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Creek Forest 1213 NW 39th Ave 16 Unit Apartment Building $2,789,000 CAD ($174,313 CAD/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
- Operating and Financials
Property Facts
| Price | $2,789,000 CAD | Building Class | B |
| Price Per Unit | $174,313 CAD | 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 | $2,789,000 CAD |
| Price Per Unit | $174,313 CAD |
| 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 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Pet Play Area
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 1 | - | 757 |
| 2+1 | 7 | - | 757 |
| 2+2 | 8 | - | 800 |
1 1
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $1,293,348 CAD | |
| Land Assessment | $412,746 CAD | Total Assessment | $1,706,094 CAD |
Property Taxes
Parcel Numbers
Land Assessment
$412,746 CAD
Improvements Assessment
$1,293,348 CAD
Total Assessment
$1,706,094 CAD
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Creek Forest | 1213 NW 39th Ave
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