| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 63rd | Fair |
| Demographics | 44th | Fair |
| Amenities | 52nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 889 SW 20th Ave, Fort Lauderdale, FL, 33312, US |
| Region / Metro | Fort Lauderdale |
| Year of Construction | 1975 |
| Units | 94 |
| Transaction Date | 2004-06-28 |
| Transaction Price | $5,325,000 |
| Buyer | NICE APARTMENTS LLC |
| Seller | GOREN STEVEN A |
889 SW 20th Ave Fort Lauderdale Value-Add Multifamily
Neighborhood fundamentals point to durable renter demand supported by a high-cost ownership market, while occupancy in the surrounding area runs below metro norms according to WDSuite’s CRE market data.
Situated in an Inner Suburb of Fort Lauderdale with a C+ neighborhood rating, the area offers a mixed but serviceable amenity base and access to major employment centers. Based on WDSuite’s multifamily property research, neighborhood occupancy is lower than the metro average, so underwriting should emphasize leasing strategy and retention rather than aggressive lease-up assumptions.
Amenity access skews toward daily needs: grocery options and parks rank in the higher national percentiles (both around the low-80s), while cafes and pharmacies are comparatively limited (near the bottom nationally). For investors, this mix supports everyday convenience for residents but suggests less dependence on premium retail-driven demand.
Tenure indicators are constructive: the neighborhood’s share of renter-occupied housing units is elevated versus national peers (upper-percentile positioning), signaling a deep tenant base for multifamily. Within a 3-mile radius, demographics show population growth in recent years alongside a notable increase in households and a projected rise through 2028, which points to a larger renter pool and supports occupancy stability over the long run. A modest downshift in average household size in the forecast further implies more households entering the market, which can bolster demand for smaller units.
Ownership costs are high relative to incomes (home values sit in the upper national percentiles and value-to-income is among the highest nationally), which tends to reinforce reliance on rental housing and can aid lease retention. At the same time, median contract rents track above national norms, and rent-to-income metrics indicate manageable affordability pressure today—supporting pricing power, but still warranting prudent renewal management.
Safety metrics for the neighborhood are below metro and national medians. The area’s crime standing is in the lower tier among 345 Fort Lauderdale–Pompano Beach–Sunrise neighborhoods, and national comparisons place the neighborhood in the lower percentiles for safety. Recent year-over-year estimates suggest an uptick in both property and violent offenses, so operators should plan for visible security measures, lighting, and resident engagement to support retention.
Proximity to established corporate employers supports workforce housing demand and commute convenience, including AutoNation, Tenet Healthcare, Johnson & Johnson, Office Depot, and Mosaic.
- AutoNation — corporate offices (1.6 miles) — HQ
- Tenet Healthcare Corporation, Florida Region — healthcare services (15.0 miles)
- Johnson & Johnson — healthcare & consumer products (16.4 miles)
- Office Depot — corporate offices (20.4 miles) — HQ
- Mosaic — industrial & materials (20.8 miles)
Built in 1975, the asset’s vintage points to clear value-add levers: interior refreshes, systems upgrades, and exterior/common-area improvements to sharpen competitive positioning versus newer stock. Compact average unit sizes can support attainable rents and broaden the tenant base in a high-cost ownership market, while nearby employment and everyday amenities aid retention.
According to CRE market data from WDSuite, neighborhood occupancy trends are below the metro, so the thesis leans on operational execution, resident experience, and targeted marketing rather than outsized rent growth. Elevated renter concentration locally and rising household counts within a 3-mile radius indicate a deepening tenant pool over the medium term, while high ownership costs support sustained rental reliance.
- 1975 vintage with value-add potential through renovations and building systems updates
- Compact unit mix supports attainable rents and broad renter appeal
- High-cost ownership market reinforces renter demand and lease retention
- Proximity to major employers underpins workforce housing demand
- Risk: neighborhood safety metrics and below-metro occupancy call for strong on-site operations