| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 42nd | Poor |
| Demographics | 23rd | Poor |
| Amenities | 28th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 551 NW 42nd Ct, Deerfield Beach, FL, 33064, US |
| Region / Metro | Deerfield Beach |
| Year of Construction | 1973 |
| Units | 26 |
| Transaction Date | 2004-12-01 |
| Transaction Price | $1,750,000 |
| Buyer | BH STR LLC |
| Seller | YOSS PRASHKOVSKY LLC |
551 NW 42nd Ct Deerfield Beach Multifamily Investment
Neighborhood occupancy has softened while household growth within 3 miles is expanding, pointing to a value-add hold with demand support nearby, according to WDSuite’s CRE market data.
Located in Deerfield Beach’s inner suburban fabric of the Fort Lauderdale–Pompano Beach–Sunrise metro, the property sits in a neighborhood rated D and ranked 337th among 345 metro neighborhoods. Local occupancy is measured at the neighborhood level (not the property) and has trended down to the mid‑80% range in recent years, signaling leasing competition and the need for active management.
Livability is mixed: amenity density for restaurants, cafes, groceries, and parks ranks near the bottom of the metro, while access to pharmacies and childcare is comparatively stronger (both score in higher national percentiles). Investors should underwrite convenience needs accordingly and consider that residents may rely on regional retail corridors rather than immediate walkability.
Vintage is a consideration: the average neighborhood construction year is 1976, while this asset was built in 1973. The slightly older profile can translate into capital expenditure planning and potential renovation upside to improve competitive positioning versus nearby 1970s stock.
Demographics aggregated within a 3‑mile radius show population and household growth over the past five years, with forecasts indicating further increases and modest declines in household size. This points to a larger tenant base and steady renter pool expansion that can support occupancy stability with the right unit finishes and pricing. The 3‑mile area reflects an estimated 41% renter‑occupied share of housing units, which suggests a meaningful depth of multifamily demand relative to strictly owner‑oriented pockets.
Home values in the neighborhood register on the lower end of national comparisons. While this can introduce competition from entry‑level ownership, it also supports lease retention for residents prioritizing more accessible rental options. Balance sheet planning should weigh this against rent‑to‑income pressure locally, with leasing strategy calibrated to value and retention rather than outsized premiums.
Safety conditions are mixed relative to peers. The neighborhood ranks in the lower half of Fort Lauderdale–Pompano Beach–Sunrise neighborhoods for crime (211 out of 345), and sits below the national median (around the 38th percentile nationwide). Year over year, property offenses show a slight estimated decrease, while violent offenses reflect an uptick, indicating a nuanced trend rather than a single directional move.
Investors should frame underwriting around these metro‑relative dynamics and monitor city and county initiatives that can influence safety perceptions over a typical hold period, recognizing that conditions vary by block and evolve over time.
Proximity to regional employers supports workforce housing demand and commute convenience for renters, notably in retail headquarters, healthcare administration, and automotive services reflected below.
- Office Depot — retail headquarters (8.4 miles) — HQ
- Tenet Healthcare Corporation, Florida Region — healthcare administration (9.4 miles)
- AutoNation — automotive retail HQ (11.3 miles) — HQ
- Johnson & Johnson — healthcare & consumer products offices (28.1 miles)
- Siegel Financial Group - Northwestern Mutual — financial services offices (29.9 miles)
This 26‑unit, 1973 vintage asset offers value‑add potential in an inner‑suburban setting where neighborhood occupancy has moderated, but the broader 3‑mile area shows population and household growth that can enlarge the tenant base. According to CRE market data from WDSuite, the immediate neighborhood trails metro peers on amenities and ranks in the lower half for safety, suggesting the business plan should emphasize durable in‑unit improvements, competitive pricing, and tenant retention.
Renter demand is supported by a sizable renter‑occupied share within 3 miles and proximity to large employers across headquarters, healthcare, and services. At the same time, relatively lower home values may create competition with entry‑level ownership, and local rent‑to‑income pressure argues for disciplined lease management. Underwriting that prioritizes operational efficiency and targeted renovations can position the asset to capture steady demand without relying on outsized rent growth.
- 1973 vintage supports a value‑add thesis via unit and systems upgrades
- 3‑mile population and household growth expands the renter pool and supports leasing
- Workforce demand reinforced by proximity to regional headquarters and healthcare employers
- Amenity‑light neighborhood favors in‑property improvements and service quality to drive retention
- Risks: below‑median safety, affordability pressure (rent‑to‑income), and competition from entry‑level ownership