| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 69th | Good |
| Demographics | 21st | Poor |
| Amenities | 46th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1421 NW 1st St, Fort Lauderdale, FL, 33311, US |
| Region / Metro | Fort Lauderdale |
| Year of Construction | 1972 |
| Units | 65 |
| Transaction Date | 2018-10-24 |
| Transaction Price | $10,550,000 |
| Buyer | Leo F. Weber Real Estate Investment, LLC |
| Seller | City View Colony, LLC |
1421 NW 1st St Fort Lauderdale Multifamily Investment
Neighborhood renter demand is durable with a high share of renter-occupied units and mid-pack occupancy, according to WDSuite’s CRE market data. Positioning centers on workforce housing dynamics and access to core employment nodes.
Located in Fort Lauderdale’s Urban Core, the property sits in a renter-heavy neighborhood where renter-occupied housing accounts for a large share of units (69.9% renter concentration at the neighborhood level). For investors, this indicates a deeper tenant base and potential demand stability, while the neighborhood s occupancy rate of 91.6% is roughly mid-pack among 345 metro neighborhoods. Based on CRE market data from WDSuite, overall neighborhood performance is rated C-, suitable for workforce-oriented strategies that prioritize leasing efficiency and cost control.
Daily convenience is a relative strength: grocery access is competitive among Fort Lauderdale-Pompano Beach-Sunrise neighborhoods (high density locally and 94th percentile nationally), and restaurants are also plentiful (89th percentile nationally). By contrast, cafes, parks, and pharmacies are sparse within the immediate neighborhood, so marketing should emphasize proximity to groceries and dining while acknowledging fewer third places and green spaces nearby.
The area s housing metrics are competitive among Fort Lauderdale-Pompano Beach-Sunrise neighborhoods, and income performance indicators (e.g., NOI per unit) track above national medians. Median home values sit in a high-cost ownership context relative to incomes (high national percentile for value-to-income), which tends to reinforce reliance on multifamily rentals supporting tenant retention and pricing discipline when managed carefully.
Within a 3-mile radius, demographics point to population growth over the last five years and an expanding household base, with forecasts calling for further increases by 2028 alongside smaller average household sizes. For multifamily investors, that combination supports a larger tenant base and steady absorption potential, while rising household incomes and market rents suggest room for strategic revenue management.
Vintage matters: the asset s 1972 construction is older than the neighborhood s average vintage (1984). This typically implies near- to medium-term capital planning for systems and interiors, alongside potential value-add upside to improve competitive positioning against newer product.
Safety trends warrant monitoring. The neighborhood ranks near the bottom among 345 metro neighborhoods for crime and sits in a low national safety percentile, indicating higher reported incident levels compared with many areas nationwide. Recent year-over-year changes in both property and violent offense estimates have moved higher, so investors should underwrite enhanced on-site security, lighting, and community management and weigh these measures against retention benefits from strong renter demand.
For portfolio context, compare these neighborhood-level indicators with submarket and metro averages, and assess how professional management, access control, and visibility improvements may mitigate turnover and support occupancy.
Proximity to established employers underpins workforce housing demand and commute convenience, led by headquarters and major corporate offices including AutoNation, Tenet Healthcare, Johnson & Johnson, Office Depot, and Ryder System.
- AutoNation automotive retail HQ (1.1 miles) HQ
- Tenet Healthcare Corporation, Florida Region healthcare services (14.5 miles)
- Johnson & Johnson healthcare & consumer products offices (17.3 miles)
- Office Depot office supplies HQ (19.5 miles) HQ
- Ryder System logistics & transportation HQ (22.4 miles) HQ
This 65-unit asset with an average unit size near 779 square feet fits a workforce housing profile in a renter-dense Urban Core location. Neighborhood occupancy is mid-pack, but renter concentration is high, groceries and dining access are strong, and nearby employment anchors bolster demand. According to CRE market data from WDSuite, ownership costs in the area are elevated relative to incomes, which tends to sustain reliance on rentals and can support lease retention for well-managed properties.
Constructed in 1972, the property is older than the neighborhood average vintage, pointing to capital planning for systems and interiors and potential value-add repositioning. Within a 3-mile radius, population and households have grown and are projected to expand further, with shrinking household sizes that can favor apartment demand. Risk factors include neighborhood safety readings and fewer nearby parks and cafes, which call for active management and amenity strategy.
- Renter-heavy neighborhood supports a deeper tenant base and demand stability.
- Strong grocery and dining access with proximity to major employers aids leasing and retention.
- Elevated ownership costs versus incomes reinforce multifamily reliance and pricing discipline.
- 1972 vintage offers value-add potential alongside targeted systems and interior upgrades.
- Risks: below-average safety indicators and limited parks/cafes; plan for security and amenity improvements.