| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 71st | Best |
| Demographics | 38th | Fair |
| Amenities | 76th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1411 NW 2nd Ave, Gainesville, FL, 32603, US |
| Region / Metro | Gainesville |
| Year of Construction | 1987 |
| Units | 100 |
| Transaction Date | 2009-02-25 |
| Transaction Price | $1,535,000 |
| Buyer | CALLEN LANCE C |
| Seller | DORMAN TOMMY |
1411 NW 2nd Ave Gainesville Multifamily Investment
Renter demand is reinforced by a high concentration of renter-occupied units in the surrounding neighborhood and proximity to daily amenities, according to WDSuite’s CRE market data. While occupancy trends have eased, the area’s university-adjacent dynamics support steady leasing depth.
This Urban Core location in Gainesville is competitive among 114 metro neighborhoods (A-rated, rank 16/114), offering investors a dense renter pool and convenience-oriented fundamentals. Restaurant access is a standout strength—ranked 1st in the metro and in the top national percentile—while grocery and pharmacy access also rank near the top locally. Cafés and park acreage are limited, which skews the amenity mix toward daily needs and dining over green space.
Neighborhood tenancy is heavily renter-occupied (near the top of the metro by share), indicating a deep tenant base for multifamily assets and consistent leasing velocity through the academic calendar. Median contract rents in the neighborhood sit around the metro middle, which can help sustain absorption for well-positioned units without over-reliance on premium pricing.
Within a 3-mile radius, population and households expanded over the past five years, with further growth projected through 2028. This points to a larger tenant base and continued renter pool expansion, supporting occupancy stability for well-managed assets. Household incomes have been trending higher in the radius, which helps with lease retention even as asking rents rise.
Ownership costs locally are elevated relative to incomes (value-to-income metrics are among the highest nationally), which tends to reinforce reliance on rental housing. For investors, this often translates into durable rental demand and healthy renewal potential, particularly for properties that balance price points with quality and convenience.
Neighborhood safety trends are mixed when viewed against national and metro benchmarks. The area ranks in the lower half of the Gainesville metro on crime (rank 67 out of 114 neighborhoods), and national comparisons place the neighborhood below average for safety. However, recent year-over-year data show declines in both violent and property offenses, suggesting some improvement in trajectory.
Investors typically account for these dynamics through security, lighting, and access controls, and by emphasizing professional management practices. Framing risk comparatively—relative to the metro and national context—helps calibrate underwriting assumptions on marketing, retention, and operating expenses.
The immediate area draws steady housing demand from nearby institutional and healthcare employers that anchor year-round activity and shorten commutes for renters. The employers below reflect the core drivers of the neighborhood’s workforce housing base.
- University of Florida — higher education
- UF Health Shands — healthcare services
- Malcom Randall VA Medical Center — federal healthcare
This 100-unit, 1987-vintage asset sits in a renter-heavy Gainesville neighborhood with strong amenity access and university-adjacent demand drivers. At the neighborhood level, NOI per unit benchmarks rank at the top of the metro and in the upper national percentiles, indicating favorable operating potential for well-managed properties. According to CRE market data from WDSuite, ownership costs relative to incomes are high locally, which tends to sustain reliance on rentals and supports renewal rates when pricing remains disciplined.
The vintage provides a clear value-add angle: 1980s construction typically benefits from targeted system upgrades and interior refreshes to compete with newer deliveries, while the surrounding 3-mile radius shows expanding households and incomes that can support renovated product. Key watchpoints include neighborhood safety comparisons and recent softening in occupancy—both manageable with focused asset management and calibrated leasing strategy.
- Renter-heavy neighborhood supports deep tenant base and steady leasing
- Amenity-rich Urban Core setting with top-tier dining and daily needs access
- High ownership costs versus incomes reinforce multifamily demand
- 1987 vintage offers value-add potential through targeted renovations
- Risks: below-average safety benchmarks and recent occupancy easing