| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 34th | Poor |
| Demographics | 63rd | Good |
| Amenities | 41st | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1350 Tradition Cir, Melbourne, FL, 32901, US |
| Region / Metro | Melbourne |
| Year of Construction | 2006 |
| Units | 27 |
| Transaction Date | 2007-03-23 |
| Transaction Price | $27,200,000 |
| Buyer | GRAY PROPERTY 4104 LLC |
| Seller | MELBOURNE APARTMENT ASSOCIATES I LLC |
1350 Tradition Cir Melbourne 27-Unit Multifamily Opportunity
2006 vintage in a growing Melbourne corridor, with neighborhood renter demand supported by nearby employers and 3-mile demographic expansion, according to WDSuite’s CRE market data.
The property sits in Melbourne, Florida’s Brevard County, where a 2006 construction date positions the asset newer than much of the surrounding stock (neighborhood average vintage skews to the 1980s). For investors, that generally means stronger competitive positioning versus older buildings, while planning for mid-life systems updates and selective modernization can protect future NOI.
Livability signals are mixed but serviceable for workforce housing. Restaurant and pharmacy access track near or modestly above national midpoints, while cafe and park density are limited; investors should underwrite convenience as adequate rather than a leasing driver. Average school ratings in the neighborhood test in the top quartile nationally, a supportive factor for family renters seeking stability.
Demand context is constructive. Within a 3-mile radius, population and household counts have grown and are projected to expand further over the next five years, implying a larger tenant base and supporting occupancy stability for well-positioned assets. Neighborhood-level tenure shows a meaningful share of renter-occupied housing units, indicating an established renter pool, while 3-mile data shows a sizable renter concentration alongside rising incomes and rents.
Ownership costs in the immediate neighborhood are comparatively more accessible relative to many U.S. markets, which can create some competition with entry-level ownership. At the same time, rent-to-income readings point to manageable affordability pressure locally, suggesting room for disciplined revenue management and lease retention without overreliance on outsized rent growth.
Safety indicators are mixed and should be evaluated with current local data. The neighborhood ranks below the metro median for overall crime among 139 Palm Bay–Melbourne–Titusville neighborhoods, while national comparisons show violent-offense risk trending slightly safer than average and property-offense readings weaker than average. These metrics describe neighborhood-level conditions, not the property itself, and investors may want to incorporate enhanced lighting, access controls, and resident engagement to support retention.
Proximity to established employers supports commute convenience and broadens the renter base, led by defense and technology operations, insurance services, and regional distribution noted below.
- Harris — defense & technology (0.8 miles) — HQ
- Space Coast Aflac Region — insurance (18.3 miles)
- CVS Distribution Center — logistics & distribution (31.1 miles)
Built in 2006 with 27 units, the asset offers a relatively newer vintage versus much of the surrounding neighborhood stock, creating a competitive edge on operations and curb appeal. Within a 3-mile radius, population and household growth trends point to renter pool expansion and support for occupancy stability, while neighborhood school quality and nearby employment anchors add to day-to-day leasing fundamentals. Based on commercial real estate analysis from WDSuite, local rents and incomes have been rising, which favors disciplined revenue management.
Key considerations include a neighborhood crime profile that is mixed versus metro and national benchmarks and amenity density that is adequate but not a leasing differentiator. Ownership remains relatively accessible locally, which can introduce competition from for-sale options; however, manageable rent-to-income dynamics and proximity to employers should help sustain demand. Mid-life systems planning and targeted upgrades can unlock value-add potential without overcapitalizing.
- 2006 construction offers competitive positioning versus older neighborhood stock with measured capex needs
- 3-mile population and household growth expand the tenant base and support leasing
- Nearby employers (defense/tech, insurance, distribution) underpin renter demand and retention
- Rising local rents and incomes enable disciplined revenue management
- Risks: mixed neighborhood safety signals, modest amenity density, and competition from accessible ownership