| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 53rd | Good |
| Demographics | 54th | Good |
| Amenities | 76th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3219 SW 24th Way, Gainesville, FL, 32608, US |
| Region / Metro | Gainesville |
| Year of Construction | 1981 |
| Units | 100 |
| Transaction Date | 2010-08-30 |
| Transaction Price | $1,121,100 |
| Buyer | CASTILLO ENTERPRISES LLC |
| Seller | CASTILLO RICARDO |
3219 SW 24th Way Gainesville Multifamily Investment
High renter concentration and strong daily-needs amenities support tenant demand, while occupancy has been trending upward in the surrounding neighborhood according to WDSuite s CRE market data.
The property sits in Gainesville s inner-suburb fabric with convenient access to everyday services the neighborhood ranks 2nd of 114 metro neighborhoods for cafes and 3rd of 114 for grocery density, indicating a well-served location that supports leasing and renewal activity. Nationally, these amenity concentrations place the area in the top quartile, reinforcing day-to-day convenience for residents.
Neighborhood renter-occupied share is high, signaling depth in the tenant base. Within a 3-mile radius, 83% of housing units are renter-occupied, and households have increased in recent years with projections showing further growth through 2028, which can expand the renter pool and support occupancy stability. Median household incomes in the 3-mile area are rising, and the population skews younger, which is consistent with steady apartment demand; investors should manage affordability carefully given a rent-to-income ratio that sits on the higher side for the neighborhood.
Occupancy in the neighborhood is below the metro median (ranked 93rd of 114) but has moved higher over the past five years, suggesting stabilization potential as household counts expand. At the metro level, the neighborhood s NOI per unit ranks 11th of 114, competitive among Gainesville neighborhoods, which can help underpin performance for well-operated assets.
Amenities are a relative strength (pharmacies rank 6th of 114; restaurants 5th of 114), though park access is limited locally. School rating data for the immediate area is not available; investors may wish to underwrite leasing without a school-quality premium. Home values in the neighborhood sit below national medians, which can introduce some competition from ownership, but the broader area remains renter-driven, supporting multifamily demand.
Safety indicators in the neighborhood trail national benchmarks overall (national percentiles for both violent and property offenses are in the lower ranges), placing the area below national averages. Versus the Gainesville metro, crime ranks 73rd of 114 neighborhoods, indicating weaker comparative safety within the region.
Recent trends are mixed: estimated property incidents have eased year over year, while violent incidents have edged higher. For underwriting, this typically translates into prudent security budgeting and resident-experience measures rather than a structural constraint on demand, particularly in renter-heavy, amenity-rich locations.
Built in 1981, the asset is older than the neighborhood s average vintage, pointing to value-add and capital planning opportunities to improve competitive positioning against newer stock. The immediate area s renter concentration and amenity access support a broad tenant base, while neighborhood occupancy has been improving and could continue to firm as nearby households grow. Based on commercial real estate analysis from WDSuite, the submarket s NOI per unit is competitive within Gainesville, suggesting well-executed operations can translate into durable performance.
Investor focus should balance these strengths with measured risks: neighborhood safety sits below national norms, and rent-to-income levels imply some affordability pressure that calls for disciplined lease management. Still, expanding households within 3 miles and a younger-skewing population point to ongoing multifamily demand and retention potential.
- Renter-heavy area and strong daily-needs amenities support a wide tenant base and renewal potential.
- 1981 vintage creates value-add and CapEx pathways to enhance positioning versus newer supply.
- Neighborhood occupancy trends have improved, with NOI per unit competitive among Gainesville neighborhoods.
- Demographic tailwinds within 3 miles (more households, younger mix) support multifamily demand.
- Risks: below-average safety metrics and higher rent-to-income levels require prudent operations and leasing strategy.