| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 51st | Poor |
| Demographics | 42nd | Fair |
| Amenities | 61st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 700 Carolin St, Melbourne, FL, 32901, US |
| Region / Metro | Melbourne |
| Year of Construction | 2006 |
| Units | 24 |
| Transaction Date | 2009-07-24 |
| Transaction Price | $60,000 |
| Buyer | TT OF INDIAN RIVER INC |
| Seller | MANATEE COVE LTD |
700 Carolin St Melbourne Multifamily Investment
Investor focus: strong renter demand supported by a high neighborhood renter-occupied share and steady household growth, according to WDSuite’s CRE market data. Neighborhood metrics referenced here (e.g., renter share and occupancy) reflect area conditions, not this specific property.
Positioned in Melbourne’s inner-suburb fabric, the area surrounding 700 Carolin St scores an A- neighborhood rating (33 of 139 in the Palm Bay–Melbourne–Titusville metro), indicating competitive livability and demand drivers versus local peers. Amenity access is a clear strength: restaurants, cafes, parks, groceries, and pharmacies rank competitive among Palm Bay–Melbourne–Titusville neighborhoods and place in the top quartile nationally, supporting day-to-day convenience that can aid retention and leasing.
The neighborhood’s housing stock skews older (average vintage 1971), while this asset was built in 2006. Newer construction than the neighborhood norm can enhance competitive positioning, though investors should still plan for mid-life system updates and modernization to meet renter expectations.
Renter demand depth is notable: the neighborhood shows a high concentration of renter-occupied housing units (ranked 5 of 139; top decile locally), which typically supports a larger tenant base and more consistent leasing. Neighborhood occupancy trends sit near the metro middle, suggesting stable but competitive conditions where thoughtful operations drive performance.
Within a 3-mile radius, demographics point to a growing tenant pool. Population increased about 9–10% over the last five years with households also expanding, and WDSuite’s data projects further population growth of roughly 19% alongside a sizable increase in households by 2028 — conditions that can reinforce demand for rental units and support occupancy stability. Income levels have been rising, and the area exhibits a high-cost ownership market relative to incomes (value-to-income ratio ranks in the top decile locally), which tends to sustain reliance on multifamily rentals and can support pricing power when managed carefully.
Affordability for renters appears manageable in the neighborhood context (rent-to-income around one-quarter), but operators should monitor rent-to-income trends for lease management and renewal risk. Childcare access is thin locally, which may modestly influence demand from some family households; however, the strong showing in parks and daily amenities helps balance livability.
Neighborhood safety conditions benchmark near the metro middle (crime rank 73 of 139) and below the national average (national safety percentile in the lower quintiles). For investors, this implies routine but manageable risk considerations typical of inner-suburb locations — prudent lighting, access controls, and resident engagement can help support perceptions and retention.
Recent neighborhood data indicate a sharp year-over-year increase in property offenses and an uptick in violent offenses, emphasizing the importance of ongoing monitoring and proactive site management. These figures describe neighborhood-level trends rather than any specific incident at the property.
Nearby employers provide a diversified employment base that supports workforce housing demand and commute convenience, including Harris, Space Coast Aflac Region, and a CVS Distribution Center.
- Harris — technology and communications (1.8 miles) — HQ
- Space Coast Aflac Region — insurance (18.5 miles)
- CVS Distribution Center — distribution and logistics (31.1 miles)
This 24-unit multifamily asset, built in 2006, is newer than the surrounding neighborhood’s average vintage and can position competitively versus older stock, while still warranting mid-life capital planning. Demand fundamentals are supported by a high neighborhood share of renter-occupied housing units and stable, near-metro-median occupancy. According to CRE market data from WDSuite, the area’s amenity access ranks competitively in the metro and in the top quartile nationally, aiding leasing and retention.
Within a 3-mile radius, population and household counts have grown and are projected to expand further through 2028, pointing to a larger tenant base over time. The ownership market skews higher cost relative to incomes in the neighborhood data, which typically sustains rental demand and can support pricing power. Operators should balance this with rent-to-income management to reduce renewal risk and maintain occupancy stability.
- Newer 2006 vintage versus neighborhood average supports competitive positioning with planned mid-life upgrades
- High neighborhood renter-occupied share points to a deep tenant base and consistent leasing
- Strong amenity access and commute proximity to major employers support retention
- Growing 3-mile population and households expand future renter pool and occupancy durability
- Risk: neighborhood safety trends warrant monitoring and proactive property management