| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 49th | Good |
| Demographics | 58th | Good |
| Amenities | 68th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2421 NW 4th Ter, Gainesville, FL, 32609, US |
| Region / Metro | Gainesville |
| Year of Construction | 1992 |
| Units | 100 |
| Transaction Date | 2019-07-31 |
| Transaction Price | $745,000 |
| Buyer | SMITH SCOTT ROYAL |
| Seller | XANADU COURT APTS LLC |
2421 NW 4th Ter Gainesville Multifamily Investment
Neighborhood renter demand and everyday conveniences point to durable leasing, according to WDSuite’s CRE market data, with occupancy trends strengthening at the neighborhood level rather than the property.
Situated in Gainesville’s inner-suburb fabric, the property benefits from a neighborhood that ranks 13 out of 114 metro neighborhoods, placing it in the top quartile locally. Grocery access is a clear strength (ranked 1 of 114 in the metro), with parks and pharmacies also competitive among Gainesville neighborhoods, while cafes are limited. These amenity dynamics support day-to-day livability and reduce friction for residents.
Neighborhood occupancy has trended higher over the past five years, supporting stability for multifamily assets in this area. It is important to note these are neighborhood-level indicators, not property performance. The share of renter-occupied housing units in the neighborhood is elevated, indicating a deeper tenant base for 100-unit assets and potential resilience in leasing through cycles.
Within a 3-mile radius, population and household counts have grown over the last five years and are projected to continue rising through 2028, pointing to renter pool expansion. Median household income has improved in the radius and is expected to accelerate further, which can help support rent growth and occupancy durability over time.
Ownership costs in the neighborhood are relatively high compared with incomes (value-to-income metrics rank among the stronger segments of the metro), which tends to reinforce reliance on rental housing and can aid lease retention. At the same time, rent-to-income readings suggest some affordability pressure for residents, a factor to manage through prudent leasing and renewal strategies. The neighborhood’s average vintage skews older than this asset, which can position a 1992 build as comparatively competitive while still leaving room for targeted modernization to meet current renter preferences.
Safety indicators are mixed. Relative to other Gainesville neighborhoods, the area sits around the metro median (ranked 58 of 114), and compared with neighborhoods nationwide it tracks below average on safety percentiles. However, recent year-over-year trends show meaningful improvement in violent offense rates, a constructive signal to monitor.
Investors should underwrite to local operating norms and consider property-level measures that support resident comfort, recognizing that these are neighborhood-level trends and not block-specific conditions.
This 100-unit, 1992-vintage asset aligns with a neighborhood showing strengthening occupancy, a high concentration of renter-occupied housing units, and everyday retail access that supports leasing stability. Within a 3-mile radius, population and households have increased and are projected to continue rising by 2028, expanding the tenant base and aiding long-term demand. According to commercial real estate analysis from WDSuite, neighborhood-level ownership costs relative to incomes remain elevated, which tends to sustain multifamily demand as residents rely on rental options.
The asset’s vintage is newer than the neighborhood average, suggesting relatively competitive positioning versus older stock with potential for targeted value-add to capture contemporary renter preferences. Key underwriting considerations include local affordability pressure (as indicated by rent-to-income metrics), below-average national safety percentiles at the neighborhood level, and metro-level operating income per unit that trails national benchmarks—factors that encourage conservative assumptions on rent growth and expense management.
- Neighborhood occupancy has improved over five years, supporting leasing stability (neighborhood metric, not property performance).
- Elevated share of renter-occupied units indicates a deeper tenant base and durable multifamily demand.
- 1992 vintage is newer than area averages, with potential for targeted value-add to enhance competitiveness.
- Local ownership costs relative to incomes reinforce reliance on rentals, aiding retention and pricing power.
- Risks: neighborhood affordability pressure, safety percentiles below national averages, and operating income per unit that trails national benchmarks.