| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 54th | Fair |
| Demographics | 48th | Fair |
| Amenities | 24th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1018 Malabar Lakes Dr NE, Palm Bay, FL, 32905, US |
| Region / Metro | Palm Bay |
| Year of Construction | 1986 |
| Units | 112 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1018 Malabar Lakes Dr NE Palm Bay Multifamily Investment
Positioned in a suburban Palm Bay corridor, the asset benefits from a growing 3-mile renter base and a high-cost ownership market that supports sustained apartment demand, according to WDSuite’s CRE market data. Neighborhood-level occupancy and rent metrics indicate room for operational outperformance through disciplined leasing and targeted upgrades.
Palm Bay’s suburban setting offers everyday convenience rather than destination retail. Grocery access is a relative strength (high density versus neighborhoods nationwide), while parks, pharmacies, and cafes are limited nearby. For investors, this translates to dependable, necessity-driven traffic with fewer lifestyle anchors to differentiate properties.
Neighborhood performance is mixed compared with the Palm Bay–Melbourne–Titusville metro. Overall ranking sits below the metro median among 139 neighborhoods, and neighborhood occupancy is also below the metro median, signaling competitive leasing conditions. At the same time, the local renter concentration is moderate, and restaurant availability is competitive nationally, supporting day-to-day livability for residents.
Demographic indicators within a 3-mile radius point to population and household growth, with median incomes rising alongside steady renter-occupied share. This combination suggests a larger tenant base over time and supports occupancy stability as more households enter higher income brackets. Rising contract rents at the 3-mile level align with this trend, reinforcing potential for measured rent growth rather than rapid concessions-driven leasing.
Ownership costs are elevated relative to incomes in the neighborhood (high national percentile for value-to-income), which typically sustains reliance on multifamily housing. Meanwhile, rent-to-income levels are comparatively manageable, which can aid lease retention and reduce turnover risk—an attractive profile in commercial real estate analysis when paired with thoughtful asset management.
Safety indicators compare favorably to national norms, with the neighborhood positioned above the national average for overall safety. Recent year-over-year estimates show meaningful declines in both violent and property offenses, suggesting an improving trend for the area. As always, investors should underwrite to submarket-level variability and monitor ongoing trends rather than block-level assumptions.
The immediate area draws on a diversified employment base that underpins workforce housing demand and commute convenience, led by technology/defense, insurance, and distribution employers listed below.
- Harris — technology & defense (5.0 miles) — HQ
- Space Coast Aflac Region — insurance (22.8 miles)
- CVS Distribution Center — distribution (26.5 miles)
This 112-unit property offers operational scale in a Palm Bay neighborhood where 3-mile population and household growth are expanding the tenant base. According to CRE market data from WDSuite, neighborhood occupancy sits below the metro median, but rising incomes and persistent renter reliance on apartments in a high-cost ownership context support steady leasing when paired with active management.
Built in 1986, the asset likely benefits from value-add potential through system modernization and targeted interior upgrades to strengthen competitive positioning against newer stock. Nearby necessity retail and access to regional employers provide a practical foundation for retention, while measured rent-to-income levels help support lease durability.
- Expanding 3-mile renter pool and income growth support demand and occupancy stability.
- 1986 vintage presents value-add and capital planning opportunities to drive NOI.
- Elevated ownership costs versus incomes reinforce renter reliance on multifamily housing.
- Proximity to technology/defense, insurance, and distribution employers supports leasing and retention.
- Risk: neighborhood occupancy is below the metro median; performance depends on proactive leasing and asset upgrades.