| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 59th | Best |
| Demographics | 44th | Fair |
| Amenities | 23rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 370 NW 146th Dr, Newberry, FL, 32669, US |
| Region / Metro | Newberry |
| Year of Construction | 2003 |
| Units | 100 |
| Transaction Date | 2002-06-04 |
| Transaction Price | $704,000 |
| Buyer | BROOKSIDE PARTNERS LTD |
| Seller | --- |
370 NW 146th Dr, Newberry, FL Multifamily Investment
Neighborhood occupancy trends appear steady and around the metro median, while a relatively low renter-occupied share signals a thinner but stable tenant base, according to WDSuite’s CRE market data.
Rated B+ and ranked 35 of 114 within the Gainesville metro, the neighborhood is competitive among Gainesville neighborhoods. The setting is suburban with a generally newer housing stock across the area, supporting curb appeal and tenant expectations for contemporary finishes and community features.
Occupancy for the neighborhood is above the metro median, reinforcing near-term stability for lease-up and renewals. Renter-occupied housing accounts for a small share locally, which implies a narrower renter pool; for investors, that typically requires sharper marketing and amenity positioning but can support retention once households are in place.
Within a 3-mile radius, population and household counts have expanded meaningfully and are projected to continue growing, pointing to a larger tenant base over the next five years. Median household incomes in the area sit in the upper range nationally, and the neighborhood’s rent-to-income ratio is moderate, a combination that can support pricing power without undue affordability pressure. Home values are elevated relative to many U.S. neighborhoods, which tends to sustain reliance on rental options and supports demand depth for multifamily.
Amenity access skews limited for daily-needs retail, cafes, and pharmacies, while parks and open space access is comparatively better. For investors, this mix suggests a value on on-site conveniences and community programming to offset lighter retail density nearby, a common feature in suburban nodes. These dynamics are consistent with what WDSuite’s commercial real estate analysis shows for similar suburban neighborhoods nationally.
Relative to U.S. neighborhoods, the area benchmarks above the national midpoint for safety, and recent WDSuite indicators point to notable one-year improvement in both violent and property offense rates. Compared with the 114 neighborhoods across the Gainesville metro, the neighborhood’s position is mid-pack to better on property offenses, with trending declines that reduce downside risk if sustained.
Safety can vary by block and over time; investors typically focus on multi-year direction and comparative metrics. Here, the combination of above-average national standing and improving year-over-year trends supports leasing stability narratives, while ongoing monitoring remains prudent.
Built in 2003, the asset is somewhat older than the surrounding neighborhood’s largely post-2015 inventory, creating clear value-add angles through targeted interior upgrades and systems modernization. Occupancy at the neighborhood level sits above the metro median, and, based on CRE market data from WDSuite, rent-to-income levels appear manageable — factors that can underpin renewal rates and measured rent growth.
Demand drivers are supported by strong 3-mile household and population growth, with projections indicating continued expansion and a growing renter pool. While the local renter-occupied share is comparatively low, elevated ownership costs and rising incomes help sustain multifamily demand. Neighborhood NOI per unit trends are around the national midrange, aligning with a thesis focused on steady operations plus renovation-driven upside, while keeping an eye on competition from newer deliveries.
- Above-metro neighborhood occupancy supports near-term leasing stability
- 2003 vintage offers value-add potential versus newer local stock
- Strong 3-mile household growth points to a larger future renter base
- Moderate rent-to-income levels and elevated home values support pricing power
- Risk: owner-heavy area and newer competitive supply require careful amenity and pricing strategy