| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 71st | Best |
| Demographics | 38th | Fair |
| Amenities | 76th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1630 NW 2nd Ave, Gainesville, FL, 32603, US |
| Region / Metro | Gainesville |
| Year of Construction | 1994 |
| Units | 100 |
| Transaction Date | 1997-05-28 |
| Transaction Price | $7,541,500 |
| Buyer | COLLEGE PARK APARTMENTS OF GA |
| Seller | --- |
1630 NW 2nd Ave Gainesville Multifamily Investment
The surrounding neighborhood shows a very high renter-occupied share (neighborhood metric, not property-level), supporting consistent demand for a 100-unit asset, according to CRE market data from WDSuite. Stable renter depth and strong nearby amenities point to steady leasing fundamentals with room for value-focused execution.
Located in Gainesville’s Urban Core, the property sits within a neighborhood that ranks 16th of 114 metro neighborhoods (A rating), indicating competitive positioning among Gainesville sub-areas for multifamily investors. Restaurant density is a clear strength—ranked 1st of 114 in the metro and in the 99th percentile nationally—while grocery and pharmacy access also score well (both above metro median). Café and park counts are limited, suggesting entertainment and daily-needs access outperforms green space and third-place work settings.
Neighborhood construction skews slightly older than the subject, with an average vintage around the late 1980s; the asset’s 1994 construction should compete well against older stock while still warranting selective system and interior updates as part of a value-add or modernization plan. Median contract rents at the neighborhood level are mid-market, and occupancy (neighborhood measure) sits below metro median, signaling the importance of hands-on leasing and retention management to sustain performance.
Renter concentration is notably high (neighborhood renter-occupied share ~79.8%), which deepens the tenant base and supports ongoing demand for professionally managed units. Within a 3-mile radius, recent years show population and household growth alongside an expanding higher-income cohort, pointing to a larger tenant pool over the medium term and potential for measured rent growth where asset quality and operations justify it.
Ownership costs in the neighborhood are elevated relative to incomes (top-tier value-to-income ratio nationally), which typically reinforces reliance on rental housing and supports pricing power for well-operated properties. That said, rent-to-income metrics point to some affordability pressure at the neighborhood level, so lease management and renewal strategies should balance rent objectives with retention risk. According to WDSuite’s CRE market data, neighborhood NOI per unit benchmarks in the top decile nationally, underscoring the potential for disciplined operators to outperform where demand and operations align.
Safety indicators for the neighborhood trend weaker than both metro and national benchmarks, with ranks in the lower half among 114 Gainesville neighborhoods and national percentiles that indicate relatively higher offense rates. Recent trend data shows year-over-year improvement in both violent and property offense estimates, which is a constructive signal, but underwriting should still reflect conservative assumptions and emphasize security, lighting, and resident engagement as operational best practices.
Framing these data points comparatively: the neighborhood is below metro average for safety today, while short-term momentum is improving. Investors should calibrate expense planning and asset management (e.g., controlled access, vendor coordination) to sustain leasing while monitoring trend direction over time.
This 100-unit asset, built in 1994, offers a slightly newer vintage than the neighborhood average, positioning it competitively against older stock while leaving room for targeted upgrades to drive rent and retention. The surrounding neighborhood exhibits a very high renter-occupied share, strong food-and-daily-needs access, and nationally competitive NOI-per-unit benchmarks, according to CRE market data from WDSuite—key ingredients for occupancy stability when paired with attentive operations.
Counterbalancing strengths, neighborhood occupancy trends are below the metro median and safety metrics trail broader benchmarks, so execution should prioritize leasing discipline, resident experience, and asset enhancements that differentiate on livability. Elevated ownership costs in the area help sustain multifamily demand, but rent-to-income readings suggest careful renewal strategies and amenity-driven value creation to support pricing without compromising retention.
- Renter depth: Very high neighborhood renter-occupied share supports a durable tenant base.
- Competitive vintage: 1994 construction can outposition older comparables with selective upgrades.
- Amenity convenience: Top-tier restaurant and strong grocery/pharmacy access aid leasing and retention.
- Operations upside: Neighborhood NOI-per-unit benchmarks are nationally competitive for disciplined operators.
- Risks to watch: Below-metro safety and occupancy trends require conservative underwriting and hands-on management.