| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 53rd | Good |
| Demographics | 54th | Good |
| Amenities | 76th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2361 SW 31st Pl, Gainesville, FL, 32608, US |
| Region / Metro | Gainesville |
| Year of Construction | 1983 |
| Units | 100 |
| Transaction Date | 2023-07-07 |
| Transaction Price | $850,000 |
| Buyer | FIVE MOUNTAINS REAL ESTATE LLC |
| Seller | ROBERT ALLEN MITCHELL REVOCABLE LIVING T |
2361 SW 31st Pl Gainesville Multifamily Investment
Renter demand in this Inner Suburb location is supported by a high neighborhood renter-occupied share and steady amenity access, according to WDSuite’s CRE market data. The investment case centers on durable tenant depth with room to optimize operations through targeted upgrades.
The property sits in an Inner Suburb of Gainesville with strong day-to-day convenience: neighborhood cafe and grocery density ranks near the top among 114 metro neighborhoods and falls in the top quartile nationally, reinforcing everyday livability that helps leasing and renewals. These are neighborhood metrics, not property performance.
Multifamily renter-occupied share in the neighborhood is high (competitive among Gainesville areas and in a top national percentile), indicating a deep tenant base and breadth of demand for rental units. By contrast, the neighborhood occupancy rate ranks in the lower tier locally, signaling that effective management, marketing, and unit positioning will matter to capture demand. These are neighborhood metrics, not property performance.
Home values in the neighborhood track below many U.S. areas, while rent-to-income points to some affordability pressure locally. For investors, this mix suggests balanced pricing power: sustained reliance on rental housing can support occupancy stability, but lease management and attention to concessions may be needed to protect retention.
Construction vintage for the asset is 1983, while the neighborhood skews newer on average (1994). For a 1980s asset, this typically implies near- to medium-term capital planning opportunities—exterior refresh, common-area modernization, and in-unit updates—to improve competitive positioning versus newer stock.
Within a 3-mile radius, demographics skew young-adult heavy with population growth and an expanding household base projected through 2028, supporting a larger tenant pool for studios and smaller floor plans. These trends, based on CRE market data from WDSuite, generally support demand resilience for well-managed multifamily communities.
Neighborhood safety indicators trail the metro median, with crime metrics ranking in the lower-performing half among 114 Gainesville neighborhoods and below average nationally. These are neighborhood-level readings and not a statement about conditions at the property.
Recent trend data shows a modest year-over-year downtick in property offenses at the neighborhood level, while violent-offense estimates moved up slightly. Investors typically underwrite with practical measures—lighting, access control, and resident engagement—to support retention and leasing in areas with mixed safety readings.
This 100-unit, 1983-vintage asset in Gainesville’s Inner Suburb targets a renter-heavy neighborhood where tenant depth supports ongoing demand. Amenity density (cafes, groceries, pharmacies, restaurants) is competitive locally and top quartile nationally, a constructive backdrop for leasing and renewals. According to CRE market data from WDSuite, the neighborhood’s renter concentration is high, while overall occupancy performance is weaker, suggesting opportunity for capable operators to differentiate via targeted upgrades and disciplined leasing strategy.
Demographic patterns within a 3-mile radius skew toward 18–34-year-olds, with population and household growth projected through 2028, which supports a larger tenant base for multifamily. Given the 1983 vintage compared with newer neighborhood stock, a focused value-add plan—unit interiors, systems, and curb appeal—can improve competitive posture and NOI, while investors should manage affordability pressure and neighborhood safety perceptions in underwriting.
- High renter-occupied share in the neighborhood supports tenant depth and demand durability.
- Amenity-rich location (cafes, groceries, restaurants) aids leasing velocity and retention.
- 1983 vintage offers value-add potential to compete with newer nearby stock.
- 3-mile demographic profile skews young with projected growth, expanding the renter pool.
- Risks: lower neighborhood occupancy, affordability pressure, and mixed safety readings call for disciplined leasing and targeted capex.