| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 55th | Good |
| Demographics | 73rd | Best |
| Amenities | 79th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 321 SE 3rd St, Gainesville, FL, 32601, US |
| Region / Metro | Gainesville |
| Year of Construction | 1989 |
| Units | 100 |
| Transaction Date | 1997-03-03 |
| Transaction Price | $60,000 |
| Buyer | ARLINGTON SQ WISTERIA DOWNS LTD PTNR |
| Seller | MCGURN KENNETH R |
321 SE 3rd St Gainesville 100-Unit Multifamily
Positioned in a high-amenity Gainesville neighborhood with steady renter demand and occupancy near the metro median, this 1989 asset offers durable leasing fundamentals according to WDSuite’s CRE market data.
The property sits in an Inner Suburb enclave rated A+ and ranked 1st among 114 Gainesville neighborhoods, indicating strong local fundamentals. Neighborhood metrics — not property-level — show robust amenity density with cafes, restaurants, parks, and childcare options performing in the top quartile nationally, supporting lifestyle appeal and resident retention.
Vintage matters for capital planning: with a 1989 construction year in a submarket where the average vintage trends older (1962), the asset is relatively newer than much of the local stock. That positioning can be competitive versus older inventory, though selective modernization of systems and finishes may still be prudent.
Neighborhood occupancy is around the metro median, while the share of renter-occupied housing units is elevated for the metro and competitive nationally, indicating a deeper tenant pool and potential stability for multifamily leasing. Rent-to-income levels in the neighborhood sit in a moderate range, which can support retention while allowing disciplined pricing strategies.
Within a 3-mile radius, population and households have expanded in recent years, with forecasts pointing to continued growth and an evolving income mix. This broader-area expansion suggests renter pool growth and supports demand for professionally managed apartments, a point reinforced by commercial real estate analysis from WDSuite.
Home values in the neighborhood are elevated relative to some Florida markets but not among the nation’s highest tiers, which can sustain renter reliance on multifamily housing without overwhelming affordability pressures. This balance, combined with the amenity-rich setting, underpins leasing durability and reduces exposure to outsized turnover risk.
Neighborhood safety performance trends around the metro median among 114 Gainesville neighborhoods, and overall conditions compare below the safer end of national distributions. Importantly, year-over-year estimates indicate improving crime rates at the neighborhood level, with both property and violent categories showing declines. These are neighborhood-level indicators, not property-specific, and investors typically account for them through security protocols, lighting, and resident experience initiatives.
This 100-unit, 1989-vintage community benefits from an A+ neighborhood ranking with top-tier amenity access and a renter-leaning housing mix, supporting depth of demand and day-to-day livability. Neighborhood occupancy tracks near the metro median, while the asset’s relatively newer vintage versus much of the local stock can aid competitive positioning with targeted upgrades. According to CRE market data from WDSuite, surrounding demographics within 3 miles point to a growing renter base and improving income trends, reinforcing long-run leasing stability.
Key considerations include continued attention to safety measures given neighborhood comparisons to national benchmarks, and prudent capital planning to modernize building systems and unit finishes where value-add can enhance retention and rent realization. Overall, the combination of amenity density, renter concentration, and demographic tailwinds supports a durable long-term thesis.
- A+ neighborhood rank (1 of 114) with top-tier amenities supports resident retention
- 1989 vintage is newer than much of the area stock, enabling value-add and competitive positioning
- Elevated renter-occupied housing share indicates a deeper tenant base for multifamily demand
- 3-mile demographic expansion and rising incomes support occupancy stability and pricing power
- Risk: neighborhood safety sits below stronger national cohorts; continued security investments advisable