| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 55th | Fair |
| Demographics | 16th | Poor |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3311 S Babcock St, Melbourne, FL, 32901, US |
| Region / Metro | Melbourne |
| Year of Construction | 2013 |
| Units | 43 |
| Transaction Date | --- |
| Transaction Price | $215,000 |
| Buyer | NSH MELBOURNE LLC |
| Seller | SOCIETY OF THE DIVINE SAVIOR |
3311 S Babcock St Melbourne Multifamily Opportunity
Renter demand is supported by a higher neighborhood renter-occupied share, according to WDSuite’s CRE market data, while occupancy trends suggest hands-on leasing and renewal management. The 2013 vintage positions the asset competitively versus older local stock.
Located in Melbourne’s inner suburb of Brevard County, the area around 3311 S Babcock St skews more renter-occupied than many neighborhoods, indicating deeper tenant pools and potential demand resilience for multifamily. Neighborhood occupancy has improved over the past five years, though current levels trail stronger parts of the metro, so operators should plan for active leasing and retention to stabilize.
Amenity density within the immediate neighborhood is limited relative to both the metro and national benchmarks, with few cafes, groceries, or parks nearby. This can temper walkability-driven appeal but also positions on-site features, parking, and quick arterial access as practical leasing advantages for value-focused renters.
The property’s 2013 construction is newer than the neighborhood average vintage (late 1980s), offering a competitive edge versus older stock. Investors can emphasize contemporary layouts and building systems while still planning for mid-cycle refreshes to sustain absorption and renewals.
Within a 3-mile radius, demographics show population and household growth historically, with forecasts pointing to further population expansion and a larger household base by 2028. This broader-market growth supports a larger tenant base and can underpin occupancy stability, particularly for well-managed assets offering reliable operations and fair-value positioning.
Ownership costs in the neighborhood test higher relative to local incomes by national comparisons, which tends to reinforce reliance on multifamily housing and supports renter retention. At the same time, rent-to-income levels indicate some affordability pressure for renters, suggesting thoughtful lease management and renewal strategies will be important to sustain pricing power without eroding retention.
Neighborhood safety sits below national averages, landing in a lower national percentile compared with U.S. neighborhoods overall. Recent year-over-year shifts in both property and violent offense estimates indicate volatility, so investors should underwrite with current comps and monitor trend direction rather than relying on older baselines.
At the metro level (Palm Bay–Melbourne–Titusville), the neighborhood’s safety standing is not among the leaders, and conditions can vary by corridor and time of day. Standard measures—good lighting, access control, and resident engagement—can help support retention and leasing in line with competitive properties nearby.
Proximity to established employers supports workforce housing dynamics and commute convenience for renters, including Harris, Space Coast Aflac Region, and the CVS Distribution Center.
- Harris — technology and defense (2.5 miles) — HQ
- Space Coast Aflac Region — insurance offices (20.3 miles)
- CVS Distribution Center — logistics and distribution (29.1 miles)
This 43-unit, 2013-vintage asset offers a newer product profile in a neighborhood with a comparatively high share of renter-occupied housing units. Based on CRE market data from WDSuite, neighborhood occupancy has improved in recent years but remains below stronger parts of the metro, making experienced leasing, targeted concessions, and resident retention programs key to performance.
The broader 3-mile radius shows population and household growth historically with further expansion forecast, supporting a larger tenant base over the medium term. Elevated ownership costs relative to incomes help sustain multifamily demand, while rent-to-income levels point to potential affordability pressure—suggesting measured rent strategies and service-led retention to maintain occupancy and cash flow.
- 2013 construction offers competitive positioning versus older local stock with moderate near-term capex needs.
- Higher neighborhood renter-occupied share indicates depth of tenant demand for multifamily.
- 3-mile population and household growth expand the renter pool, supporting lease-up and renewals.
- Elevated ownership costs relative to incomes reinforce reliance on rentals, aiding retention.
- Risks: below-national-average safety, amenity scarcity, and neighborhood occupancy softness warrant active management and conservative underwriting.