| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 53rd | Good |
| Demographics | 54th | Good |
| Amenities | 76th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3228 SW 24th Way, Gainesville, FL, 32608, US |
| Region / Metro | Gainesville |
| Year of Construction | 1980 |
| Units | 100 |
| Transaction Date | 1998-04-10 |
| Transaction Price | $185,000 |
| Buyer | CASTILLO ENTERPRISES LLC |
| Seller | CASTILLO RICARDO |
3228 SW 24th Way Gainesville Multifamily Investment
Neighborhood data points to a deep renter base and steady demand drivers, according to WDSuite’s CRE market data, with proximity amenities supporting leasing durability.
This Inner Suburb location in Gainesville offers investor-friendly livability, with dining, grocery, and daily-needs options concentrated near the asset. Amenity access ranks competitive among Gainesville neighborhoods (11th of 114 overall; cafes and groceries rank near the top of the metro), and sits in the top quartile nationally for amenity density — a tailwind for resident retention and leasing.
Renter concentration in the neighborhood is high relative to the metro (76.7% of housing units are renter-occupied, ranking 5th of 114 and near the 98th percentile nationally). For multifamily investors, this indicates a large tenant base and generally resilient demand across cycles, though active management remains important for lease turnover.
The average neighborhood construction year trends newer than the subject (1994 vs. property’s 1980 vintage). The older vintage can support a value-add or modernization thesis to stay competitive versus newer stock, with capital planning focused on interiors, building systems, and common-area functionality.
Within a 3-mile radius, demographics show population growth and a notable increase in households over the past five years, with further gains projected. This points to a larger tenant base and supports occupancy stability over the medium term. Median contract rents track around the middle of national peers and have risen meaningfully over five years, suggesting pricing power when paired with targeted upgrades and effective leasing.
Neighborhood occupancy performance sits below many Gainesville submarkets (ranked 93rd of 114 and below national averages). Investors should underwrite a pragmatic lease-up and renewal strategy, using the area’s amenity strength and renter depth to stabilize and sustain performance.
Home values in the surrounding area are relatively accessible compared with many U.S. markets. For multifamily, that means some competition from entry-level ownership; however, rent-to-income metrics indicate pockets of affordability pressure, so well-managed concessions and renewals can help sustain pricing and retention.
Safety indicators for the neighborhood trend weaker than many areas in the Gainesville metro and nationally (crime rank 73rd of 114; low national percentiles). Interpreting the data comparatively, this places the neighborhood below metro average and well below national norms for safety, which investors should consider in underwriting and operations.
Recent trends are mixed: estimated property offenses show a modest year-over-year improvement, while estimated violent offenses ticked up. For investors, this argues for practical measures around lighting, access control, and community engagement, and for aligning marketing and security practices with resident expectations. Contextualizing at the neighborhood level helps avoid block-level overgeneralization and supports realistic expense planning.
This 100-unit, 1980-vintage asset in Gainesville’s Inner Suburb benefits from a deep renter pool, strong amenity access, and expanding household counts within a 3-mile radius — key supports for leasing velocity and renewal potential. Although neighborhood occupancy trends below metro norms, effective value-add, targeted marketing, and operations can leverage amenity convenience and renter concentration to drive stabilization.
Based on CRE market data from WDSuite, neighborhood rents sit around mid-national levels with meaningful five-year growth, while the subject’s older vintage creates scope for renovations to improve competitive positioning versus newer nearby stock. Underwriting should also reflect safety considerations and rent-to-income pressure, emphasizing cost-effective upgrades and resident experience to support retention.
- High renter concentration and household growth (3-mile radius) support a larger tenant base and leasing stability.
- Amenity-rich location (top-tier metro access to food and groceries) enhances day-to-day livability and renewals.
- 1980 vintage offers value-add potential to close the gap with newer neighborhood stock and capture rent premiums.
- Key risks: below-metro occupancy, safety indicators below national norms, and affordability pressure — plan for pragmatic lease-up, targeted upgrades, and active management.