| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 55th | Good |
| Demographics | 73rd | Best |
| Amenities | 79th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 409 NE 11th St, Gainesville, FL, 32601, US |
| Region / Metro | Gainesville |
| Year of Construction | 1973 |
| Units | 100 |
| Transaction Date | 2019-01-07 |
| Transaction Price | $520,000 |
| Buyer | DOUBLE O INVESTMENTS GROUP INC |
| Seller | PERSISTENT PROPERTIES LLC |
409 NE 11th St Gainesville Multifamily Opportunity
Amenity-rich Inner Suburb location supports durable renter demand and steady leasing conditions, according to WDSuite’s CRE market data. Neighborhood fundamentals point to demand resilience rather than outsized volatility.
The property sits in Gainesville’s Inner Suburb with an A+ neighborhood rating and strong daily-life convenience. Amenities are a clear strength: the area ranks 1 out of 114 Gainesville neighborhoods for overall amenities and places in the top quartile nationally, with cafes and restaurants near the 99th percentile and parks near the 96th percentile. Grocery access is also strong (around the 91st percentile nationally). These concentrations typically help support leasing velocity and retention for workforce and student-adjacent renter segments.
Neighborhood occupancy is about 90%, landing near the metro median (rank 52 of 114), which suggests stable tenant turnover patterns rather than unusual vacancy risk. Median market rents in the neighborhood have grown over the last five years, and the rent-to-income ratio trends around 0.19, indicating manageable affordability pressure from an investor perspective and potential room for measured revenue management.
Tenure mix is balanced, with roughly 43% of neighborhood housing units renter-occupied. For multifamily owners, that renter concentration points to a meaningful tenant base without extreme exposure to purely transient dynamics.
Within a 3-mile radius, demographics show population growth over the last five years and a sizable 18–34 cohort, with households and families both expanding. Forecasts to 2028 point to additional population and household growth, implying a larger tenant base and support for occupancy stability. Based on CRE market data from WDSuite, expected income gains in the area outpace recent history, while forecast rent levels also rise—conditions that can sustain demand provided operators manage affordability and renewal strategies carefully.
Vintage matters: built in 1973, the asset is newer than the neighborhood’s average construction year (1962). That positioning can be competitively favorable versus older product, though investors should still plan for system upgrades and selective renovations to meet current renter expectations and enhance NOI durability.
Safety signals are mixed and should be underwritten with care. The neighborhood’s safety profile sits below the national average (around the 35th percentile for safety compared to neighborhoods nationwide). Within the Gainesville metro, the area is roughly middle-of-the-pack (crime rank 52 out of 114 neighborhoods). Trend-wise, WDSuite data indicates estimated violent and property offense rates have declined year over year, with double-digit reductions that point to improving conditions; monitoring continuity of these trends remains prudent.
409 NE 11th St offers investors a 1973-vintage asset in an amenity-dense Inner Suburb location where renter demand is supported by top-quartile national amenity access and a balanced tenure mix. Neighborhood occupancy is near the metro median, and within a 3-mile radius, population and household growth—along with a large 18–34 renter cohort—suggest continued depth in the tenant pool. According to CRE market data from WDSuite, rent levels and incomes are both projected to rise locally, reinforcing the case for steady occupancy and measured pricing power when paired with disciplined lease management.
Relative to older neighborhood stock (average vintage 1962), the 1973 build can compete effectively with targeted modernization, positioning the asset for value-add execution focused on system upgrades and finishes rather than full repositioning. Investors should incorporate safety underwriting and convenience gaps (e.g., limited nearby pharmacies) into operating plans, but the overall demand picture remains favorable given amenities, renter concentration, and forward demographic support.
- Amenity-rich submarket (top quartile nationally) supports leasing velocity and retention.
- Occupancy near the metro median with a sizable renter base underpins stable demand.
- 1973 vintage is newer than local average, offering pragmatic value-add via targeted upgrades.
- 3-mile demographics point to renter pool expansion and income growth, aiding NOI durability.
- Risks: below-national-average safety and limited pharmacy access warrant active management.