| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 66th | Best |
| Demographics | 81st | Best |
| Amenities | 74th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 904 Wavecrest Ave, Indialantic, FL, 32903, US |
| Region / Metro | Indialantic |
| Year of Construction | 1974 |
| Units | 26 |
| Transaction Date | 2022-08-22 |
| Transaction Price | $5,900,000 |
| Buyer | PIER ROCK WAVECREST LLC |
| Seller | JOSEPHINE THORN |
904 Wavecrest Ave Indialantic Multifamily Investment
Stable renter demand is supported by a high-cost ownership market and steady household formation in the surrounding area, according to WDSuite’s CRE market data. Neighborhood occupancy figures are measured at the neighborhood level, not the property, and point to a leasing market that rewards focused operations.
Indialantic’s coastal neighborhood around 904 Wavecrest Ave rates A+ and is competitive among Palm Bay–Melbourne–Titusville neighborhoods (ranked 2 out of 139), with amenity access that is top quartile nationally. Parks and recreation stand out in particular, and everyday needs are supported by solid grocery and pharmacy access compared with many U.S. neighborhoods.
Retail and lifestyle density is a strength: neighborhood cafe and restaurant concentrations sit in the mid‑90s national percentiles, which helps with day‑to‑day livability and resident retention. While school ratings are not available here, investor focus can center on convenience, walkable dining, and beach‑adjacent recreation that typically underpin leasing interest in similar suburban coastal locations.
The property’s 1974 vintage is older than the neighborhood’s average construction year (1981), suggesting potential capital planning and value‑add opportunities. Targeted renovations and systems updates can enhance competitiveness against newer stock without over‑improving beyond neighborhood norms.
Tenure patterns indicate a modest renter concentration at both the neighborhood level (share of housing units that are renter‑occupied) and within a 3‑mile radius, pointing to a defined but not saturated tenant base. Within 3 miles, recent population growth has been modest, and WDSuite’s data projects a near‑term population dip alongside a sizable increase in household counts and smaller average household sizes. For investors, more but smaller households typically expand the renter pool and support occupancy stability even if headcount fluctuates. As part of multifamily property research, note that neighborhood home values are elevated relative to income, which tends to reinforce reliance on rentals and can aid pricing power, while a rent‑to‑income profile around the mid‑20s suggests monitoring affordability to manage retention.
On operations, neighborhood occupancy trends trail stronger parts of the metro, so proactive leasing, renewal strategies, and amenity upgrades can matter more for performance here than in tighter submarkets. That said, strong amenities and beach‑oriented lifestyle fundamentals help sustain demand through cycles, based on WDSuite’s market data.
Neighborhood‑level safety metrics are not available in this dataset from WDSuite, so investors should benchmark crime trends against city and metro averages and emphasize on‑site diligence. A comparative, multi‑year view (rather than single‑period snapshots) is generally more decision‑useful for underwriting and resident‑experience planning.
Nearby corporate offices and distribution nodes help anchor the employment base and support renter demand via commute convenience. The employers below reflect the most relevant drivers for workforce housing and leasing stability in this area.
- Harris — corporate offices (4.5 miles) — HQ
- Space Coast Aflac Region — corporate offices (20.1 miles)
- CVS Distribution Center — distribution (30.4 miles)
904 Wavecrest Ave offers a beach‑adjacent location with strong amenity access and an employment base within practical commuting range. Elevated neighborhood home values relative to income point to a high‑cost ownership environment that typically sustains rental demand, while household counts in the 3‑mile radius are projected to rise even as average household size contracts—factors that can expand the tenant base and support occupancy management. According to CRE market data from WDSuite, neighborhood occupancy trends are softer than the metro’s stronger submarkets, which underscores the role of active leasing and renewal strategies.
Built in 1974, the asset may benefit from targeted value‑add and systems modernization to sharpen competitiveness against younger stock. Amenity‑driven lifestyle appeal (parks, cafes, restaurants) and proximity to anchor employers provide durable demand drivers, provided operations prioritize affordability positioning and resident retention.
- Beach‑proximate location with top‑quartile amenity access that supports retention
- High ownership costs reinforce renter reliance, aiding pricing power
- 1974 vintage offers value‑add and capital planning opportunities
- Employment access to nearby corporate and distribution nodes supports leasing
- Operational focus needed given neighborhood occupancy trails tighter submarkets