / Metro | Gainesville |
| Year of Construction | 1979 |
| Units | 100 |
| Transaction Date | 1998-01-06 |
| Transaction Price | $575,000 |
| Buyer | CROSS KEYS PROPERTIES LLC |
| Seller | F & G LAND COMPANY INC |
1242 NW 8th Ave Gainesville 100-Unit Multifamily Investment
Renter demand is supported by a high neighborhood renter concentration and dense daily-needs amenities, according to WDSuite’s CRE market data. Neighborhood occupancy has trended up, pointing to stable leasing conditions with room for operational upside.
The property sits in an Inner Suburb location of Gainesville with an A+ neighborhood rating and a neighborhood rank of 4 out of 114 metro neighborhoods, placing it in the top quartile locally. Daily-needs access is a strength: grocery, parks, pharmacies, and restaurants all index high versus national benchmarks, while cafes are less dense. These amenities help support leasing velocity and retention for workforce and student-oriented renter pools.
Neighborhood renter-occupied share is 66.1%, indicating a deep tenant base for multifamily operators. Reported neighborhood occupancy stands at 85.9% and has improved over the past five years, suggesting demand resilience with potential to capture additional occupancy through targeted leasing and renovations.
Homeownership appears comparatively costly relative to incomes (value-to-income ratio ranks above many U.S. neighborhoods), which can reinforce reliance on rental housing and support pricing power when managed carefully. At the same time, the neighborhood’s median contract rents benchmark below many high-cost metros, which can help sustain demand while limiting affordability pressure and turnover risk.
Within a 3-mile radius, demographics indicate population growth in recent years with further expansion forecast. Households have increased and are projected to continue rising, implying a larger tenant base and more renters entering the market. Forecast data also points to smaller average household sizes over time, which typically supports demand for apartments near employment and campus nodes. Based on CRE market data from WDSuite, this growth backdrop, combined with strong amenity access, supports occupancy stability for well-positioned assets.
Vintage context: the asset was built in 1979, slightly newer than the neighborhood’s average vintage. Investors should plan for aging-system updates and selective unit and common-area upgrades; however, the vintage can remain competitive versus older stock with focused capital programs aimed at modernization and efficiency.
Safety trends are mixed. Compared with neighborhoods nationwide, crime measures are weaker (low national percentiles), but the Gainesville-metro rank sits around the metro median. Importantly, both violent and property offense rates have declined year over year, which investors may view as a constructive directional trend. Operators typically address this through lighting, access controls, and community engagement to support retention and asset performance.
Nearby employment nodes include higher education, healthcare, and public-sector services that underpin steady renter demand and commute convenience for residents. Specific employer distance data was not available for inclusion.
This 100-unit 1979 asset offers scale in a Gainesville neighborhood that ranks in the top quartile locally and benefits from dense daily-needs amenities. A high share of renter-occupied housing supports demand depth, while neighborhood occupancy in the mid-80s with a positive multi-year trend suggests room for operational upside through renovations and management. According to commercial real estate analysis from WDSuite, households within a 3-mile radius have grown and are projected to expand further, reinforcing a larger tenant base and supporting leasing stability.
The vintage implies practical value-add pathways—systems modernization, unit refreshes, and common-area improvements—to enhance competitive positioning versus older stock. Ownership costs relative to incomes tend to sustain renter reliance, which can translate into steadier lease-up and retention for well-run assets. Key risks include safety metrics that trail national benchmarks and income variability, making active management and targeted upgrades important to deliver durable performance.
- Top-quartile neighborhood within Gainesville with strong daily-needs access supporting leasing
- High renter-occupied share indicates deep tenant base and demand resilience
- 1979 vintage offers value-add potential via systems and interior upgrades
- 3-mile household growth and forecasts support occupancy stability and rentability
- Risks: crime measures below national norms and income variability require proactive management