| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 48th | Good |
| Demographics | 45th | Fair |
| Amenities | 11th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 20420 NW 243rd Dr, High Springs, FL, 32643, US |
| Region / Metro | High Springs |
| Year of Construction | 1983 |
| Units | 100 |
| Transaction Date | 2019-06-10 |
| Transaction Price | $1,888,400 |
| Buyer | CS FL HIGH SPRINGS LLC |
| Seller | VILLAS AT HIGH SPRINGS LLC |
20420 NW 243rd Dr High Springs Multifamily Investment
Positioned in a rural pocket of the Gainesville metro, this 1983-vintage, 100-unit asset sits in a neighborhood with modest amenity access but improving household income trends, according to WDSuite’s CRE market data. Near-term leasing may require targeted marketing, while medium-term renter share growth within 3 miles points to a gradually expanding tenant base.
High Springs is classified as a Rural neighborhood within the Gainesville, FL metro, with the local area ranking 64 of 114 metro neighborhoods and a B- neighborhood rating. Amenity access is limited (low national percentile for cafes, parks, and childcare), and restaurants and grocery options are relatively sparse compared with denser Gainesville submarkets. For investors, this typically translates into car-oriented living and a tenant profile valuing space and price over walkability.
Neighborhood occupancy sits below national averages, and the neighborhood’s renter-occupied share is comparatively small within the metro, signaling a thinner multifamily base today. However, within a 3-mile radius, WDSuite data shows contract rents rising over the past five years and households expected to increase through the forecast period. That combination can support lease-up with the right positioning and suggests room to capture demand as nearby household counts expand.
Demographics aggregated within 3 miles indicate recent population and household contraction but a forward-looking inflection: population is projected to grow and total households are expected to rise, implying a larger tenant base over the next five years. The forecast also points to a higher share of renter-occupied units locally, which can support occupancy stability for well-managed workforce housing.
Median home values in the neighborhood are moderate relative to national levels, and value-to-income ratios sit in the higher half nationwide. In practice, that creates a high-cost ownership market for some households and tends to preserve reliance on rental options, which can aid retention and pricing power for competitively positioned multifamily assets.
The property’s 1983 construction is slightly older than the neighborhood’s average vintage (late 1980s). Investors should plan for targeted capital expenditures—particularly common-area refreshes and systems—while evaluating value-add potential to improve competitive standing against newer stock across the Gainesville metro.
Safety indicators for the neighborhood are mixed. Relative to 114 Gainesville-metro neighborhoods, the overall crime rank sits in the lower half, suggesting conditions less favorable than the metro average. Nationally, the neighborhood aligns around the middle for property offenses but trends weaker for violent offenses. Recent year-over-year changes show volatility, so underwriting should incorporate prudent security planning and tenant communication practices.
As always, safety can vary within small areas and over time. Investors typically mitigate risk through lighting, access control, resident engagement, and partnerships with local law enforcement, calibrated to market-appropriate operating budgets.
This High Springs asset offers scale in a lower-density location with car-oriented living and a renter base that is projected to expand within a 3-mile radius. Based on CRE market data from WDSuite, neighborhood occupancy and renter concentration are currently below stronger Gainesville submarkets, but household and income trajectories point to improving fundamentals that can support stabilization for well-positioned workforce units.
Constructed in 1983, the property may benefit from targeted capital planning—interior updates, exteriors, and systems—to sharpen competitiveness versus newer metro stock. With moderate home values and a value-to-income profile in the higher national half, the local ownership market supports sustained reliance on rentals, providing a pathway for steady leasing with disciplined management.
- Scale in a rural submarket with car-oriented demand and room to capture renters seeking value
- Forecast household growth and rising renter share within 3 miles support tenant base expansion
- 1983 vintage offers value-add potential through targeted renovations and systems upgrades
- Moderate ownership costs locally help sustain multifamily reliance and lease retention
- Risks: below-metro safety indicators and thinner current renter base require careful leasing and security planning