| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 53rd | Good |
| Demographics | 28th | Poor |
| Amenities | 73rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 720 SW 34th St, Gainesville, FL, 32607, US |
| Region / Metro | Gainesville |
| Year of Construction | 1972 |
| Units | 100 |
| Transaction Date | 2022-06-13 |
| Transaction Price | $56,683,282 |
| Buyer | G3 328 34TH LLC |
| Seller | VILLAGE 34 LLC |
720 SW 34th St Gainesville Multifamily Opportunity
Positioned in an inner-suburb pocket of Gainesville with a strong renter base, this 100‑unit asset benefits from deep tenant demand drivers and competitive neighborhood standing, according to WDSuite’s CRE market data.
The property sits within an Inner Suburb neighborhood rated A- and ranked 23 out of 114 Gainesville neighborhoods, placing it in the top quartile locally. That competitive standing is reinforced by robust amenity access: dining and cafes benchmark in the top quartile nationally, and park access also outperforms the national median. These location fundamentals support resident convenience and aid leasing velocity.
Renter demand is a core theme. The neighborhood’s share of renter-occupied housing units is among the highest nationally (top decile), signaling depth in the tenant pool and potential for stable absorption. Within a 3‑mile radius, demographics skew younger with a large 18–34 cohort, households have grown in recent years, and forecasts indicate further population and household expansion—factors that typically translate into a larger tenant base and support for occupancy stability.
For investors assessing affordability dynamics, ownership costs in the neighborhood run high relative to incomes (value-to-income ratio in the national top quartile). This often reinforces renter reliance on multifamily housing and can sustain pricing power, though elevated rent-to-income levels suggest careful lease management to mitigate retention risk. Neighborhood contract rents have advanced over the last five years, consistent with broader metro trends referenced in WDSuite’s commercial real estate analysis.
Vintage matters: built in 1972, the asset is older than the neighborhood’s average construction year. That typically points to capital planning needs but also creates value‑add potential through targeted renovations and system upgrades that can improve competitive positioning versus newer stock.
Safety metrics for the neighborhood underperform national benchmarks overall (national safety percentile in the lower third), indicating investors should underwrite prudent security measures and resident communication. At the same time, recent trends are constructive: estimated property offenses declined materially year over year and violent offense rates also edged lower, pointing to improvement momentum rather than deterioration.
Within the Gainesville metro context, conditions vary by neighborhood. This area’s profile suggests a need for asset-level strategies—lighting, access control, and partnership with local resources—to support resident experience and retention while monitoring whether the recent downward trend in incident estimates continues.
This 100‑unit, 1972‑vintage asset in Gainesville offers a blend of renter‑demand fundamentals and value‑add potential. The neighborhood ranks in the top quartile among 114 Gainesville neighborhoods, with strong access to food, beverage, and parks that can aid leasing. A high concentration of renter‑occupied housing units and a 3‑mile radius skewed to younger households support a deep tenant base and steady absorption. According to CRE market data from WDSuite, neighborhood ownership costs relative to incomes are elevated, which tends to sustain renter reliance on multifamily housing and supports pricing power when paired with thoughtful lease management.
Key considerations include underwriting for capex to modernize systems and finishes, monitoring neighborhood occupancy softness relative to national benchmarks, and addressing safety perceptions with practical, property‑level measures. With targeted improvements and disciplined operations, the asset can compete effectively against newer stock while benefiting from durable renter demand.
- Top‑quartile Gainesville location with strong amenity access supporting leasing
- Deep renter base and younger 3‑mile demographics bolster tenant demand
- 1972 vintage offers value‑add and repositioning potential through renovations
- Elevated ownership costs vs. incomes reinforce reliance on rentals and pricing power
- Risks: neighborhood occupancy softness and below‑average safety require proactive operations