| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 64th | Best |
| Demographics | 70th | Best |
| Amenities | 58th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 8008 NW 31st Ave, Gainesville, FL, 32606, US |
| Region / Metro | Gainesville |
| Year of Construction | 1993 |
| Units | 100 |
| Transaction Date | 2008-09-18 |
| Transaction Price | $7,516,200 |
| Buyer | SANTA FE APARTMENTS II LTD |
| Seller | OAKS SANTA FE |
8008 NW 31st Ave Gainesville Multifamily Investment
Neighboring renter demand is deep and durable, with a high share of renter-occupied units and stable neighborhood occupancy, according to WDSuite’s CRE market data.
Situated in an inner-suburb node of Gainesville, the neighborhood ranks in the top quartile among 114 Gainesville neighborhoods overall (A rating). Amenity access is a relative strength: cafés and restaurants score in the top quartile locally, supporting day-to-day convenience and renter appeal.
Neighborhood renter concentration is high, with 63.1% of housing units renter-occupied, indicating a sizable tenant base for multifamily. The neighborhood’s occupancy rate is 91.2% (neighborhood-level, not the property), which has improved over five years, supporting leasing stability. Median contract rents in the neighborhood have risen materially over the last five years, while the rent-to-income ratio of 0.24 signals manageable affordability pressure that can aid retention and renewal strategies.
Within a 3-mile radius, households increased modestly over the last five years while average household size declined, and forecasts point to notable population and household growth ahead. This pattern typically expands the renter pool and supports occupancy stability for well-positioned assets.
The property’s 1993 vintage is slightly newer than the neighborhood’s average construction year (1989). That positioning can help competitiveness versus older stock, though investors should plan for aging systems and selective modernization to sustain performance.
Home values in the neighborhood sit in a mid-range for the metro, suggesting ownership remains a higher-cost alternative for many households. That context can sustain multifamily demand and support pricing power, while still requiring careful lease management to monitor affordability pressure.
Livability trade-offs to note: pharmacy access ranks in the top quartile locally, but park density is limited. For investors, this mix favors convenience-oriented amenities over open-space access and may inform on-site amenity programming.
Neighborhood safety is mixed relative to broader benchmarks. Compared with neighborhoods nationwide, the area sits below the national safety median (crime national percentile 36), and within the Gainesville metro it trends closer to the middle of the pack (rank 48 out of 114 metro neighborhoods). This indicates safety outcomes that warrant routine risk management and tenant-experience attention.
Recent momentum is constructive: estimated violent offenses have declined year over year (national improvement standing in the upper tier, 68th percentile), and property offenses have also eased. For investors, these trends suggest improving conditions, though underwriting should still incorporate standard security measures and operating protocols.
This 100-unit, 1993-vintage asset benefits from a renter-heavy neighborhood, stable neighborhood occupancy, and improving safety trends. The location ranks in the top quartile among 114 Gainesville neighborhoods and offers everyday amenities that support tenant retention, while median home values indicate a high-cost ownership context that helps sustain rental demand. Based on CRE market data from WDSuite, rent levels have risen over the past five years while rent-to-income remains moderate, supporting a case for steady cash flows with disciplined lease management.
Being slightly newer than the neighborhood average construction year provides relative competitiveness, though investors should budget for system updates and selective renovations to protect positioning. Forward-looking demographics aggregated within a 3-mile radius point to population and household growth, implying a larger tenant base and support for occupancy stability over time.
- Renter-heavy neighborhood and stable neighborhood occupancy support consistent demand
- Top-quartile neighborhood standing among 114 Gainesville areas with strong daily amenities
- 1993 vintage offers competitive positioning with targeted value-add potential
- 3-mile demographics indicate future renter pool expansion and support for occupancy
- Risk: safety sits below national median; ongoing security and operational focus recommended