| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 52nd | Poor |
| Demographics | 37th | Poor |
| Amenities | 52nd | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 500 Lock Rd, Deerfield Beach, FL, 33442, US |
| Region / Metro | Deerfield Beach |
| Year of Construction | 1989 |
| Units | 48 |
| Transaction Date | 1989-03-01 |
| Transaction Price | $1,178,571 |
| Buyer | AVAILABLE NOT |
| Seller | AVAILABLE NOT |
500 Lock Rd Deerfield Beach Multifamily Investment
Stabilizing renter demand in the neighborhood supports a 48-unit, 1989-vintage asset, according to CRE market data from WDSuite. Neighborhood occupancy has trended upward in recent years, suggesting steadier leasing conditions than earlier in the cycle.
The property sits in Deerfield Beach’s inner suburb context, where renter-occupied housing makes up a majority of units in the neighborhood (renter concentration) — a positive signal for multifamily demand depth rather than single-family ownership pull. Neighborhood occupancy has improved over the past five years, which can support steadier renewal prospects and reduce downtime when units turn.
Livability indicators are mixed. Childcare access, parks, and pharmacies land in the top quartile nationally, while immediate groceries and cafés are thinner locally, so daily conveniences may rely on short drives rather than walking. For investors, that typically points to car-oriented tenants and workforce households rather than a heavy lifestyle premium.
Within a 3-mile radius, population and households have grown and are projected to expand further by 2028, indicating a larger tenant base over time. Household incomes have risen, and the forecast shows continued gains alongside rent growth, which supports collections and potential pricing power, though it also warrants attention to lease management to maintain retention.
The asset’s 1989 construction is newer than the neighborhood average vintage. That generally improves competitive positioning versus older stock, while still leaving room for targeted modernization or systems updates to drive rent-ready value-add without a full repositioning.
Home values in the neighborhood are relatively accessible compared with many South Florida coastal areas, which can introduce some competition from ownership. At the same time, elevated rent-to-income ratios in the neighborhood point to affordability pressure for some renter households — an operational consideration for renewals and rent-step pacing rather than a structural weakness.
Safety metrics for the neighborhood are below the national median, and the area ranks below the metro median among 345 Fort Lauderdale–Pompano Beach–Sunrise neighborhoods. Trends are mixed: property offenses declined notably over the last year, while violent offenses increased over the same period. Investors typically factor this into on-site lighting, access control, and partnership with professional security vendors to support resident comfort.
As always, safety conditions can vary by block and over time. Comparing multiple years of trends and touring at different times of day are prudent steps when underwriting.
Nearby corporate employers provide a diversified employment base and commute convenience that can support leasing and retention, particularly for office, healthcare, and distribution workers listed below.
- Office Depot — office supplies corporate (5.5 miles) — HQ
- Tenet Healthcare Corporation, Florida Region — healthcare services (9.7 miles)
- AutoNation — automotive retail corporate (14.1 miles) — HQ
- Siegel Financial Group - Northwestern Mutual — financial services (27.0 miles)
- Sysco Southeast Florida — food distribution (30.6 miles)
500 Lock Rd offers a 48-unit, 1989-vintage footprint with average unit sizes near 778 sf, positioned in a neighborhood where renter-occupied housing forms a majority of units — a constructive signal for a deeper tenant base and steadier leasing. The vintage is newer than the local average, supporting competitive standing versus older stock while leaving scope for selective value-add through interior updates and common-area improvements.
Within a 3-mile radius, recent and projected population and household growth point to ongoing renter pool expansion, which supports occupancy stability and forward demand. Based on CRE market data from WDSuite, neighborhood occupancy has strengthened over the last five years; however, elevated rent-to-income dynamics and mixed safety trends argue for disciplined lease management and CapEx planning rather than aggressive underwriting.
- Majority renter-occupied neighborhood supports tenant depth and renewal potential
- 1989 construction is newer than area average, with actionable modernization upside
- 3-mile population and household growth bolster long-term leasing fundamentals
- Car-oriented amenities mix suits workforce renters; parks/childcare/pharmacies score well nationally
- Risks: below-median safety metrics and affordability pressure require prudent rent steps and operations