| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 52nd | Poor |
| Demographics | 37th | Poor |
| Amenities | 52nd | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 602 Lock Rd, Deerfield Beach, FL, 33442, US |
| Region / Metro | Deerfield Beach |
| Year of Construction | 1986 |
| Units | 47 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
602 Lock Rd Deerfield Beach Multifamily Investment
Neighborhood renter concentration and steady occupancy trends point to a durable tenant base, according to WDSuite s CRE market data. Built in 1986, the asset offers competitive positioning versus older nearby stock with potential for targeted modernization.
Located in Deerfield Beach s inner suburbs of the Fort Lauderdale-Pompano Beach-Sunrise metro, the neighborhood carries a C rating and ranks 274 out of 345 metro neighborhoods, placing it below the metro median overall. Even so, occupancy at the neighborhood level has trended up over the past five years, supporting baseline leasing stability.
Renter-occupied housing accounts for a sizable share of units locally (51.1%), ranking 63 out of 345 a top-quartile renter concentration among metro neighborhoods. For multifamily investors, this depth of renting households expands the potential tenant base and can help sustain demand across cycles.
Amenity access is mixed. Parks and pharmacies rank in the low-80s percentiles nationally, indicating convenient everyday services and recreation access, while cafe and grocery density are thinner in the immediate area. Median contract rents in the neighborhood sit above the national middle tier, which, paired with local incomes, suggests monitoring affordability pressure and lease retention.
Within a 3-mile radius, population and household counts have grown in recent years and are projected to continue increasing by 2028, implying a larger tenant base over time. Median incomes within this radius are higher than in the immediate neighborhood, which can broaden the renter pool for well-positioned units.
The property s 1986 vintage is modestly newer than the neighborhood s average construction year (1982). That positioning can be advantageous versus older stock, while still leaving room for targeted renovations or system upgrades to capture renter preferences and drive returns.
Safety metrics for the neighborhood sit below the metro median, with a crime rank of 199 out of 345 neighborhoods in the Fort Lauderdale-Pompano Beach-Sunrise area and national percentiles indicating less favorable conditions than the U.S. average. Investors should underwrite with conservative assumptions for security measures and potential insurance costs.
Recent trends are mixed: estimates show a notable year-over-year decline in property offenses, while violent offense estimates have moved higher. Taken together, the profile warrants pragmatic operating plans (lighting, access control, partnerships with local community resources) rather than alarmist conclusions.
Nearby employment anchors span corporate headquarters, healthcare, financial services, and distribution a diversified base that supports renter demand through commute convenience and sector breadth. The list below reflects leading employers within a practical radius that can influence leasing and retention.
- Office Depot corporate offices (5.5 miles) HQ
- Tenet Healthcare Corporation, Florida Region healthcare services (9.7 miles)
- AutoNation auto retail corporate offices (14.1 miles) HQ
- Siegel Financial Group Northwestern Mutual financial services (27.0 miles)
- Sysco Southeast Florida foodservice distribution (30.6 miles)
This 47-unit property offers scale for professional management in a renter-heavy neighborhood where occupancy has improved over the last five years. The 1986 vintage is slightly newer than the local average, supporting competitive positioning versus older buildings while leaving room for value-add upgrades. Based on commercial real estate analysis from WDSuite, neighborhood-level rent and income dynamics point to a stable tenant base with some affordability pressure to be managed through unit mix and renewal strategy.
Within a 3-mile radius, population and households have grown and are projected to continue expanding, indicating a larger renter pool that can support occupancy and leasing velocity. Local amenities skew toward daily needs (parks, pharmacies) rather than destination retail, aligning the asset with workforce demand tied to nearby employers.
- Renter-heavy submarket with improving neighborhood occupancy supports baseline demand.
- 1986 vintage offers value-add potential to enhance competitiveness versus older stock.
- 3-mile population and household growth expand the tenant base and support leasing.
- Proximity to diverse employers underpins workforce housing demand and retention.
- Risks: below-metro-median safety metrics and affordability pressure require prudent underwriting and active lease management.