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- LoopNet Team
6929 W University Ave
Gainesville, FL 32607
Bentwood Apartments · Multifamily Property For Sale
·
93 Units
Investment Highlights
- Stable Asset with Low Historic Turnover
- Located 4.8 Miles From the University of Florida - Ranked 7th-Best Public University in the US & 8th-Largest Public University in the US
- UF Health Opening a 139,000 SF Medical Facility at the Oak’s Mall (Within 2 Miles) in Early 2020 - Expected to Bring Over 70 New Jobs to the Area
- Gainesville Experiencing Rapid Growth & Major Job Increases
- Hospital (Within 2 Miles) is Undergoing a $110+ Million Dollar Renovation/ Expansion, Creating Over 100 New Jobs in the Next 5 Years
- Nearly 20% of Current Residents Are Employed in the Medical/Healthcare Industry & Would Have the Ability to Absorb Further Rent Increases
Property Facts
| No. Units | 93 | Building Size | 58,328 SF |
| Property Type | Multifamily | Average Occupancy | 82% |
| Property Subtype | Apartment | No. Stories | 1 |
| Apartment Style | Garden | Year Built | 1982 |
| Building Class | C | Parking Ratio | 1.71/1,000 SF |
| Lot Size | 5.00 AC | ||
| Zoning | R-3 | ||
| No. Units | 93 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 5.00 AC |
| Building Size | 58,328 SF |
| Average Occupancy | 82% |
| No. Stories | 1 |
| Year Built | 1982 |
| Parking Ratio | 1.71/1,000 SF |
| Zoning | R-3 |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Washer/Dryer Hookup
- Heating
- Ceiling Fans
Site Amenities
- Laundry Facilities
- Picnic Area
- Property Manager on Site
- Package Service
- Maintenance on site
About 6929 W UNIVERSITY AVE , GAINESVILLE, FL 32607
*** Under Contract *** INVESTMENT SUMMARY Bentwood Apartments is a 93-unit multifamily community located in Gainesville, FL - in Alachua county. The property is comprised of 11 one-story buildings that were built in 1982. Each building features wood frame construction with pitched asphalt roofs. The property features a strong unit mix that includes 20 Studio Apartments (288 SF), 67 1 Bed 1 Bath Units (576 SF) and 6 2 Bed 1 Bath units (864 SF). Bentwood Apartments is a quiet & serene community surrounded by nature and nestled beneath a canopy of lush native Florida trees. Residents enjoy a variety of amenities including on-site laundry facilities, private entrances, washer/dryer connections in select units, mail and package storage, private patios, storm doors, double-pane widows, laminate wood flooring, lighted attic storage and trash collection. Residents are only a short drive to shopping, award-winning schools, local museums, state parks and major employment centers, including the University of Florida. Bentwood Apartments offers an investor the opportunity to acquire an upgraded, stable, high occupancy asset in one of Gainesville’s most prime locations. North Florida Regional Medical Center (1.7 miles from property) is currently undergoing a $110+ million dollar expansion. Nearly 20% of current residents are employed in the Medical/Healthcare industry and their annual income vs annual rent spend is between 5%-20% compared to the average norm of 25%-30%. This could be a positive indicator of the current & future medical residents’ ability to absorb further rent increases, resulting in a profitable opportunity for an investor. LOCATION OVERVIEW Residents of Bentwood Apartments are just minutes away from popular entertainment, dining, retail, education, recreation and several unique destinations. Across the street from the property is The Oaks Mall (1.7 Mi), a popular shopping destination with over 119 stores. Located just 5 miles away are both Butler Plaza and Celebration Pointe, two of Gainesville’s most massive retail spaces totaling over 3,000,000 SF of dining, class-A office space, entertainment, and retail - featuring national brands like Trader Joes, Whole Foods, Sam’s Club, Publix, Walmart and Lowe’s. Students have convenient access to Santa Fe Community College (3.4 Mi) and the University of Florida (4.8 Mi) with over 54,000 annual students. Entertainment and recreation are plentiful including the nearby Ben Hill Griffin Stadium (5.5 Mi), 8 local National Parks and the Florida Museum (6.7 Mi). Several huge employers in the area include the North Florida Regional Medical Center & Medical Campus (1.7 Mi), UF Health - Shands Hospital (7.8 Mi) and the University of Florida (6.1 Mi). Transportation is easy with Interstate 75 located less than a mile away which provides convenient access to Downtown Gainesville (7.2 Mi) and Gainesville Regional Airport (10.9 Mi).
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 20 | - | 288 |
| 1+1 | 67 | - | 576 |
| 2+1 | 6 | - | 864 |
Property Taxes
| Parcel Number | 06655-058-000 | Improvements Assessment | $4,403,096 |
| Land Assessment | $2,037,804 | Total Assessment | $6,440,900 |
Property Taxes
