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Creek Forest 1213 NW 39th Ave 16 Unit Apartment Building $2,000,000 ($125,000/Unit) 6.09% Cap Rate Gainesville, FL 32609
Investment Highlights
- Value-add opportunity with potential $200 per unit upside in average rents
- Concrete block construction
- Proximate to the University of Florida andUF Shands Hospital, Alachua County’s largest employers
- 100% occupancy with strong rental history
- Separate meters for electricity
Executive Summary
Colliers Florida Multifamily Team is pleased to present Creek Forest, a 16-unit multifamily property located in Gainesville, Florida. The offering includes four separately parceled quadplexes (buildings C, D, E, G). The unit mix consists of 15 two-bedroom/one-bathroom and 1 one-bedroom/one-bathroom. Each unit is separately metered for electricity and has washer/dryer hookups, tile flooring, laminate countertops, and white or black appliances throughout. The property is well positioned near major demand drivers including the #1 public university in the country, the University of Florida and is walkable to shopping and dining destinations like Publix, Aldi and Walgreens. New Ownership will have the ability to capitalize on below market rents by raising them to current asking rents on renewals or implement a value-add strategy of upgrading unit interiors and raising rents to market on average of $200/month per unit.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
| Price | $2,000,000 | Building Class | B |
| Price Per Unit | $125,000 | Lot Size | 0.85 AC |
| Sale Type | Investment | Building Size | 24,524 SF |
| Cap Rate | 6.09% | Average Occupancy | 95% |
| No. Units | 16 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1982 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Garden | ||
| Zoning | RMF7 | ||
| Price | $2,000,000 |
| Price Per Unit | $125,000 |
| Sale Type | Investment |
| Cap Rate | 6.09% |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 0.85 AC |
| Building Size | 24,524 SF |
| Average Occupancy | 95% |
| No. Stories | 1 |
| Year Built | 1982 |
| Opportunity Zone |
Yes |
| Zoning | RMF7 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 1 | - | 757 |
| 2+1 | 7 | - | 757 |
| 2+2 | 8 | - | 800 |
1 1
Property Taxes
| Parcel Numbers | Improvements Assessment | $2,161,460 | |
| Land Assessment | $675,100 | Total Assessment | $2,836,560 |
Property Taxes
Parcel Numbers
Land Assessment
$675,100
Improvements Assessment
$2,161,460
Total Assessment
$2,836,560
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Creek Forest | 1213 NW 39th Ave
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