| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 57th | Good |
| Demographics | 33rd | Poor |
| Amenities | 56th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 100 E University Blvd, Melbourne, FL, 32901, US |
| Region / Metro | Melbourne |
| Year of Construction | 1977 |
| Units | 29 |
| Transaction Date | 2011-08-24 |
| Transaction Price | $3,120,000 |
| Buyer | TOPAZ VILLAGE MELBOURNE TIC 1 LLC |
| Seller | MELBOURNE 86 LLC |
100 E University Blvd Melbourne Multifamily Investment
Renter demand is supported by a high neighborhood renter-occupied share and a high-cost ownership landscape, according to WDSuite’s CRE market data. Neighborhood occupancy trends reflect stable leasing conditions at the neighborhood level, not this specific property.
Positioned in Melbourne’s inner suburb, the property sits in a neighborhood rated B- and ranked 70 out of 139 metro neighborhoods, indicating performance around the metro median. Neighborhood occupancy is 88.6% with modest improvement over five years, suggesting steady leasing conditions at the neighborhood level (this refers to neighborhood occupancy, not the property).
Livability is shaped by strong park access (ranked 8 of 139; 95th percentile nationally) and a competitive restaurant mix (28 of 139; 81st percentile nationally). Childcare density is also comparatively strong (20 of 139; 78th percentile nationally). However, the area has very limited cafes and grocery options by square mile (both ranked 139 of 139), an operational consideration for resident convenience and retention.
The building was constructed in 1977, slightly newer than the neighborhood’s average vintage (1971). For investors, this typically offers relative competitiveness versus older stock, while still warranting attention to aging systems and targeted modernization for value-add positioning.
Tenure patterns show a high renter-occupied share (54%; 7 of 139 in the metro and 91st percentile nationally), signaling a deep tenant base and potential demand stability for multifamily. Within a 3-mile radius, demographics indicate recent population growth with further increases in population and households projected by mid-decade, supporting a larger renter pool over time. Median contract rents in the 3-mile area have been rising, reinforcing revenue potential when paired with careful lease management.
Ownership costs are elevated relative to local incomes (value-to-income ratio at the 96th national percentile), which tends to reinforce reliance on multifamily rentals and can support pricing power. At the same time, a higher rent-to-income ratio at the neighborhood level suggests affordability pressure for some renter households, a factor for renewal strategy and concessions planning.
Safety metrics indicate the neighborhood sits near the middle of the pack within the Palm Bay–Melbourne–Titusville metro (crime rank 71 out of 139 neighborhoods), while comparing below many neighborhoods nationally (19th percentile for safety). These are area-level indicators and should not be interpreted as block-level conditions.
Recent year crime readings show notable volatility in both property and violent offense rates at the neighborhood level. For underwriting, investors may wish to track trend direction and engage with local data sources over multiple periods to assess whether recent fluctuations normalize or persist.
Nearby employment nodes include defense and aerospace, insurance, and logistics, offering commute convenience that can aid leasing and retention for workforce-oriented units.
- Harris — defense & aerospace HQ (2.2 miles) — HQ
- Space Coast Aflac Region — insurance (20.0 miles)
- CVS Distribution Center — logistics & distribution (29.4 miles)
This 29-unit asset at 100 E University Blvd benefits from a renter-heavy neighborhood, steady neighborhood occupancy, and an ownership market where elevated home values relative to incomes tend to sustain reliance on rentals. According to CRE market data from WDSuite, the neighborhood’s occupancy has inched up over five years and the renter-occupied share is high versus the metro and nation, supporting demand depth for multifamily.
Built in 1977, the property is slightly newer than the local average vintage, offering competitive positioning versus older stock while still presenting potential for targeted capital improvements. Within a 3-mile radius, recent population growth and projected increases in both population and households point to a larger tenant base that can support occupancy stability and leasing velocity over time. Amenity access is strongest in parks, restaurants, and childcare, while limited cafe and grocery density is an operational consideration for resident convenience.
- High renter-occupied share signals a deep tenant base and supports leasing stability.
- Neighborhood occupancy has trended stable, underpinning income consistency at the area level.
- 1977 vintage offers relative competitiveness with scope for value-add modernization.
- Elevated ownership costs relative to incomes reinforce multifamily demand and pricing power potential.
- Risks: affordability pressure (higher rent-to-income at the neighborhood level), limited cafe/grocery density, and recent safety metric volatility warrant monitoring and proactive management.