| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 53rd | Good |
| Demographics | 54th | Good |
| Amenities | 76th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3010 SW 23rd Ter, Gainesville, FL, 32608, US |
| Region / Metro | Gainesville |
| Year of Construction | 1980 |
| Units | 100 |
| Transaction Date | 2018-05-09 |
| Transaction Price | $5,502,000 |
| Buyer | COVE PARTNERS LLC |
| Seller | DLS SADCOVE LLC |
3010 SW 23rd Ter Gainesville Multifamily Investment
Neighborhood renter demand is durable, with a high share of renter-occupied housing and amenity depth supporting leasing, according to WDSuite’s CRE market data. Expect steady interest from a large nearby renter pool while pricing should be managed thoughtfully given local affordability pressures.
Located in Gainesville’s inner suburb setting, the surrounding neighborhood is rated A and ranks 11th among 114 metro neighborhoods, signaling competitive fundamentals within the market. Amenity access is a clear strength: dense coverage of groceries, restaurants, cafes, and everyday services places the area in the top quartile nationally for several categories, which supports resident convenience and reduces turnover risk for workforce and student-oriented renters.
Rents in the neighborhood sit near mid-pack nationally while the share of renter-occupied housing is high (ranked 5th of 114), indicating a deep tenant base for multifamily. Neighborhood occupancy has improved in recent years but remains below stronger Gainesville subareas; owners should plan for disciplined leasing and renewals to sustain occupancy stability. The median household size and educational attainment track above national medians, aligning with steady renter demand and retention.
Within a 3-mile radius, demographics indicate population growth over the past five years and an increase in households, expanding the local renter pool. Forward-looking projections point to continued gains in households with smaller average household sizes, which typically supports absorption of smaller-floorplan units and sustained leasing velocity. These trends, based on CRE market data from WDSuite, suggest a larger tenant base that can underpin occupancy despite periodic supply shifts.
The property’s 1980 vintage is older than the neighborhood’s average construction year, implying practical capital planning needs and potential value-add upside through unit renovations and system upgrades. Home values nearby are relatively accessible compared with many metros, which can create some competition from ownership options; however, the high renter concentration and amenity density provide offsetting advantages for multifamily demand and lease retention.
Safety indicators for the neighborhood trend below national averages, with crime metrics placing the area beneath the metro median among 114 Gainesville neighborhoods. In national terms, the neighborhood falls in lower percentiles for safety, so investors should underwrite with conservative assumptions on security measures and tenant screening.
Recent direction is mixed: estimates show a modest decline in property-related incidents year over year, while violent offense estimates have edged up. These figures are neighborhood-level indicators rather than property-specific conditions and should be contextualized with on-site controls, lighting, access management, and professional operations when assessing risk and retention.
This 100-unit asset benefits from a high concentration of renter-occupied housing in a well-amenitized Gainesville neighborhood, supporting depth of demand and day-to-day convenience for residents. Neighborhood occupancy has improved over time but trails stronger subareas, so disciplined leasing and renewals remain important for stable performance. According to CRE market data from WDSuite, amenity density compares favorably at the metro and national level, reinforcing resident appeal.
Built in 1980, the asset is older than the neighborhood’s average vintage, presenting a clear value-add path via interior upgrades and targeted systems modernization. Within a 3-mile radius, population and household growth expand the renter pool, while relatively accessible ownership costs suggest some competition that can be mitigated through unit finish differentiation and professional management to sustain pricing power and retention.
- High neighborhood renter concentration supports depth of demand and leasing stability.
- Amenity-rich location enhances resident convenience and reduces turnover risk.
- 1980 vintage offers value-add potential through upgrades and modernization.
- Growing 3-mile household base expands the tenant pool and supports absorption.
- Risks: neighborhood safety metrics below national averages and occupancy that lags stronger subareas call for conservative underwriting and active management.