| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 57th | Good |
| Demographics | 42nd | Fair |
| Amenities | 56th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2420 Central Park Dr, Melbourne, FL, 32935, US |
| Region / Metro | Melbourne |
| Year of Construction | 1983 |
| Units | 120 |
| Transaction Date | 2016-06-30 |
| Transaction Price | $11,500,000 |
| Buyer | West Shore Equity |
| Seller | Central Park Multifamily Partners LLC |
2420 Central Park Dr Melbourne Multifamily Investment
Neighborhood data points to steady renter demand supported by strong everyday amenities and a renter-occupied housing share that is elevated versus many U.S. neighborhoods, according to WDSuite’s CRE market data. Investors should weigh this demand depth against softer neighborhood occupancy to calibrate underwriting and lease-up assumptions.
The property sits in an Inner Suburb of Melbourne with a B-rated neighborhood profile (ranked 54 among 139 metro neighborhoods), indicating competitive positioning within the metro. Dining and daily-needs access are clear strengths: restaurant density is in the top quartile nationally, with grocery access also in the top quartile, and cafes similarly strong. These amenity concentrations support leasing convenience and day-to-day livability important for tenant retention.
Neighborhood tenure skews toward renter-occupied housing at the neighborhood level, with renter concentration above many U.S. areas. For investors, a deeper renter base can help sustain leasing velocity and renewal opportunities, though pricing power should still be aligned with local income bands and product quality.
Within a 3-mile radius, households have grown modestly in recent years and are projected to expand further, with smaller average household sizes over time. This dynamic typically supports multifamily demand by broadening the tenant pool and reinforcing occupancy stability for well-managed assets. Median contract rents in the neighborhood sit above the national midpoint, which suggests positioning that can capture demand from working households while rewarding differentiation on finishes and management.
Ownership costs in the area trend relatively high compared with incomes (value-to-income measures are elevated nationally), which tends to sustain reliance on rental housing and can support lease retention for competitively priced units. School ratings trail national averages, so investor strategies may benefit from emphasizing convenience, service quality, and community programming to offset that softer family-demand signal.
Safety indicators for the neighborhood track below national averages (national safety percentiles are on the lower side), and metro comparisons place the area below the metro median among the 139 neighborhoods tracked. Recent year-over-year changes show volatility in both property and violent offense estimates, underscoring the need for prudent security planning and active operations management.
For underwriting and asset management, investors often account for these conditions through measures such as lighting, access controls, and partnership with local law enforcement, and by aligning marketing toward renter segments that value the strong amenity access and commute convenience found here.
The employment base nearby includes defense/aerospace, insurance, and distribution, which can support renter demand through commute convenience and a diversified white-collar and operations workforce. Specifically, the area draws from Harris, Space Coast Aflac Region, and the CVS Distribution Center.
- Harris — defense & aerospace (4.0 miles) — HQ
- Space Coast Aflac Region — insurance (13.9 miles)
- CVS Distribution Center — distribution (35.4 miles)
Positioned in a B-rated Inner Suburb with top-quartile access to restaurants and groceries, this 120-unit asset benefits from neighborhood fundamentals that favor day-to-day convenience and tenant retention. A higher renter-occupied share at the neighborhood level signals depth in the tenant base, while ownership costs relative to income point to continued reliance on multifamily. Neighborhood occupancy trends sit below metro norms, so returns will hinge on disciplined leasing, competitive finishes, and strong management to capture demand.
According to CRE market data from WDSuite, the 3-mile radius shows stable population with projected household growth and smaller average household sizes over time—factors that typically expand the renter pool and support occupancy stability for well-positioned assets. Balancing these tailwinds are softer school ratings and below-average safety percentiles, which argue for operational focus on community standards, lighting/security, and service quality.
- Amenity-rich Inner Suburb with top-quartile restaurant and grocery access supporting leasing and retention
- Elevated renter-occupied share at the neighborhood level indicates tenant-base depth for multifamily
- 3-mile outlook shows household growth and smaller sizes, expanding the renter pool and supporting occupancy
- Ownership costs vs. income reinforce rental demand, aiding renewal strategies and pricing discipline
- Risks: below-metro occupancy, lower school ratings, and safety metrics require proactive operations and security planning