| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 57th | Good |
| Demographics | 40th | Poor |
| Amenities | 11th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4700 Dixie Hwy NE, Palm Bay, FL, 32905, US |
| Region / Metro | Palm Bay |
| Year of Construction | 1974 |
| Units | 122 |
| Transaction Date | 2015-11-18 |
| Transaction Price | $2,039,843 |
| Buyer | INDIAN RIVER FLATS LLC |
| Seller | PALM BAY PARTNERS HOLDINGS LLC |
4700 Dixie Hwy NE Palm Bay Multifamily Investment
Neighborhood occupancy has trended upward in recent years, indicating steadier leasing conditions according to WDSuite’s CRE market data. Household growth nearby suggests a broader tenant base, supporting income durability for a professionally managed asset.
Located in suburban Palm Bay within the Palm Bay–Melbourne–Titusville metro, the immediate neighborhood performs competitive among metro peers on occupancy while showing multi‑year improvement, per WDSuite. At the neighborhood level, renter-occupied housing is a minority share, which points to a more owner‑heavy area and a tenant base that tends to be stable rather than transient—useful for retention but requiring disciplined leasing to maintain velocity.
Within a 3‑mile radius, demographic statistics show population and households have increased over the past five years, and projections call for further household gains through 2028. This pattern supports multifamily demand by expanding the local renter pool and helping sustain occupancy. Median rents in the area sit at levels that imply manageable rent-to-income ratios, reinforcing lease retention potential if rent growth is paced to local incomes.
The 1974 vintage is older than the neighborhood’s average construction year, signaling potential value‑add or capex planning opportunities such as system upgrades and unit modernization. This can improve competitive positioning versus newer stock while supporting rents consistent with local affordability. Neighborhood‑level NOI per unit trends rank above the national median, suggesting income performance that can be competitive when paired with prudent expense control.
Local amenity density is limited for daily needs (few groceries, pharmacies, childcare within the neighborhood footprint), though restaurant presence is stronger relative to national norms. Investors should underwrite resident convenience accordingly—either by emphasizing on‑site services, leveraging nearby corridors, or calibrating marketing to commuters—an approach supported by commercial real estate analysis from WDSuite’s dataset.
Safety indicators for the neighborhood track around the national midpoint, placing it slightly above the national median for overall conditions. Recent year data show declining rates in both property and violent offenses, indicating an improving trend rather than a single‑period outlier, based on WDSuite’s CRE market data.
For investors, the directional improvement can support leasing stability and renewal rates, but it remains prudent to incorporate on‑site security design, lighting, and resident engagement into the operating plan to reinforce these trends.
The area is supported by a diversified employment base tied to defense/aerospace, insurance services, and distribution, which can bolster workforce housing demand and commute convenience for residents.
- Harris — defense & aerospace (6.2 miles) — HQ
- Space Coast Aflac Region — insurance services (23.8 miles)
- CVS Distribution Center — distribution/logistics (26.1 miles)
This 1974, 122‑unit asset offers a value‑add angle in a suburban neighborhood where occupancy has improved over the last five years and neighborhood‑level NOI per unit trends are above the national median. Within a 3‑mile radius, population and household growth point to a larger tenant base, supporting demand for studios and smaller formats alongside conventional units. According to CRE market data from WDSuite, local rents track with incomes in a way that can favor resident retention if renewals are managed thoughtfully.
Key considerations include calibrating amenities and on‑site services given limited neighborhood retail density, and budgeting capex to modernize systems and finishes to strengthen competitive positioning versus newer product. Overall, the combination of improving occupancy, expanding renter pool, and value‑add potential creates a credible, risk‑aware multifamily thesis.
- Improving neighborhood occupancy and expanding 3‑mile household base support demand and leasing stability.
- 1974 vintage provides clear value‑add and capex planning opportunities to enhance rents and retention.
- Neighborhood‑level NOI per unit trends sit above the national median, supporting income performance potential.
- Limited neighborhood amenities and a smaller renter‑occupied share require disciplined marketing and resident services.