| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 60th | Poor |
| Demographics | 38th | Poor |
| Amenities | 81st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 351 SW 3rd Ave, Deerfield Beach, FL, 33441, US |
| Region / Metro | Deerfield Beach |
| Year of Construction | 2008 |
| Units | 88 |
| Transaction Date | 2006-01-13 |
| Transaction Price | $570,000 |
| Buyer | BNAI BRITH APARTMENTS OF DEERFIELD BEACH |
| Seller | FLORIDA STATE BNAI BRITH SENIOR CITIZENS |
351 SW 3rd Ave Deerfield Beach Multifamily Investment
Neighborhood occupancy sits in the low-90s with a notably high renter-occupied share, supporting durable tenant demand according to WDSuite’s CRE market data. The property’s 2008 vintage positions it competitively versus older local stock while maintaining room for targeted upgrades.
Located in Deerfield Beach’s inner-suburban fabric of the Fort Lauderdale–Pompano Beach–Sunrise metro, the area offers everyday convenience with stronger-than-average amenity access. Neighborhood metrics indicate competitive counts of parks, pharmacies, groceries, and cafes relative to national benchmarks, which supports renter livability and retention.
The property’s 2008 construction is newer than the neighborhood’s typical 1980s vintage. For investors, this suggests fewer near-term system overhauls versus older comparables, while still leaving scope for selective modernization to sharpen competitive positioning and capture rent premiums.
At the neighborhood level, occupancy has trended upward over the past five years and remains above the metro median. Renter-occupied housing concentration is high, indicating a deep tenant base for multifamily. Within a 3-mile radius, population has expanded and households have increased, pointing to a larger tenant pool and supporting leasing stability going forward.
Rent dynamics and incomes present a mixed picture. Neighborhood rents have risen over the last five years, but rent-to-income levels indicate affordability pressure for some residents, which calls for careful lease management and renewal strategies. Median home values are comparatively lower than national norms, which can introduce some competition from ownership; however, elevated demand for well-located rentals typically supports occupancy and steady absorption when product is maintained and priced appropriately.
Safety indicators for the neighborhood are below metro averages, placing it in a weaker tier among 345 Fort Lauderdale–area neighborhoods. Nationally, the neighborhood scores in lower percentiles, which suggests a comparatively higher incidence of reported crime than many U.S. neighborhoods.
Recent momentum offers a partial counterpoint: property-related offenses have declined year over year, indicating some improvement on that front. Investors should underwrite with conservative assumptions, emphasize on-site security and lighting, and monitor submarket trends to align operating practices with resident expectations.
Proximity to regional employers supports a diverse renter base and commute convenience for workforce tenants, led by corporate offices in retail, healthcare, automotive, and distribution.
- Office Depot — retail HQ (6.3 miles) — HQ
- Tenet Healthcare Corporation, Florida Region — healthcare services (10.7 miles)
- AutoNation — automotive retail HQ (13.5 miles) — HQ
- Johnson & Johnson — healthcare/consumer offices (30.6 miles)
- Sysco Southeast Florida — food distribution (31.3 miles)
351 SW 3rd Ave offers 88 units with a 2008 vintage in a renter-oriented Deerfield Beach neighborhood where occupancy has firmed in recent years. Based on CRE market data from WDSuite, the area shows strong daily-need amenities and a high neighborhood renter-occupied share, reinforcing depth of demand for multifamily. Within a 3-mile radius, household counts have grown and are projected to expand further, supporting a larger tenant base and stabilizing lease-ups when product quality is maintained.
Strategically, the asset’s newer construction compared with the neighborhood’s older stock should reduce near-term capital exposure while enabling value-add through selective interior and common-area upgrades. Key underwriting considerations include measured rent setting given neighborhood rent-to-income pressure and continued attention to safety best practices. Balanced against these factors, proximity to major employers and core amenities supports steady renter demand and long-term relevance in the submarket.
- 2008 vintage vs. older local stock supports relative competitiveness with targeted renovation upside
- High neighborhood renter-occupied share and rising occupancy underpin tenant demand depth
- 3-mile radius shows household growth and projected expansion, supporting leasing stability
- Proximity to established employers broadens workforce renter pool and aids retention
- Risks: affordability pressure (rent-to-income) and below-metro safety metrics warrant conservative underwriting