| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 65th | Fair |
| Demographics | 57th | Good |
| Amenities | 65th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5500 NW 31st Ave, Fort Lauderdale, FL, 33309, US |
| Region / Metro | Fort Lauderdale |
| Year of Construction | 2000 |
| Units | 42 |
| Transaction Date | 2019-10-24 |
| Transaction Price | $17,250,001 |
| Buyer | PROSPECT PARK PRESERVATION LTD |
| Seller | PROSPECT PARK HOUSING ASSOCIATES LTD |
5500 NW 31st Ave Fort Lauderdale Multifamily Investment
Built in 2000, this 42-unit asset is newer than much of its Inner Suburb peer set, positioning it competitively against older stock while leaving room for targeted modernization. According to WDSuite’s CRE market data, the surrounding neighborhood shows durable renter demand alongside affordability pressures, suggesting disciplined rent management can support occupancy and retention.
Located in Fort Lauderdale’s Inner Suburb, the neighborhood rates B+ (ranked 116 of 345 metro neighborhoods), indicating competitive fundamentals among Fort Lauderdale-Pompano Beach-Sunrise submarkets without being top-tier. The property’s 2000 vintage compares favorably to the neighborhood’s older average construction year (1987), which supports leasing versus aging alternatives while still warranting periodic systems upgrades as part of capital planning.
Daily-living access is a relative strength: overall amenity access is competitive among metro neighborhoods, with grocery and pharmacy density above typical levels for the area. Restaurant and cafe options are present but more dispersed, and park access is limited, which places more emphasis on on-site or nearby private recreation for resident appeal.
Unit tenure dynamics are balanced: the share of housing units that are renter-occupied is elevated compared with many U.S. neighborhoods (high national percentile), signaling a sizable tenant base and consistent leasing visibility for multifamily owners. Neighborhood occupancy is below the metro median and has softened over the past five years, so property-level execution on marketing, renewals, and turns remains important to sustain stability.
Within a 3-mile radius, demographics show modest population growth with a larger increase in households and slightly smaller household sizes. This trend expands the renter pool and favors apartments over time, particularly for studios and smaller formats. Household incomes have been trending higher, which can support rent levels, while a high-cost ownership market in parts of Broward County continues to reinforce reliance on rental housing for many households, per commercial real estate analysis from WDSuite.
Safety indicators are below the metro average here, with neighborhood crime metrics ranking in the weaker cohort among 345 Fort Lauderdale-Pompano Beach-Sunrise neighborhoods and positioned in lower national percentiles. This suggests incident rates are higher than in many peer areas. Owners should account for this in underwriting through enhanced security measures, lighting, and community engagement, and monitor trend direction as the area evolves.
Proximity to diversified employers supports workforce housing demand and commute convenience for residents. Notable nearby employers include AutoNation, Tenet Healthcare, Office Depot, Johnson & Johnson, and Ryder System.
- AutoNation — corporate offices (5.7 miles) — HQ
- Tenet Healthcare Corporation, Florida Region — healthcare administration (9.6 miles)
- Office Depot — corporate offices (15.1 miles) — HQ
- Johnson & Johnson — corporate offices (21.1 miles)
- Ryder System — corporate offices & logistics (25.5 miles) — HQ
This 2000-vintage, 42-unit asset offers relative competitiveness versus older neighborhood stock, with nearby amenities and a renter-leaning housing mix that supports leasing visibility. Within 3 miles, household counts are expanding while household sizes edge lower, indicating a growing tenant base for multifamily and potential for steady absorption. According to CRE market data from WDSuite, neighborhood occupancy trails the metro median and safety metrics are weaker than peers, making asset-level operations and security a priority.
Investor upside centers on value-add modernization (select interiors, common areas, and systems) to differentiate against older comparables, combined with thoughtful pricing that balances income growth and retention in an area with elevated rent-to-income ratios. Stable proximity to major employers further supports day-to-day lease-up and renewal prospects.
- Newer 2000 construction versus neighborhood average, with value-add and modernization potential
- Renter-occupied housing share indicates a sizable tenant base and demand depth
- 3-mile household growth and smaller household sizes support ongoing multifamily demand
- Employer proximity underpins leasing stability for workforce renters
- Risks: below-metro safety metrics and softer neighborhood occupancy require focused operations and security planning