| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 56th | Good |
| Demographics | 45th | Fair |
| Amenities | 57th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 6415 NW 23rd Ter, Gainesville, FL, 32653, US |
| Region / Metro | Gainesville |
| Year of Construction | 1980 |
| Units | 100 |
| Transaction Date | 2004-08-31 |
| Transaction Price | $1,000,000 |
| Buyer | NHDC HAMPTON COURT APARTMENTS INC |
| Seller | HAMPTON COURT LTD |
6415 NW 23rd Ter Gainesville Multifamily Investment
Neighborhood occupancy is in the mid-90s, pointing to steady renter demand and leasing durability near this address, according to WDSuite’s CRE market data. With balanced household incomes and a diverse age mix nearby, the asset benefits from a stable tenant base with room for value-focused upgrades.
This Inner Suburb location in Gainesville scores an A- neighborhood rating and sits above the metro median (rank 20 of 114 neighborhoods), indicating competitive livability within the region. Amenity access is a relative strength: neighborhood rankings place cafes (rank 4 of 114) and grocery options (rank 5 of 114) near the top of the metro, and park access also ranks favorably (rank 4 of 114). Limited nearby childcare and pharmacy counts suggest some daily-needs trips may extend beyond the immediate blocks, which is typical for lower-density suburban pockets.
Multifamily fundamentals are supportive. Neighborhood occupancy trends sit in the upper range by national comparison (upper-third percentile nationally), and rents have risen over the past five years, underscoring sustained demand. Within a 3-mile radius, households and population have grown in recent years, expanding the renter pool and supporting leasing stability for properties that offer convenience and value.
Tenure patterns indicate a moderate renter concentration within a 3-mile radius (about one-third of housing units are renter-occupied), which supports depth of demand for multifamily while still drawing interest from households that prioritize rental flexibility. Median household incomes in the 3-mile area have increased materially over five years, helping mitigate affordability pressure and aiding retention as lease terms reset.
The property’s 1980 vintage is slightly older than the neighborhood average vintage, pointing to potential value-add and modernization opportunities. Investors can evaluate targeted upgrades to common areas, systems, and finishes to enhance competitive positioning against newer stock, particularly given strong amenity access and steady neighborhood demand.
Safety indicators are mixed relative to broader benchmarks. Compared with Gainesville’s 114 neighborhoods, the area tracks around the metro median (crime rank 56 of 114), while national comparisons point to below-median safety today. Notably, recent-year trends show improvement, with declines in violent and property offense estimates, suggesting momentum in the right direction. Investors should underwrite routine security measures and tenant-experience enhancements while recognizing that the broader trend has been improving.
Positioned in an A- rated Inner Suburb with strong access to cafes, groceries, and parks, 6415 NW 23rd Ter benefits from steady neighborhood occupancy and a growing 3-mile renter base. Based on commercial real estate analysis supported by WDSuite’s CRE market data, local livability and improving income trends underpin durable demand, while ownership costs in the broader area continue to support reliance on rental housing.
Built in 1980, the asset is slightly older than nearby stock, creating a clear value-add path through selective capital improvements. Household growth and projections for additional households within 3 miles indicate a larger tenant base over time, which can support occupancy stability and pricing power for well-positioned communities.
- A- neighborhood rating and competitive amenity access support leasing velocity
- Neighborhood occupancy in the mid-90s supports stable cash flows
- 3-mile household and income growth expand the renter pool over time
- 1980 vintage offers value-add potential via targeted upgrades
- Risks: mixed safety benchmarks and limited nearby childcare/pharmacy; manage via security, service, and amenity strategy