| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 71st | Best |
| Demographics | 38th | Fair |
| Amenities | 76th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 408 NW 14th St, Gainesville, FL, 32603, US |
| Region / Metro | Gainesville |
| Year of Construction | 2009 |
| Units | 100 |
| Transaction Date | 2006-10-31 |
| Transaction Price | $700,000 |
| Buyer | NANTUCKET LLLP |
| Seller | GEORGETOWN COMMONS OF GAINESVILLE LLC |
408 NW 14th St Gainesville Multifamily Investment
Renter demand is reinforced by a high neighborhood renter-occupied share and strong local NOI per unit levels, according to WDSuite s CRE market data. Investors should underwrite around occupancy stabilization while leveraging the area s convenience and service density.
This Urban Core location in Gainesville, Florida offers day-to-day convenience that supports leasing. Neighborhood amenities are competitive among Gainesville neighborhoods (ranked 10 out of 114), with restaurants and pharmacies especially dense (both among the top tier locally and strong nationally), while parks and cafes are limited. For investors, the mix points to walkable services that aid retention, even if green space and caf e9 options are thinner than in peer districts.
The property a0was built in 2009, newer than the neighborhood a0average vintage of 1986. That positioning typically competes well against older stock while still warranting selective capital planning as systems age and for potential modernization to capture premium rents. Neighborhood rents sit near mid-range levels locally, and multifamily property research indicates restaurant and grocery access (grocery density ranks 7 of 114 in the metro) can support steady day-to-day renter appeal.
Tenure dynamics are favorable for multifamily: the neighborhood a0shows a very high renter concentration (approximately eight in ten housing units are renter-occupied; ranked 2 of 114 in the metro), signaling depth in the tenant base. At the same time, the neighborhood a0occupancy rate is below the national median and has softened over five years, so investors should focus on leasing execution and unit positioning to sustain absorption.
Demographics aggregated within a 3-mile radius point to a sizable and expanding renter pool. Over the prior period, population and households increased, with households growing faster than population, and WDSuite a0data projects further population growth and a sizable increase in households over the next five years. This suggests a larger tenant base and supports occupancy stability for well-amenitized, competitively priced properties. The area skews toward younger adults, which can favor smaller-format units and proximity-based living.
Ownership costs are elevated relative to local incomes (value-to-income levels rank among the highest in the metro and are strong nationally), which tends to sustain reliance on rental housing and can aid lease retention. However, neighborhood rent-to-income levels indicate affordability pressure for some renters, framing a need for thoughtful pricing and renewal strategies to balance occupancy and revenue management.
Safety indicators are mixed when compared with Gainesville and national benchmarks. The neighborhood sits below the national median for safety, and relative to the metro it does not rank among the safest clusters (ranked 67 out of 114). That said, recent WDSuite data shows year-over-year declines in both property and violent incident rates, which is a constructive trend investors can monitor as part of risk assessment and tenant retention planning.
This 2009-built, 100-unit property benefits from a high renter concentration in the immediate neighborhood, competitive service density, and growing household counts within a 3-mile radius. According to commercial real estate analysis from WDSuite, neighborhood NOI per unit performance is strong versus metro peers, while ownership remains relatively high-cost compared with incomes, supporting sustained reliance on rental housing.
Key underwriting considerations include a neighborhood occupancy rate that trails national norms and signals the need for active leasing and retention management, as well as safety metrics that warrant ongoing monitoring despite recent year-over-year improvement. Strategic value-add focused on modernization and amenity alignment can position the asset competitively against older local stock.
- Newer 2009 vintage versus local average supports competitive positioning with selective modernization upside
- Strong neighborhood NOI per unit levels and deep renter-occupied base support demand resilience
- 3-mile population and household growth expands the tenant base and supports occupancy stability
- High-cost ownership context relative to incomes underpins renter reliance and renewal potential
- Risks: below-median neighborhood safety and soft occupancy trends require disciplined leasing and pricing