| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 59th | Best |
| Demographics | 41st | Fair |
| Amenities | 52nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1901 NE 2nd St, Gainesville, FL, 32609, US |
| Region / Metro | Gainesville |
| Year of Construction | 1984 |
| Units | 100 |
| Transaction Date | 2022-02-25 |
| Transaction Price | $7,790,000 |
| Buyer | PINE GROVE VOA AFFORDABLE HOUSING LP |
| Seller | GAINESVILLE VOA ELDERLY HOUSING INC |
1901 NE 2nd St Gainesville Multifamily Investment
Stabilized neighborhood occupancy and a sizable renter base in Gainesville support consistent leasing, according to WDSuite’s CRE market data.
Located in an Inner Suburb of Gainesville, the property benefits from neighborhood fundamentals that are competitive among 114 metro neighborhoods, with occupancy trending strong and renter demand supported by nearby services. Grocery and dining density rank above metro medians, while cafes, parks, and pharmacies are thinner in the immediate area—an operating consideration for resident convenience.
Neighborhood occupancy is in the top quartile among 114 Gainesville neighborhoods, which helps underpin income stability for well-managed assets. The share of renter-occupied housing is also in the top quartile locally, indicating a deeper tenant base and generally steadier turnover for multifamily operators.
Within a 3-mile radius, population and household counts have grown in recent years, and WDSuite’s forecasts indicate further increases in households alongside a trend toward smaller average household sizes. For investors, that points to a larger tenant pool and sustained demand for efficiently sized units over the medium term.
Median contract rents in the neighborhood have risen meaningfully over the past five years, while rent-to-income levels remain comparatively manageable, supporting retention and lease renewal strategies. Elevated ownership costs in broader contexts can keep renters in place longer, though Gainesville’s home values here are relatively accessible versus many U.S. markets—worth monitoring as potential competition with entry-level ownership—based on commercial real estate analysis from WDSuite.
Average school rating data for the immediate neighborhood appear limited and compare below metro and national benchmarks; investors should underwrite with conservative assumptions for family-driven demand and focus on amenity and management-led retention.
Compared with Gainesville overall, the neighborhood’s safety indicators sit below the metro median (ranked 69 out of 114), and national percentiles indicate it is less safe than many neighborhoods nationwide. Recent trends show year-over-year declines in both property and violent offense estimates, suggesting conditions have improved modestly. Underwriting should reflect these dynamics with attention to security, lighting, and community engagement strategies.
Built in 1984, this 100-unit asset is newer than the neighborhood’s average vintage, positioning it competitively versus older stock while still offering potential value-add through selective system updates and common-area modernization. Strong neighborhood occupancy and a top-quartile renter concentration support leasing durability; within a 3-mile radius, population growth and a projected increase in households point to a larger tenant base over the next cycle. According to CRE market data from WDSuite, rent levels have risen over time while rent-to-income remains manageable locally, reinforcing renewal probability and pricing discipline.
Key considerations include thinner access to certain amenities in the immediate blocks and safety metrics that lag metro and national benchmarks—factors that often can be mitigated through property-level enhancements, service quality, and resident programming. Overall, demand fundamentals and vintage positioning set up a practical value-add or hold strategy with attention to capital planning and operations.
- Newer 1984 vintage than local average, with modernization upside
- Top-quartile neighborhood occupancy among 114 Gainesville areas supports income stability
- Larger tenant base expected as 3-mile households grow, supporting leasing
- Rent-to-income levels remain manageable locally, aiding retention and renewals
- Risk: below-median safety metrics and limited nearby amenities require focused operations