| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 59th | Best |
| Demographics | 41st | Fair |
| Amenities | 52nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 740 NE 23rd Ave, Gainesville, FL, 32609, US |
| Region / Metro | Gainesville |
| Year of Construction | 1983 |
| Units | 100 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
740 NE 23rd Ave Gainesville Multifamily Investment
Neighborhood occupancy remains elevated with steady renter demand, according to WDSuite’s CRE market data, suggesting durable cash flow dynamics in Gainesville’s inner-suburban context. Directionally supportive fundamentals and a mixed renter base point to stable leasing with measured upside.
The property sits in an Inner Suburb neighborhood rated A- and ranked 28 of 114 within the Gainesville metro, placing it in the top quartile locally. Neighborhood occupancy is strong and has trended upward, supporting stable collections and lower downtime between turns. Median contract rents rank in the upper tier across the metro, reflecting solid demand, while the rent-to-income relationship benchmarks favorably and can help sustain retention through cycles.
Amenity access is anchored by groceries and restaurants that rank among the top quartile of Gainesville neighborhoods, offering day-to-day convenience to residents. However, cafes, parks, and pharmacies are thinner nearby, so investors should underwrite lifestyle drivers primarily to core retail and services rather than destination amenities. Average school ratings trail metro norms, so the appeal skews more toward workforce and student-adjacent renters than families prioritizing top-rated schools.
Tenure patterns indicate a balanced base: at the neighborhood level, the share of housing units that are renter-occupied is moderate, while within a 3-mile radius renter concentration is higher, expanding the catchment for leasing. This configuration supports depth in the tenant pool and helps backfill units as leases roll, especially for efficient floor plans.
The asset’s 1983 vintage is newer than the neighborhood’s average construction year (1973). That positioning can be competitively advantageous versus older stock, though investors should still plan for selective system updates and targeted common-area refreshes to meet current renter expectations. Overall, compared with metro and national patterns cited in WDSuite’s CRE market data, the combination of occupancy stability and accessible living costs points to resilient demand.
Safety indicators for the neighborhood are weaker than national averages, with neighborhood crime levels benchmarking below metro median safety and landing in lower national percentiles. Recent trends show year-over-year declines in both violent and property offenses, which is a constructive directional signal, but investors should still incorporate prudent security measures and underwriting assumptions aligned with submarket norms.
In comparative terms, the area is less competitive on safety than many Gainesville neighborhoods, yet the improving trajectory suggests conditions are moving in a better direction. For risk management, emphasize visibility, lighting, and professional property management practices consistent with inner-suburban assets.
This 100-unit Gainesville property offers exposure to a neighborhood that sits in the top quartile locally on overall rating, with high occupancy and solid renter depth. According to CRE market data from WDSuite, neighborhood occupancy outperforms many metro peers, and rents benchmark competitively while the rent-to-income relationship remains manageable for residents—factors that can support retention and pricing discipline. The 3-mile radius shows population and household growth with a large 18–34 cohort, expanding the renter pool and supporting leasing velocity.
Built in 1983, the asset is newer than surrounding stock, which can provide an edge over older properties; plan for targeted capital to modernize systems and amenities for today’s renters. Key watch items include safety metrics that trail national norms and limited park/cafe inventory nearby—considering these in operations and marketing can help sustain occupancy and NOI.
- Occupancy strength and competitive rent positioning support stable cash flow
- 3-mile population and household growth expand the tenant base and leasing depth
- 1983 vintage is newer than local average, with value-add potential via targeted updates
- Amenity access anchored by groceries and restaurants; underwrite less to parks/cafes
- Risk: Safety metrics lag national norms—mitigate via security, lighting, and active management