| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 51st | Poor |
| Demographics | 42nd | Fair |
| Amenities | 61st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 709 E Melbourne Ave, Melbourne, FL, 32901, US |
| Region / Metro | Melbourne |
| Year of Construction | 1986 |
| Units | 20 |
| Transaction Date | 1993-10-25 |
| Transaction Price | $700,000 |
| Buyer | CREEKSIDE BREVARD LLC |
| Seller | EXCELL SALES INC |
709 E Melbourne Ave, Melbourne FL Multifamily Investment
Renter demand is reinforced by a high neighborhood renter-occupied share and convenience retail density, according to WDSuite’s CRE market data. Occupancy performance sits around the metro median, pointing to stable but competitive leasing conditions.
The property sits in an Inner Suburb of Melbourne with an A- neighborhood rating and ranks 33 out of 139 within the Palm Bay–Melbourne–Titusville metro—top quartile among 139 metro neighborhoods. Amenity access is a clear strength: restaurants, cafes, groceries, parks, and pharmacies all index well versus national peers, supporting day-to-day convenience that helps with leasing and retention.
Neighborhood renter-occupied share is high (ranked 5 out of 139; high nationally), signaling a deep tenant base for multifamily. For investors, this generally supports demand durability and reduces lease-up risk, though it can also intensify competition among comparable assets during new supply waves.
Demographics aggregated within a 3-mile radius indicate population and household growth with a larger working-age cohort expected by 2028. Rising median incomes at the 3-mile level and continued household formation point to a broader tenant pool and support for occupancy stability. Based on CRE market data from WDSuite, median asking rents in the area have trended upward and are projected to continue rising, which underscores the importance of revenue management and renewal strategies.
Home values in the immediate neighborhood are elevated relative to local incomes (high value-to-income ratio; top decile nationally), which tends to sustain reliance on rental housing and can bolster pricing power for well-positioned assets. At the same time, a rent-to-income ratio near one-quarter suggests moderate affordability pressure; proactive retention and amenity positioning remain relevant for minimizing turnover.
Vintage context: the average neighborhood construction year is 1971. This asset’s 1986 vintage is newer than much of the local stock, providing competitive positioning against older buildings while still warranting targeted capital planning for systems and common areas to support rent growth and resident retention.
Safety indicators are mixed and should be monitored. The neighborhood’s crime ranking sits near mid-pack locally (73 out of 139 metro neighborhoods), while national comparisons place the area below average on safety (around the lower quintiles nationally). Property-related incidents have shown recent volatility, whereas violent-offense measures track closer to national mid-range. For investors, this argues for practical measures such as lighting, access control, and community engagement to support retention and minimize non-revenue downtime.
Nearby employers span defense & aerospace, insurance services, and distribution—supporting a diversified renter base and commute convenience for workforce housing. The list below highlights key anchors by proximity: Harris, Space Coast Aflac Region, and CVS Distribution Center.
- Harris — defense & aerospace (2.2 miles) — HQ
- Space Coast Aflac Region — insurance services (19.5 miles)
- CVS Distribution Center — logistics & distribution (30.0 miles)
709 E Melbourne Ave offers a 1986-vintage, small-scale multifamily opportunity positioned in a renter-heavy neighborhood with strong convenience amenities. Relative to the local stock average year of 1971, the asset’s vintage can be competitive versus older buildings, with value-add potential through targeted modernization. According to CRE market data from WDSuite, neighborhood occupancy trends sit around the metro median and the renter concentration is high, supporting demand depth while reinforcing the need for differentiated finishes and management to capture pricing.
Three-mile demographics point to population and household growth through 2028, broadening the tenant pool and supporting leasing stability. Elevated ownership costs in the immediate area further sustain reliance on rental housing, while upward rent trends underscore the importance of expense control, renewal strategies, and capital planning to protect NOI.
- High renter-occupied share supports demand depth and leasing velocity
- 1986 vintage offers relative competitiveness with value-add/modernization upside
- Amenity-rich location (food, parks, groceries) aids retention and rent positioning
- 3-mile population and household growth expands the tenant base through 2028
- Risk: safety metrics track below national averages; active property management and controls recommended