| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 57th | Good |
| Demographics | 60th | Good |
| Amenities | 43rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 151 Eber Blvd, Melbourne, FL, 32901, US |
| Region / Metro | Melbourne |
| Year of Construction | 1987 |
| Units | 100 |
| Transaction Date | 2019-10-28 |
| Transaction Price | $14,800,000 |
| Buyer | Bridgewater Apartment Partners LLC |
| Seller | --- |
151 Eber Blvd, Melbourne FL Multifamily Investment
Renter concentration in the surrounding neighborhood is high and supports a deeper tenant base, according to WDSuite's CRE market data. Neighborhood occupancy trends are mid-range, suggesting steady leasing with room for asset-level differentiation.
Situated in Melbourne's inner suburbs, the property sits in a neighborhood rated B+ and is competitive among Palm Bay-Melbourne-Titusville neighborhoods (44 out of 139). Daily needs are supported by strong pharmacy access (ranked 2 of 139 in the metro) and a solid restaurant presence (27 of 139), though immediate cafe, grocery, and park density is limited, so residents typically rely on nearby commercial corridors for those amenities. Average school rating data is not available for this neighborhood.
On pricing and demand, neighborhood median contract rents are competitive within the metro (ranked 40 of 139) and above many neighborhoods nationally (78th percentile), indicating achievable rents with careful positioning. Neighborhood occupancy is mid-range at the area level, while renter-occupied housing comprises a majority share locally (52.4%; 90th percentile), signaling a deeper tenant pool and potential demand stability for multifamily assets.
Within a 3-mile radius, population and household counts have grown in recent years, with additional growth projected by 2028, supporting a larger tenant base and leasing resiliency. Household incomes have also trended higher, and rent levels remain in a range that suggests manageable affordability pressure for many renters, which can aid retention and reduce turnover risk.
Ownership costs in the neighborhood are moderate relative to many higher-cost metros (median home value near the national midpoint; value-to-income around the national middle). This can introduce some competition from entry-level ownership, but the neighborhood's high renter concentration and balanced income mix help sustain steady multifamily demand.
Safety indicators show a mixed profile. According to WDSuite's data, overall crime levels sit below the national midpoint (around the 40th percentile nationally), while violent offense measures are comparatively better (about the 62nd percentile nationally). Property offense levels are near the national median, with a noted recent increase over the past year. Within the metro context, the neighborhood performs around the middle of the pack among 139 neighborhoods.
For investors, this suggests focusing on standard mitigation - lighting, access control, and visible management presence - while monitoring local trends and working with residents and local public-safety resources. Conditions can vary block to block, so property-level practices remain important for tenant retention and leasing stability.
The surrounding employment base combines nearby corporate offices and regional operations that support workforce housing and convenient commutes for renters, including Harris, Space Coast Aflac Region, and CVS Distribution Center.
- Harris - corporate offices (3.0 miles) - HQ
- Space Coast Aflac Region - corporate offices (20.9 miles)
- CVS Distribution Center - corporate offices (28.4 miles)
151 Eber Blvd offers 100 units averaging 1,150 sf in Melbourne's inner-suburban fabric, with neighborhood fundamentals that point to a durable renter base. The area's elevated renter-occupied share supports depth of demand, while mid-range neighborhood occupancy indicates steady leasing with scope for property-level execution to drive results. According to commercial real estate analysis from WDSuite, local pricing sits competitively within the metro and above many neighborhoods nationally, reinforcing achievable rent positioning for a well-managed asset.
Built in 1987, the property is slightly older than the neighborhood average vintage, suggesting potential value-add opportunities through targeted renovations and system updates to improve competitiveness against newer stock. Within a 3-mile radius, population and household growth - along with projected gains through 2028 - signal a larger tenant base that can support occupancy stability. Affordability metrics are manageable at the neighborhood level, which can aid retention, though investors should monitor recent increases in property offenses and cyclical pressures in parts of the regional employment mix.
- High renter concentration supports a deeper tenant base and leasing durability
- Competitive neighborhood rent positioning with room for asset-level differentiation
- 1987 vintage offers value-add potential through modernization
- Risks: monitor property offense trends and cyclical exposure in the regional employment mix