| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 57th | Best |
| Demographics | 61st | Best |
| Amenities | 76th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2701 NW 23rd Blvd, Gainesville, FL, 32605, US |
| Region / Metro | Gainesville |
| Year of Construction | 1973 |
| Units | 100 |
| Transaction Date | 1996-10-03 |
| Transaction Price | $115,000 |
| Buyer | CNTRY MANOR APT LTD |
| Seller | JOSEPH DOROTHY LOUISE |
2701 NW 23rd Blvd Gainesville Multifamily Investment
Positioned in an inner-suburban Gainesville neighborhood with competitive occupancy and steady renter demand, this 100-unit asset benefits from amenity access and a sizable nearby renter base, according to WDSuite’s CRE market data. Pricing power is supported by neighborhood rents that trend above the metro median while remaining manageable for a broad tenant pool.
The property sits in an Inner Suburb setting rated A+ at the neighborhood level, competitive among Gainesville’s 114 neighborhoods. Local convenience is a differentiator: grocery and pharmacy access ranks near the top of the metro, and park density is strong — factors that support daily livability and resident retention, based on CRE market data from WDSuite.
Neighborhood occupancy is competitive among Gainesville neighborhoods and slightly above the national midline, reinforcing income stability for well-managed assets. Median contract rents in the neighborhood are above the metro median (upper-tier nationally), indicating landlords have maintained pricing power without pushing beyond typical renter thresholds.
Within a 3-mile radius, population has expanded over the past five years with additional household growth, and forecasts point to continued increases in both households and incomes. For multifamily owners, that translates into a larger tenant base and support for lease-up and renewal velocity.
Tenure patterns also favor rental housing: within a 3-mile radius, an estimated majority of housing units are renter-occupied, indicating depth in the tenant pool and sustained demand for professionally managed apartments. Educational attainment in the neighborhood is above national norms, which can correlate with stable incomes and renewal propensity.
Ownership costs in the immediate neighborhood remain moderate by national standards; while this can introduce some competition from entry-level ownership, it also broadens the pool of qualified renters seeking flexible housing. Average school ratings track near the national middle, aligning with the area’s balanced, workforce-oriented appeal.
Safety indicators in the neighborhood trend below both the metro average and national percentiles, signaling elevated crime compared to many U.S. neighborhoods. However, recent data show a year-over-year decline in property offenses, suggesting some improvement. Investors should underwrite with prudent assumptions for security measures and loss mitigation while monitoring multi-year trends rather than single-year snapshots, according to WDSuite’s CRE market data.
Built in 1973, the asset is slightly older than the neighborhood average vintage, creating a practical path for value-add through targeted exterior, systems, and interior upgrades while remaining competitive against older local stock. Neighborhood-level occupancy is competitive among Gainesville submarkets, median rents trend above the metro median, and nearby amenities are strong — a combination that supports income durability and retention.
Demand fundamentals are reinforced by 3-mile population and household growth, with further expansion projected — a setup that can sustain a larger tenant base and leasing velocity over time. Neighborhood NOI per unit benchmarks are among the stronger cohorts locally, and, according to WDSuite’s commercial real estate analysis, these factors collectively point to stable operations with upside via renovations. Key risks include below-average safety metrics and some competition from relatively accessible ownership options; both can be managed through unit positioning, security investments, and disciplined leasing.
- Competitive neighborhood occupancy and rent positioning support ongoing cash flow
- 1973 vintage presents clear value-add potential through targeted CapEx
- 3-mile population and household growth expand the tenant base, aiding lease-up and renewals
- Strong amenity access (parks, groceries, pharmacies) underpins resident retention
- Risks: below-average safety metrics and some ownership competition; mitigate via security and product differentiation