2512 NW 38th Pl Gainesville Multifamily Investment

This Inner Suburb location ranks in the top quartile among 114 Gainesville neighborhoods (A+ rating), signaling durable fundamentals for multifamily. Neighborhood occupancy is about 92% (a neighborhood metric, not specific to the property) with a modest multi-year rise, suggesting stable leasing rather than rapid turnover.

Daily-needs access is a differentiator: grocery coverage is competitive in the metro (ranked 10 of 114) and in the 83rd percentile nationally, while parks rank 5 of 114 and in the 87th percentile nationwide. Cafes and restaurants also sit above the metro median (ranks 12 and 15 of 114), supporting resident convenience that can aid retention.

The asset’s 2005 vintage is newer than the neighborhood’s average construction year of 1978, which can enhance competitive positioning versus older stock. Investors should still plan for mid-life systems work and selective modernization to sustain rentability.

Approximately one-third of neighborhood housing units are renter-occupied (about 32%), indicating a meaningful renter concentration and depth for multifamily demand. Median neighborhood contract rents are around $1,400 and have grown materially over five years, while a rent-to-income ratio near 22% implies manageable affordability pressure that supports renewal strategies.

Demographic statistics aggregated within a 3-mile radius show recent population and household growth, with projections for additional household gains alongside smaller average household sizes. This typically expands the prospective renter pool and supports occupancy stability and leasing velocity, based on CRE market data from WDSuite.

Ownership costs are moderate by national standards (median home values in the low $200Ks; value-to-income ratio near 3.0), creating some competition from entry-level buying. Operators can offset this with service quality and targeted in-unit and amenity upgrades to preserve pricing power and lease retention.