| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 47th | Good |
| Demographics | 45th | Fair |
| Amenities | 22nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 6815 W University Ave, Gainesville, FL, 32607, US |
| Region / Metro | Gainesville |
| Year of Construction | 2002 |
| Units | 100 |
| Transaction Date | 2022-03-30 |
| Transaction Price | $28,430,800 |
| Buyer | OK HARBOR COVE LLC |
| Seller | UNIVERSITY COVE PARTNERS LTD |
6815 W University Ave Gainesville 100-Unit Multifamily
Neighborhood metrics point to a deep renter base with a renter-occupied share around 71% and improving occupancy over the past five years, according to WDSuite s CRE market data. This supports steady leasing fundamentals for a 2002-vintage asset positioned for durable workforce demand.
Livability and demand signals in the immediate neighborhood are mixed but supportable for workforce-oriented multifamily. The area ranks 38th of 114 Gainesville neighborhoods for amenities, which is competitive among Gainesville neighborhoods, with stronger pharmacy access but limited parks, groceries, and cafes nearby. For investors, that combination typically leans on everyday convenience over lifestyle-driven premiums.
Rents in the neighborhood have risen over the last five years while the rent-to-income ratio sits near 0.29, suggesting some affordability pressure that may require attentive lease management but can also sustain pricing power if positioned correctly. Median home values are moderate for the metro, which can create some competition with ownership; however, elevated down-payment and carrying costs still tend to reinforce multifamily reliance for many households, supporting retention.
Occupancy at the neighborhood level is in the lower half of the metro today but has trended higher over five years, an encouraging directional shift for stabilization. NOI per unit ranks 13th out of 114 in the metro (top quartile among Gainesville neighborhoods), indicating that well-operated assets nearby can achieve solid unit economics even without premium amenity density.
Tenure patterns underscore depth of demand: renter-occupied housing is high at the neighborhood level, supporting a broader tenant base for multifamily operators. Demographic statistics aggregated within a 3-mile radius show a modest population pullback in recent years alongside an increase in households and smaller average household sizes , which typically expands the renter pool. Forward-looking projections in the same 3-mile radius point to additional household growth, which would support occupancy stability and absorption.
Vintage matters in this submarket. The average neighborhood construction year is 1982, while the subject property was built in 2002. Being newer than much of the surrounding stock can enhance competitive positioning versus older buildings, while still leaving room for selective modernization and systems upgrades to drive value-add returns.
Safety indicators for the neighborhood sit below metro and national benchmarks, with the area ranked 68th out of 114 Gainesville neighborhoods. While this places it below the metro median, recent year-over-year data shows declines in both violent and property offense rates, suggesting gradual improvement. In an investment context, prudent security measures and resident engagement can help mitigate perception risk and support leasing.
Built in 2002 with 100 units, the property offers a newer vintage relative to much of the surrounding 1980s-era stock, providing a competitive edge on systems and finishes while preserving value-add potential through targeted upgrades. A high neighborhood renter concentration and improving neighborhood occupancy support a broader tenant base and potential for stable cash flow, while household growth within a 3-mile radius points to ongoing renter pool expansion. Based on CRE market data from WDSuite, the area s operating backdrop rewards disciplined pricing and asset management given moderate home values and a rent-to-income profile that warrants measured renewals.
The investment case centers on durable renter demand, relative vintage advantage, and operational upside. Attention to safety perception, amenity strategy, and affordability-sensitive pricing should help sustain absorption and resident retention, with selective modernization capturing incremental rent without overreaching.
- Newer 2002 vintage versus neighborhood s older stock supports competitive positioning and selective value-add
- High renter-occupied share and rising neighborhood occupancy bolster demand depth and leasing stability
- Household growth within 3 miles indicates a larger future tenant base and supports occupancy
- Moderate ownership costs suggest some competition with buying, but reinforce multifamily reliance for many households
- Risks: below-median neighborhood safety and affordability pressure (rent-to-income) require disciplined operations and resident retention focus