For Sale
$2,100,000

4251 21St StGainesville, FL 32607

12-Unit Multifamily Complex, High ROI

Overview

Added:
Dec 11, 2024
Days on market:
114
Oak Terrace Apartments presents a compelling investment opportunity in Gainesville, Florida. This stabilized, Class B multifamily complex boasts 12 units, totaling 10,800 square feet, situated on a 0.51-acre lot. The property comprises two, two-story buildings, featuring eight 2-bedroom, 1.5-bath townhouses and four 2-bedroom, 1-bath flats, each unit offering 900 square feet of living space. Built in 1981 and 1982 with durable concrete block construction, the property has undergone recent, comprehensive renovations, both cosmetic and mechanical, enhancing its appeal and value. Currently, the complex enjoys an average monthly rent of $1,400 per unit, generating a substantial net operating income (NOI) of $132,037 and a 6.29% cap rate. The asking price is $2,100,000, representing a price per unit of $175,000. Conveniently located in southwest Gainesville near Butler Plaza and the University of Florida, the property benefits from proximity to major retailers, including Target, Walmart, and Publix. The property includes 20 parking spaces, and tenants are responsible for all utilities via individual metering. All units feature washer and dryer hookups. The property's zoning is U9. This is a 1031 exchange eligible property. This prime location and strong financial performance make Oak Terrace Apartments an exceptional addition to any investment portfolio.

Highlights

  • Excellent location in high-growth SW Gainesville, 1.5 miles from University of Florida, near major retailers including Target, Walmart, and Publix.
  • Concrete block construction (1981-1982), recently renovated inside and out.
  • 12 units averaging $1,400/month rent; tenants pay all utilities; washer/dryer hookups; on-site parking.

Property Details for 4251 21St St

Property type
Apartment buildings
Square Feet
10,800 SF
Class
B
Year Built
1981
Buildings
2
Stories
2
Lot Size (sq. ft)
22,216 SF
Units
12

Location Insight

City
Gainesville
County
Alachua
State
Florida
Latitude
29.63274116
Longitude
-82.38870557
4251 21St St, Gainesville, Florida

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4251 21St St
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