| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 52nd | Good |
| Demographics | 65th | Best |
| Amenities | 78th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2002 NW 4th St, Gainesville, FL, 32609, US |
| Region / Metro | Gainesville |
| Year of Construction | 1977 |
| Units | 100 |
| Transaction Date | 1984-10-01 |
| Transaction Price | $85,000 |
| Buyer | JOHNSON C L TRUSTEE |
| Seller | --- |
2002 NW 4th St Gainesville Multifamily Investment
Renter concentration in the surrounding neighborhood is high and occupancy has been relatively stable, according to WDSuite’s CRE market data. This positioning supports consistent tenant demand for a 100-unit asset in an Inner Suburb location.
Located in Gainesville’s Inner Suburb, the neighborhood ranks 4th out of 114 metro neighborhoods (A+), indicating strong local fundamentals relative to the metro. Grocery, park, pharmacy, and restaurant access sit in the top quartile nationally, while cafes are comparatively sparse. For investors, this mix supports day-to-day convenience that helps with leasing and retention.
Neighborhood-level occupancy stands at an estimated 85.9% with modest improvement over five years, per WDSuite. In addition, 66.1% of housing units are renter-occupied, signaling a deep tenant base and demand stability for multifamily across cycles. Median rents in the neighborhood are moderate versus national norms, which can aid pricing power without overextending affordability.
Within a 3-mile radius, population and households have grown and are projected to continue expanding, indicating a larger tenant base over time. The 18–34 cohort comprises a substantial share of nearby residents, which typically aligns with higher multifamily utilization and supports occupancy stability as the renter pool expands.
Home values in the neighborhood sit below many national peers, but the value-to-income ratio ranks in the higher national percentiles, suggesting a relatively high-cost ownership market for local incomes. For multifamily investors, this dynamic tends to reinforce renter reliance on apartments and can support lease retention.
Safety indicators are mixed. Compared with neighborhoods nationwide, this area sits in lower national safety percentiles for both property and violent offenses, signaling elevated incident rates relative to national norms. However, WDSuite data also shows year-over-year declines in both categories, indicating recent improvement. Investors should underwrite with prudent security, lighting, and management practices while noting the improving trend line.
The asset benefits from a renter-heavy neighborhood, steady neighborhood-level occupancy, and strong amenity access that supports day-to-day livability. According to CRE market data from WDSuite, neighborhood occupancy has improved modestly in recent years, while a high share of renter-occupied housing points to durable demand depth. Nearby population and household growth within a 3-mile radius further support a larger tenant base over time.
Affordability dynamics are supportive for multifamily: neighborhood rents are moderate, while ownership appears relatively costly versus local incomes, reinforcing reliance on rental housing. Key risks to underwrite include local safety perceptions and the need for active lease management as rents trend upward in the broader area.
- High renter-occupied share indicates deep tenant pool and demand stability
- Neighborhood occupancy improving modestly, supporting leasing consistency
- Strong grocery, parks, pharmacy, and dining access aids retention
- Ownership costs relatively high for local incomes, reinforcing rental demand
- Risk: below-average national safety percentiles warrant proactive management