| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 43rd | Fair |
| Demographics | 30th | Poor |
| Amenities | 33rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 500 SE 18th St, Gainesville, FL, 32641, US |
| Region / Metro | Gainesville |
| Year of Construction | 1974 |
| Units | 100 |
| Transaction Date | 1988-09-01 |
| Transaction Price | $500,000 |
| Buyer | CREATIVE CHOICE HOMES IX LTD |
| Seller | TREE TOP APT LTD PTNR |
500 SE 18th St, Gainesville Value-Add Multifamily
Neighborhood renter-occupied share is modest, but the broader 3-mile area shows a deep renter pool, supporting steady demand according to WDSuite’s CRE market data. Occupancy trends are competitive rather than tight, suggesting an operations-focused, value-add approach can drive performance.
This Gainesville, FL location balances working-class housing needs with access to core services. Neighborhood-level rents sit on the more accessible end of the metro spectrum, which can help sustain leasing velocity and retention. Restaurants are present, but cafes, groceries, and pharmacies are sparse nearby, while park access ranks strong for the area (nationally top quartile for parks), indicating recreational green space within reach.
Within the neighborhood, net operating income per unit performance is competitive among Gainesville neighborhoods (top quartile among 114 metro neighborhoods), based on CRE market data from WDSuite. The property s 1974 vintage is slightly older than the neighborhood average construction year (1972), which points to potential value-add through targeted renovations and system upgrades to improve unit competitiveness and reduce ongoing capital surprises.
Tenure patterns signal depth for multifamily: the immediate neighborhood shows a lower renter concentration, but within a 3-mile radius, renter-occupied units account for a substantial share of housing. For investors, that broader catchment expands the tenant base and can support occupancy stability, provided finishes and pricing align with local expectations.
Demographics aggregated within a 3-mile radius show recent population and household growth, with additional gains projected, indicating a larger tenant base over time. Median household income has been rising from prior periods, and projected income growth is strong, which supports rent collections and reduces turnover risk when paired with prudent lease management.
Home values in the neighborhood are on the lower end for the region, creating some competition from ownership options. However, rent-to-income levels are generally manageable in this area, which can aid lease retention and moderate pricing power, especially for well-maintained, value-oriented units.
Safety indicators in this neighborhood trend weaker than national norms, placing it below average on nationwide comparisons. Relative to the Gainesville metro, the area sits around the middle of the pack. Notably, recent year-over-year data show improvement, with both property and violent offense rates declining, according to WDSuite s market data.
Investors should underwrite with a focus on security measures, lighting, and community standards, while recognizing that continued improvement trends can support perception and retention over time. Comparisons reflect rankings among 114 Gainesville neighborhoods and national percentile benchmarks of neighborhoods nationwide.
This 100-unit asset offers a practical value-add opportunity in a Gainesville neighborhood where accessible rents, a sizable 3-mile renter base, and household growth underpin demand. According to CRE market data from WDSuite, neighborhood occupancy is competitive rather than tight, suggesting operational upgrades, unit renovations, and effective leasing can drive lift without relying solely on market rent growth.
Built in 1974, the property can benefit from targeted capital plans that modernize interiors and address building systems, improving positioning versus older stock nearby. Demographic growth within a 3-mile radius strengthens the long-term renter pool, while lower regional home values and manageable rent-to-income levels support lease retention though may temper near-term pricing power. Security investments should be part of the plan given area safety benchmarks and the potential for continued incremental improvement.
- Large 3-mile renter base and recent household growth support leasing and occupancy stability.
- 1974 vintage creates clear value-add path via renovations and system upgrades.
- Accessible rent positioning can aid retention; operations and asset management are key to NOI gains.
- Risk: Safety benchmarks lag national norms; mitigate through security, lighting, and resident engagement.
- Risk: Limited nearby daily needs retail increases reliance on transportation; amenity upgrades can offset.