| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 43rd | Poor |
| Demographics | 36th | Poor |
| Amenities | 66th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 911 S Park Ave, Titusville, FL, 32780, US |
| Region / Metro | Titusville |
| Year of Construction | 2008 |
| Units | 96 |
| Transaction Date | 2006-03-30 |
| Transaction Price | $250,000 |
| Buyer | ROYAL PALMS HR670 TIC LLC |
| Seller | ROYAL PALMS SENIOR APARTMENTS LIMITED PA |
911 S Park Ave Titusville Multifamily Investment
Renter concentration in the immediate neighborhood and a 2008 vintage position this asset competitively versus older local stock, according to WDSuite’s CRE market data. The focus for investors is balancing demand depth with submarket occupancy that trails metro norms.
Located in Titusville’s inner suburb context within the Palm Bay–Melbourne–Titusville metro, the property benefits from everyday convenience. Neighborhood amenities score competitive to strong locally: cafes and childcare options rank in the top quartile among 139 metro neighborhoods, while grocery access is competitive among Palm Bay–Melbourne–Titusville neighborhoods. Limited park access is a known gap, so on-site open space and resident programming can matter more for retention.
The average neighborhood construction year is 1968, and the subject’s 2008 vintage offers a newer alternative to much of the local stock. This creates relative competitiveness on unit finishes and building systems, though investors should still plan for mid-cycle upgrades typical of assets approaching two decades in age.
Tenure patterns point to rental demand depth: renter-occupied housing share is in the top quartile locally, indicating a sizable tenant base relative to ownership. However, the neighborhood’s occupancy rate sits below the metro median despite improvement over the past five years, suggesting leasing strategies and targeted renovations may be important to sustain absorption and reduce downtime.
Within a 3-mile radius, population and households have grown and are projected to expand further through the next five years, supporting a larger tenant base. Median contract rents in the 3-mile area are below many coastal Florida submarkets and are projected to rise, while ownership remains a high-cost path relative to local incomes, which typically sustains reliance on rental housing. Together, these dynamics support demand but call for attention to pricing, value-add scope, and unit mix to align with local spending power.
Safety indicators are mixed. The neighborhood sits below the metro median for safety based on its local rank (30th out of 139, where lower ranks indicate more crime), yet national comparisons are more favorable: overall crime rates align modestly above the national median, and violent offense metrics trend in the top quartile nationally. Property offense levels compare well nationally but have shown a recent uptick, warranting standard property security practices and coordination with community resources.
Regional employers within commuting range help underpin renter demand through diversified office and corporate services, including Space Coast Aflac Region, Symantec, Harris, Ryder, and Prudential. Proximity supports workforce housing appeal and potential retention for residents employed along the Space Coast corridor.
- Space Coast Aflac Region — insurance services (19.1 miles)
- Symantec — software/security offices (35.0 miles)
- Harris — defense & aerospace (37.0 miles) — HQ
- Ryder — logistics & transportation (37.5 miles)
- Prudential — financial services (38.9 miles)
This 96-unit, 2008-vintage property offers a newer option versus a neighborhood stock that skews to the late 1960s, supporting competitive positioning and potential operational efficiencies. Renter concentration in the immediate neighborhood is high, and 3-mile demographics indicate population and household growth with rising incomes, pointing to a gradually expanding tenant base and support for occupancy stability. According to commercial real estate analysis from WDSuite, local occupancy trails metro norms, so execution around leasing, unit turns, and selective renovations will be central to value capture.
Ownership remains comparatively expensive relative to incomes in the neighborhood, reinforcing reliance on multifamily housing; at the same time, rent-to-income signals suggest affordability pressure that could affect renewal decisions. The near-term thesis emphasizes disciplined pricing, amenity-light operational upgrades, and risk controls around security and tenant quality to sustain cash flow while positioning for organic rent growth.
- 2008 vintage competes well versus older neighborhood stock, with scope for targeted value-add to refresh finishes and systems.
- High renter concentration locally and expanding 3-mile population/households support a deeper tenant base and leasing momentum.
- Ownership costs remain elevated relative to incomes, which typically sustains demand for multifamily units.
- Execution focus: improve below-metro occupancy via pricing discipline, unit turns, and practical amenities to drive retention.
- Risks: below-metro occupancy, recent uptick in property offenses, and rent-to-income pressure that may affect renewals.