| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Good |
| Demographics | 51st | Fair |
| Amenities | 32nd | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1880 Mogra Cir NE, Palm Bay, FL, 32905, US |
| Region / Metro | Palm Bay |
| Year of Construction | 2007 |
| Units | 24 |
| Transaction Date | 2017-04-03 |
| Transaction Price | $8,349,700 |
| Buyer | MOGRA CIRCLE LLC |
| Seller | VILLAS AT PALM BAY LLC |
1880 Mogra Cir NE Palm Bay Multifamily Investment
Neighborhood occupancy is steady and renter demand is deep for this inner-suburb location, according to WDSuite’s CRE market data. Newer construction relative to the area supports competitive positioning while keeping capital plans focused on targeted modernization rather than full repositioning.
Located in Palm Bay’s inner suburbs, the property benefits from everyday convenience and a tenant base oriented toward renting. Neighborhood occupancy is stable around the low-90s, and renter-occupied housing is a large share of local units, indicating a deeper pool of prospective tenants and potential support for lease stability.
Retail convenience skews practical: grocery access is a standout locally, with stores concentrated nearby, and restaurant density is competitive for the metro. Parks, pharmacies, and cafes are less concentrated in the immediate area, so the amenity mix is more necessity-driven than lifestyle-driven. For investors, this can translate to consistent, needs-based traffic rather than destination retail dependence.
The building’s 2007 vintage is newer than the neighborhood’s typical 1980s housing stock. That positioning can enhance leasing competitiveness versus older properties, though investors should plan for mid-life system updates and selective unit refreshments to sustain rentability.
Within a 3-mile radius, population and household counts have grown and are projected to continue increasing over the next five years, expanding the local renter pool and supporting occupancy. Median contract rents in the area have risen from prior periods and are forecast to advance further, while household incomes have also trended higher, which together can underpin rent growth potential and leasing velocity, based on CRE market data from WDSuite.
Ownership costs in the neighborhood are relatively accessible compared with many U.S. markets, which can introduce some competition from entry-level ownership. At the same time, rent-to-income levels suggest pockets of affordability pressure; thoughtful lease management and amenity-value alignment can help support retention.
Safety indicators show a mixed but improving picture. The neighborhood’s crime rank is 16 out of 139 metro neighborhoods, a weaker showing locally, yet it sits around the mid-60s nationally by percentile, indicating comparatively better standing versus many U.S. neighborhoods.
Recent trends are directionally positive: both violent and property offense rates have declined year over year, with improvement measures placing the area among stronger improvers metro-wide and nationally. Investors should still underwrite with standard operating assumptions for a working suburban location, but the downward trend offers a constructive signal.
Nearby employers span aerospace and communications, insurance services, and regional logistics—supporting a broad workforce renter base and commute-friendly housing demand for this Palm Bay location.
- Harris — aerospace & communications (3.7 miles) — HQ
- Space Coast Aflac Region — insurance (21.6 miles)
- CVS Distribution Center — distribution & logistics (27.8 miles)
This 2007-vintage, 24-unit asset sits in a renter-heavy neighborhood with steady occupancy and practical retail access—conditions that support day-to-day leasing durability. The property is newer than most nearby stock, which can translate to competitive positioning versus 1980s-era comparables, while still benefiting from targeted modernization to drive rentability and renewal capture.
Within a 3-mile radius, population and household growth, together with rising incomes and forecast rent gains, point to a larger tenant base and support for occupancy stability. According to CRE market data from WDSuite, the area’s amenity mix favors necessities (notably grocery) over lifestyle features, aligning with workforce-driven demand. Underwriting should account for rent-to-income pressures and some competition from entry-level ownership, balanced by the neighborhood’s high renter concentration.
- Newer 2007 construction versus local 1980s stock supports competitive positioning with selective value-add to refresh systems and finishes.
- Renter-heavy neighborhood and stable occupancy indicate depth of tenant demand and potential lease retention.
- Practical amenity base—with strong grocery access—aligns with workforce housing fundamentals and day-to-day convenience.
- 3-mile growth in households and incomes, alongside forecast rent gains, supports occupancy stability and pricing power over time.
- Risks: rent-to-income pressure and accessible ownership options require disciplined lease management and amenity-value alignment.