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Magnolia/O'Brien Multifamily 3 Propertie 3 Multifamily Properties Offered at $2,400,000 in Gainesville, FL
Investment Highlights
- Portfolio of three adjacent multifamily properties
- 100% Fully leased
- 2 miles from the University of Florida
- 22 total units
- Located in the heart of Gainesville yet totally private on zero traffic street just one block off NW 13th Street
- 3 miles from UF Health/Shands and VA Hospitals
Executive Summary
PROPERTY DESCRIPTION
The property is a 22-unit multifamily portfolio totaling 14,430 square feet across four concrete block buildings on 0.96 acres, positioned within walking distance to several restaurants and shops and within two miles of the University of Florida. The unit mix includes 17 one-bedroom/one-bath units and five two-bedroom/one-bath units, with tenants responsible for all utilities. Several units have been renovated, providing an investor with the ability to continue interior updates, increase rents toward market levels, and improve overall curb appeal through targeted landscaping enhancements. Current in-place rents are below market, with one bedroom units averaging $900 compared to estimated market rents of $1,100, and two-bedroom units averaging $975 compared to estimated market rents of $1,400. The MU-1 zoning and existing site configuration may also provide additional density potential, including the opportunity to remove the centrally located duplex and construct additional multifamily units in its place.
The property is a 22-unit multifamily portfolio totaling 14,430 square feet across four concrete block buildings on 0.96 acres, positioned within walking distance to several restaurants and shops and within two miles of the University of Florida. The unit mix includes 17 one-bedroom/one-bath units and five two-bedroom/one-bath units, with tenants responsible for all utilities. Several units have been renovated, providing an investor with the ability to continue interior updates, increase rents toward market levels, and improve overall curb appeal through targeted landscaping enhancements. Current in-place rents are below market, with one bedroom units averaging $900 compared to estimated market rents of $1,100, and two-bedroom units averaging $975 compared to estimated market rents of $1,400. The MU-1 zoning and existing site configuration may also provide additional density potential, including the opportunity to remove the centrally located duplex and construct additional multifamily units in its place.
Property Facts
| Price | $2,400,000 | Number of Properties | 3 |
| Price / SF | $166.32 / SF | Individually For Sale | 0 |
| Sale Type | Investment | Total Building Size | 14,430 SF |
| Status | Active | Total Land Area | 0.98 AC |
| Price | $2,400,000 |
| Price / SF | $166.32 / SF |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 3 |
| Individually For Sale | 0 |
| Total Building Size | 14,430 SF |
| Total Land Area | 0.98 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
|
Robert O'brien Apartments
2901 NW 14th St, Gainesville, FL 32605 |
Multifamily | 8,252 SF | 1965 | - |
|
Magnolia Apartments
3001-3043 NW 14th St, Gainesville, FL 32605 |
Multifamily | 4,836 SF | 1964 | - |
|
Duplex
2953 NW 14th St, Gainesville, FL 32605 |
Multifamily | 1,342 SF | 1954 | - |
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Magnolia/O'Brien Multifamily 3 Propertie
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