| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 70th | Good |
| Demographics | 85th | Best |
| Amenities | 80th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1120 NE 9th Ave, Fort Lauderdale, FL, 33304, US |
| Region / Metro | Fort Lauderdale |
| Year of Construction | 1976 |
| Units | 70 |
| Transaction Date | 2017-07-11 |
| Transaction Price | $9,210,000 |
| Buyer | Apex Residence LLC |
| Seller | Fairmont Properties |
1120 NE 9th Ave Fort Lauderdale Multifamily Value-Add
Amenity-rich inner-suburb location with elevated ownership costs supports durable renter demand, according to WDSuite’s CRE market data. Neighborhood metrics point to depth in the tenant base and pricing resilience rather than outsized vacancy risk.
Situated in Fort Lauderdale’s inner-suburb fabric, the property benefits from strong neighborhood fundamentals measured at the neighborhood level, not the property. Grocery, pharmacy, and dining density rank competitively among 345 metro neighborhoods (groceries and restaurants near the top of the pack), which supports day-to-day convenience and leasing appeal for workforce and professional renters.
Neighborhood home values are elevated versus many areas in the region, which tends to reinforce reliance on multifamily rentals and can support pricing power without pushing rent-to-income ratios to extremes. At the neighborhood level, the rent-to-income ratio trends at investor-manageable levels, helping limit retention risk while sustaining demand.
The neighborhood’s renter-occupied share is meaningful (44.5% of housing units are renter-occupied at the neighborhood level), indicating a deep user base for multifamily product. While the neighborhood occupancy rate is moderate, it has improved over the past five years, pointing to gradually firming utilization of existing units rather than a need for outsized concessions; these are neighborhood indicators, not property performance.
Demographic statistics aggregated within a 3-mile radius show population and household growth with smaller average household sizes projected, implying a larger tenant pool for studios and 1–2 bedroom formats. Income growth in the 3-mile area is also projected to rise, which typically supports renewal rates and stabilized occupancy over the medium term based on commercial real estate analysis from WDSuite.
Vintage matters: the asset’s 1976 construction is older than the neighborhood’s average vintage. For investors, that often translates into capital planning needs alongside potential value-add or modernization upside to sharpen competitive positioning against newer stock.
Safety indicators at the neighborhood level trend below both national and metro benchmarks, with the area ranking in the lower tier among 345 Fort Lauderdale–area neighborhoods and landing in a lower national percentile. This suggests investors should underwrite with conservative assumptions around security measures and potential operating policies.
Recent year-over-year estimates indicate property and violent offense rates have moved higher at the neighborhood level. While conditions can vary block to block, prudent planning may include enhancements such as lighting, access control, and community engagement to support retention and protect NOI. These are comparative trends for the neighborhood, not a statement about the subject property.
Proximity to major corporate employers anchors a diverse employment base that supports renter demand and commute convenience, notably AutoNation, Tenet Healthcare, Office Depot, Johnson & Johnson, and Ryder System.
- AutoNation — automotive retail HQ (1.5 miles) — HQ
- Tenet Healthcare Corporation, Florida Region — healthcare services (14.5 miles)
- Office Depot — office supplies HQ (18.2 miles) — HQ
- Johnson & Johnson — life sciences offices (19.2 miles)
- Ryder System — logistics HQ (24.4 miles) — HQ
This 70-unit, 1976-vintage community offers a value-add angle in an amenity-rich inner-suburban neighborhood where elevated ownership costs help sustain rental demand. Neighborhood renter concentration is meaningful, and 3-mile radius demographics point to population growth, an increase in households, and smaller average household sizes—factors that typically expand the renter pool and support occupancy stability. According to CRE market data from WDSuite, neighborhood rent-to-income levels remain manageable, helping preserve renewal potential.
While neighborhood safety indicators trend below metro and national norms and neighborhood occupancy is moderate, five-year improvement and strong access to daily needs (groceries, pharmacies, cafes, restaurants) support leasing competitiveness. The older vintage implies targeted capex—interiors, systems, and curb appeal—could unlock rent premiums relative to the area’s elevated home values and rising incomes, without assuming aggressive lease-up.
- Amenity-dense neighborhood and elevated ownership costs reinforce depth of multifamily demand
- 3-mile demographics show population and household growth with smaller household sizes, supporting a larger renter base
- Manageable neighborhood rent-to-income levels aid retention and pricing discipline
- 1976 vintage provides clear value-add levers via unit and system upgrades
- Risks: below-metro safety standing and moderate neighborhood occupancy warrant conservative underwriting and security-focused operations