| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 66th | Best |
| Demographics | 59th | Good |
| Amenities | 75th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1624 SW 40th Ter, Gainesville, FL, 32607, US |
| Region / Metro | Gainesville |
| Year of Construction | 1980 |
| Units | 100 |
| Transaction Date | 1998-01-30 |
| Transaction Price | $149,000 |
| Buyer | HODGE L CLARK |
| Seller | WONG CHU KUOK |
1624 SW 40th Ter Gainesville Multifamily Investment
Neighborhood data points to a deep renter base and consistent demand drivers, according to WDSuite’s CRE market data, while property vintage suggests potential value-add through modernization. All neighborhood statistics cited refer to the surrounding area, not this specific property.
Situated in Gainesville’s inner suburb context, the surrounding neighborhood scores near the top of the metro, ranking among the top quartile of 114 metro neighborhoods. Amenity access is a clear strength: restaurants, cafes, groceries, and pharmacies register in the upper national percentiles, reinforcing everyday convenience that can support leasing velocity and retention.
For livability, the area shows a dense mix of daily-needs retail and food options — restaurants and cafes are both in the mid-to-high 90s nationally by concentration — with groceries and pharmacies also testing the 80s–90s. While school ratings are not available in this data cut, proximity to amenities often supports renter satisfaction and day-to-day practicality. This context aligns with investor priorities surfaced through commercial real estate analysis while keeping focus on operating fundamentals.
On housing fundamentals, neighborhood occupancy is running in the high-80% range, and the share of housing units that are renter-occupied is very high in the immediate area. A larger renter-occupied base typically points to a deeper tenant pool and can support occupancy stability, particularly for professionally managed, well-amenitized assets. Median contract rents in the neighborhood sit around the low-$1,000s and have risen over the last cycle, consistent with Gainesville’s broader demand drivers.
Demographic statistics aggregated within a 3-mile radius indicate modest recent population growth alongside a faster increase in households, implying smaller average household sizes and an expanding renter pool. Forward-looking projections show further increases in households and rents, which, if realized, would expand the tenant base and support pricing power. The submarket’s home-value-to-income dynamics are on the higher side nationally, which can reinforce reliance on rental options and aid lease retention for competitively positioned properties.
Vintage perspective: the property was built in 1980, whereas the surrounding neighborhood skews newer on average. This age differential highlights potential value-add and capital planning opportunities — such as interior updates or system upgrades — to sharpen competitive positioning versus newer stock.
Safety indicators for the neighborhood trend below national averages, with neighborhood crime positioning around the middle of the pack in Gainesville (ranked 53 out of 114 metro neighborhoods). Nationally benchmarked estimates place both violent and property offense rates in lower percentiles, indicating comparatively higher incident levels than many U.S. neighborhoods.
That said, recent trend data shows year-over-year declines in both violent and property offenses, suggesting some improvement in momentum. Investors typically underwrite these factors via enhanced on-site lighting, access control, and resident engagement, and by aligning insurance and security line items with current market conditions.
This 1980-vintage, 100-unit multifamily asset sits in a Gainesville neighborhood that ranks near the top of the metro on overall fundamentals and offers strong day-to-day convenience. The surrounding area’s high renter-occupied share points to a deep tenant base, while 3-mile demographics indicate household growth that can support occupancy stability and rent durability. According to CRE market data from WDSuite, neighborhood rents have trended upward and amenity density is a relative strength, positioning well-run assets to compete effectively.
The property’s older vintage versus the neighborhood’s generally newer stock underscores value-add potential through strategic renovations and systems modernization. Key underwriting considerations include calibrating rents to local affordability, given rent-to-income pressures in the area, and accounting for neighborhood safety trends with appropriate operating practices and capital line items.
- Deep renter-occupied base in the neighborhood supports a larger tenant pool and leasing stability.
- Amenity-rich location with strong restaurant, cafe, and grocery density enhances resident convenience and retention.
- 1980 vintage offers value-add potential to close the competitiveness gap versus newer nearby stock.
- Household growth within 3 miles supports ongoing renter demand and pricing power over time.
- Risks: local rent-to-income affordability pressure and below-average safety metrics warrant conservative underwriting and targeted capex.