| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 53rd | Good |
| Demographics | 54th | Good |
| Amenities | 76th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2404 SW 31st Pl, Gainesville, FL, 32608, US |
| Region / Metro | Gainesville |
| Year of Construction | 1981 |
| Units | 100 |
| Transaction Date | 2024-01-19 |
| Transaction Price | $930,000 |
| Buyer | VANSHOLDINGS LLC |
| Seller | LEYLAS DAUGHTERS LLC |
2404 SW 31st Pl Gainesville Multifamily Opportunity
Positioned in an inner-suburban neighborhood with deep renter-occupied housing and dense retail access, this asset targets steady leasing fundamentals, according to CRE market data from WDSuite. Neighborhood statistics referenced below reflect the area, not the property, and point to durable tenant demand supported by amenity convenience.
The property sits in an Inner Suburb of Gainesville with an A neighborhood rating and a strong amenity spine. Dining and daily-needs retail are abundant and competitive among Gainesville neighborhoods (top-tier local ranks for restaurants, cafes, and grocery access) and test in the mid-90s nationally for density, based on WDSuite’s CRE market data. This type of convenience typically supports leasing velocity and resident retention for multifamily.
Construction year is 1981, notably older than the neighborhood’s average vintage. For investors, this points to potential value-add and capital planning around interiors, common areas, and building systems to improve competitive positioning against newer stock while capturing rent premiums tied to modernization.
Renter-occupied housing concentration is high in the neighborhood and within the 3-mile radius, indicating a broad tenant base for multifamily. Within 3 miles, household counts have expanded over the past five years and are projected to continue growing, which supports a larger tenant pool and helps underpin occupancy stability over time.
Occupancy in the neighborhood has improved over the past five years but remains below national norms. That dynamic suggests leasing and operational execution are important near-term levers, yet the area’s renter depth and amenity strength remain constructive tailwinds. Home values in the neighborhood are comparatively accessible within the Gainesville context, which can introduce some competition from ownership; however, the high-cost ownership effect seen in gateway markets is less pronounced here. Rent-to-income levels imply some affordability pressure for renters, an important consideration for pricing and renewal strategies.
Quality-of-life trade-offs include limited park access locally, while everyday services (pharmacies, childcare, groceries) test well above the metro median. For investors, the combination of service density and renter concentration is a constructive demand signal even as open-space amenities are limited.
Relative to other Gainesville neighborhoods (114 total), the area’s safety indicators are below the metro median and place the neighborhood in lower national percentiles for safety. This means crime levels are elevated compared with many U.S. neighborhoods.
Recent trends are mixed: estimated property offenses show modest year-over-year improvement, while estimated violent offenses have ticked up. Investors typically address this through property-level measures (lighting, access control, and community engagement) and by emphasizing professional management. As always, evaluate policy and trend data at the neighborhood level rather than assuming conditions for the specific property.
This 100-unit, 1981-vintage asset in Gainesville’s inner suburbs aligns with a deep renter base and strong amenity access that support multifamily demand. Neighborhood occupancy has trended upward but sits below national norms, making experienced leasing and management key near-term drivers. According to CRE market data from WDSuite, the neighborhood ranks competitively within Gainesville on amenity density, and renter-occupied housing share is high locally and within the 3-mile radius—factors that support a larger tenant base.
The 1981 vintage suggests clear value-add and capital planning opportunities to modernize interiors and systems, positioning the asset more effectively against newer supply. While home values are relatively accessible in the local context—introducing some competition from ownership—renter depth and household growth within 3 miles point to sustained demand. Affordability pressure indicates the need for disciplined rent and renewal strategies to balance pricing power and retention.
- Deep renter-occupied base locally and within 3 miles supports tenant demand
- Amenity-rich location (dining, grocery, daily needs) aids leasing velocity and retention
- 1981 vintage offers value-add and system-upgrade pathways to enhance competitiveness
- Neighborhood occupancy improving; execution-focused operations can capture stabilization upside
- Risks: below-average neighborhood safety and affordability pressure call for prudent management and pricing