| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 63rd | Fair |
| Demographics | 26th | Poor |
| Amenities | 56th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2690 Somerset Dr, Lauderdale Lakes, FL, 33311, US |
| Region / Metro | Lauderdale Lakes |
| Year of Construction | 1987 |
| Units | 54 |
| Transaction Date | 2023-05-19 |
| Transaction Price | $65,552,000 |
| Buyer | SOMERSET GROVE LLC |
| Seller | MONTEBELLO ENTERPRISES LLC |
2690 Somerset Dr, Lauderdale Lakes Multifamily Investment
Neighborhood renter demand and proximity to major employers point to stable leasing fundamentals, according to WDSuite’s CRE market data. Occupancy in the surrounding area has softened from prior years, but essential retail access and a larger renter base support ongoing absorption.
This Lauderdale Lakes asset sits in an Urban Core setting where neighborhood statistics indicate practical convenience rather than lifestyle retail density. Grocery and pharmacy access score above the metro median (ranked against 345 Fort Lauderdale–Pompano Beach–Sunrise neighborhoods), while cafes and parks are less concentrated nearby. These metrics describe the neighborhood, not the property.
The area’s housing stock skews slightly older than this 1987 property, which can help the asset compete against nearby vintage. Newer construction relative to the neighborhood average (1979) suggests positioning upside with targeted updates to common areas and systems to maintain competitiveness versus older stock.
Renter-occupied share in the neighborhood is elevated at roughly 59%, placing it in the top quartile among 345 metro neighborhoods. For investors, that indicates a deeper tenant base and supports demand for multifamily units, even as neighborhood occupancy rates have trended lower over five years.
Within a 3-mile radius, demographics show modest population growth to date and a projected increase in households by 2028, pointing to a larger tenant base over time. Median household incomes have been rising, and rent levels in the radius are projected to continue advancing, which can support pricing power with careful lease management and renewals.
Safety indicators for the neighborhood are mixed and should be incorporated into underwriting. Compared with neighborhoods nationwide, the area sits below average for safety; within the Fort Lauderdale–Pompano Beach–Sunrise metro (345 neighborhoods), its crime rank places it in the lower half. However, property offenses have declined year over year, an encouraging directional trend that investors can track alongside local policy and community initiatives.
Nationally benchmarked metrics indicate lower violent-crime percentiles, while property-crime percentiles are also below national medians but improving on a recent-year basis. These figures describe neighborhood conditions rather than this specific property and should be considered alongside on-the-ground diligence, security measures, and tenant profile.
Nearby corporate offices underpin a broad employment base that supports renter demand and retention, with a mix of headquarters and regional operations providing diverse white-collar and services employment. The list below highlights major employers within commuting distance that align with likely resident job centers.
- AutoNation — corporate offices (3.97 miles) — HQ
- Tenet Healthcare Corporation, Florida Region — healthcare services (11.43 miles)
- Office Depot — corporate offices (17.58 miles) — HQ
- Johnson & Johnson — corporate offices (18.64 miles)
- Ryder System — logistics & transportation (23.23 miles) — HQ
This 54-unit asset, built in 1987, is newer than the neighborhood average and benefits from a strong renter base and proximity to diversified employment. Based on commercial real estate analysis from WDSuite, neighborhood NOI per unit ranks in the top quartile among 345 metro neighborhoods, indicating solid revenue potential relative to operating norms. While area occupancy has eased compared with five years ago, elevated renter concentration and improving household incomes within a 3-mile radius support demand resiliency.
From a positioning standpoint, the property’s vintage may offer selective value-add through common-area refreshes and systems modernization to stay competitive against older stock. Ownership costs in the broader area are elevated relative to incomes, reinforcing reliance on multifamily rentals; at the same time, rent-to-income levels signal affordability pressure, making disciplined lease management and renewal strategies important to retention.
- Newer-than-neighborhood vintage (1987) supports competitive positioning with targeted updates
- Strong renter-occupied share in the neighborhood deepens the tenant base and supports leasing
- Top-quartile neighborhood NOI per unit versus 345 metro peers points to revenue potential
- Diverse nearby employers bolster demand and commute convenience for residents
- Risks: below-median safety benchmarks and affordability pressure require prudent operations and tenant screening