| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 49th | Good |
| Demographics | 58th | Good |
| Amenities | 68th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2422 NW 4th Ter, Gainesville, FL, 32609, US |
| Region / Metro | Gainesville |
| Year of Construction | 1992 |
| Units | 100 |
| Transaction Date | 2020-11-13 |
| Transaction Price | $794,000 |
| Buyer | SMITH SCOTT ROYAL |
| Seller | XANADU COURT APTS LLC |
2422 NW 4th Ter Gainesville Multifamily Investment
Neighborhood renter demand and occupancy have shown resilience, according to WDSuite’s CRE market data, supported by strong everyday amenities nearby. Stable leasing conditions in the area point to steady screening potential for a 100-unit asset.
Situated in an inner-suburb location of Gainesville, the neighborhood ranks 13 out of 114 metro neighborhoods (top quartile nationally by overall profile), signaling competitive fundamentals for workforce-oriented multifamily. Grocery and daily-needs access are strengths here, with grocery density ranking 1st of 114 and pharmacies and parks both among the top 10 metro ranks, while cafés are limited and restaurants are moderate by national comparison.
Neighborhood occupancy is measured for the area, not the property, and has improved over the past five years with current levels indicating stable renter absorption. The share of housing units that are renter-occupied in the neighborhood is 46.5%, suggesting a meaningful tenant base; within a 3-mile radius, renter-occupied units represent a larger share of housing, reinforcing depth for multifamily demand.
Construction trends indicate an average neighborhood vintage around the late 1970s. This property was built in 1992, which positions it newer than the local average and potentially competitive versus older stock; investors should still assess system upgrades and common-area refreshes for continued positioning.
Within a 3-mile radius, population and households have grown in recent years and are projected to expand further, pointing to a larger tenant base over time. Forecasts also indicate more households alongside smaller average household sizes, a pattern that can support demand for multifamily units and help sustain occupancy.
Ownership and affordability dynamics are mixed. Neighborhood home values are comparatively lower versus national norms, which can introduce some competition from entry-level ownership options. At the same time, a higher value-to-income relationship in the area and rent-to-income levels that signal affordability pressure suggest that renters may remain reliant on multifamily housing; effective leasing and renewals will benefit from careful rent setting and retention-focused management.
Safety conditions are mixed relative to the metro and nation. The neighborhood’s crime rank falls 58th out of 114 Gainesville metro neighborhoods, indicating higher crime compared to many local peers, and its national safety standing is below average. However, recent year data show a notable decline in violent offenses, an encouraging trend worth monitoring over subsequent periods.
Investors should evaluate property-level measures (lighting, access control, visibility) and consider coordination with local resources. Framing risk in this way helps align operations and resident experience with leasing stability goals while tracking whether recent improvements continue.
Built in 1992 and totaling 100 units, the asset competes against an older neighborhood stock while benefiting from strong daily-needs access and an established renter base. Neighborhood occupancy has risen in recent years and renter concentration is meaningful locally and higher within the 3-mile radius, supporting ongoing demand and lease-up durability. Based on commercial real estate analysis from WDSuite, the submarket’s amenity access (groceries, pharmacies, parks) strengthens day-to-day livability, which can aid retention.
Demographic momentum within 3 miles points to population and household growth, with forecasts indicating a larger renter pool over time. While ownership costs are relatively accessible in the metro context, the neighborhood’s value-to-income relationship and rent-to-income levels imply ongoing renter reliance on multifamily housing. This combination supports steady occupancy with a value-add path focused on targeted unit updates, building systems planning, and amenity modernization to sharpen competitive positioning against older properties.
- Newer-than-average 1992 vintage offers value-add potential versus older neighborhood stock.
- Neighborhood occupancy has trended up, and renter concentration locally and within 3 miles supports leasing stability.
- Strong everyday amenities (grocery, pharmacy, parks) underpin retention and day-to-day convenience.
- Population and household growth within 3 miles indicate a larger tenant base over time.
- Risks: relative safety concerns versus metro peers and renter affordability pressure require disciplined operations and renewal strategy.