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The Villas at High Springs 20420 NW 243rd Dr 28 Unit Apartment Building $2,650,000 ($94,643/Unit) 7.17% Cap Rate High Springs, FL 32643
Investment Highlights
- 100% Leased
- 44 additional buildable units
- Insurance, Debt, and Mngt quotes in hand
- Value Add on rents
- "Friendliest Town in Florida" by Florida Magazine
- Another 8 units for sale by same seller within 2 miles
Executive Summary
This is 10 minutes north of Gainesville, FL in High Springs, which was named the “Friendliest Small Town” by Florida Magazine and has a $94,421 median household income. In addition to the 28 units, which are on one parcel, the same owner is selling 2 quadplex buildings about 2 miles away.
• 28 units at 20420 NW 243rd Drive, High Springs, FL (Villas at High Springs)
o 7 - one bedrooms at 674 SF
o 17 - two bedrooms at 764 SF
o 4 - three bedrooms at 967 SF
o 21,385 Total SF
• Average in place rent is $960/month
• 100% leased and they ran 98% financial occupancy in the trailing 12 months
• 1 of 5 buildings had roof replaced in 2025 at $30K. The other 4 roofs are 2003
• I got a loan quote from a bank at (see the marketing package):
o 70% LTV, 6.25% rate, 30 year amo, 5 year term + 5 year option, 1 year of interest only
• Price is $2,650,000 (only $95k/unit)
o NOI is $1907k (true 7.06% cap rate)
• All single story buildings, park right up front
• Built 1983
• Currently self-managed but I have good local management recommendations.
• Reason for Selling: Owned by a larger investment firm out of NY that bought this in 2019. Their investment criteria has now grown to only 100+ unit assets so this asset is being sold.
• The 6 acre property is zoned for up to 72 units
• 28 units at 20420 NW 243rd Drive, High Springs, FL (Villas at High Springs)
o 7 - one bedrooms at 674 SF
o 17 - two bedrooms at 764 SF
o 4 - three bedrooms at 967 SF
o 21,385 Total SF
• Average in place rent is $960/month
• 100% leased and they ran 98% financial occupancy in the trailing 12 months
• 1 of 5 buildings had roof replaced in 2025 at $30K. The other 4 roofs are 2003
• I got a loan quote from a bank at (see the marketing package):
o 70% LTV, 6.25% rate, 30 year amo, 5 year term + 5 year option, 1 year of interest only
• Price is $2,650,000 (only $95k/unit)
o NOI is $1907k (true 7.06% cap rate)
• All single story buildings, park right up front
• Built 1983
• Currently self-managed but I have good local management recommendations.
• Reason for Selling: Owned by a larger investment firm out of NY that bought this in 2019. Their investment criteria has now grown to only 100+ unit assets so this asset is being sold.
• The 6 acre property is zoned for up to 72 units
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
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| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $2,650,000 | Apartment Style | Garden |
| Price Per Unit | $94,643 | Building Class | C |
| Sale Type | Investment | Lot Size | 6.00 AC |
| Cap Rate | 7.17% | Building Size | 21,499 SF |
| Gross Rent Multiplier | 8.21 | Average Occupancy | 100% |
| No. Units | 28 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1983 |
| Property Subtype | Apartment | ||
| Zoning | C3 - 12 units per acre zoning so another 44 units are possible to be built | ||
| Price | $2,650,000 |
| Price Per Unit | $94,643 |
| Sale Type | Investment |
| Cap Rate | 7.17% |
| Gross Rent Multiplier | 8.21 |
| No. Units | 28 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 6.00 AC |
| Building Size | 21,499 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1983 |
| Zoning | C3 - 12 units per acre zoning so another 44 units are possible to be built |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Playground
- Pet Play Area
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 7 | $930.00 | 647 |
| 2+1 | 17 | $950.00 | 764 |
| 3+1 | 4 | $1,070 | 967 |
Fairly walkable
40/100
Exceptionally drivable
90/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 00217-001-000 | Improvements Assessment | $1,515,322 |
| Land Assessment | $215,478 | Total Assessment | $1,730,800 |
Property Taxes
Parcel Number
00217-001-000
Land Assessment
$215,478
Improvements Assessment
$1,515,322
Total Assessment
$1,730,800
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The Villas at High Springs | 20420 NW 243rd Dr