10/19/2024
******* OFF-MARKET UNDER CONTRACT *****
Gainesville 360 Units Multi-Family, 2000 Build, Value-Add!
I’m excited to share Hideaway Gainesville, a 360-unit, 1,115-bed student housing property strategically located near the University of Florida. This asset is not only positioned in a resilient market but also offers significant value-add potential that can drive Net Operating Income (NOI) growth and enhance overall property value.
Property Overview:
Location: 2800 SW Williston Road, Gainesville, FL 32608
Units: 360 units with 1,115 beds
Year Built: 2000
Leased Occupancy: 91.7%
Average Effective Rent: $621 per bed, $1.34 per square foot
Gross Rent: $7M+
NOI: $3.5M+
PURCHASE PRICE $60M
Cap Rate 6.1%
Why This Investment Stands Out:
Strong Market Fundamentals:
Gainesville’s student housing market consistently boasts occupancy rates over 95%.
The University of Florida’s continuous growth, with over 55,000 students enrolled annually, provides a stable and expanding tenant base.
Proven Value-Add Opportunities:
Unit Upgrade Program: 215 units are still available for upgrades, capturing an additional $48 per bed, translating to $123,840 in annual income.
Cable Service Elimination: Focusing solely on high-speed internet can save $72,400 annually.
Technology Fee Adjustment: Raising the tech fee from $7 to $10 per bed could generate an extra $36,000 annually.
Capital Improvements:
Recent investments in unit renovations, clubhouse upgrades, and common area improvements provide a strong foundation for further growth without extensive capital outlays.
Additional Revenue Streams:
Parking Income: Premium/reserved options can add $10,000 - $15,000 annually.
Amenity Monetization: Opportunities to generate revenue from the resort-style pool, fitness center, and event rentals.
Value-Add Strategy Overview:
Complete Unit Upgrades: Capture $123,840 in additional annual rent.
Reduce Cable Expenses: Save $72,400 annually by focusing on high-speed internet.
Increase Technology Fee: Gain $36,000 in extra revenue.
Optimize Parking Income: Generate an extra $10,000 - $15,000 annually.
Energy Efficiency Upgrades: Smart thermostats and LED lighting can save $20,000 - $40,000 annually.
Pet-Friendly Policies: Generate $15,000 - $25,000 annually through pet fees
****** PLEASE DM ONLY POSTING TO SEVERAL MULTI-FAMILY GROUPS ******* GRACIAS HAVE AN AMAZING SABBATH.
