| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Fair |
| Demographics | 45th | Fair |
| Amenities | 73rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 491 Banks Rd, Margate, FL, 33063, US |
| Region / Metro | Margate |
| Year of Construction | 1974 |
| Units | 44 |
| Transaction Date | 2006-08-14 |
| Transaction Price | $4,320,000 |
| Buyer | SUNSET LAKE APARTMENTS LLC |
| Seller | AJG REALTY LLC |
491 Banks Rd Margate Multifamily Value-Add Thesis
Renter-occupied housing is meaningful in the surrounding neighborhood, supporting a steady tenant base, while recent occupancy trends warrant active leasing management, according to CRE market data from WDSuite.
This B-rated Inner Suburb in the Fort Lauderdale-Pompano Beach-Sunrise metro ranks 131 of 345 neighborhoods, placing it competitive within the metro for investors screening stabilized workforce locations. Retail and daily-needs access are a local strength: grocery presence is top quartile nationally and ranks in the top quartile among 345 metro neighborhoods, with restaurants and cafes also testing in the top quartile nationally. The trade-off is limited park access, which trails both metro and national norms.
Median home values sit in a higher-cost ownership context relative to local incomes (national value-to-income metrics trend above average), which can reinforce reliance on multifamily rentals and support pricing power when managed carefully. At the same time, neighborhood rent-to-income ratios indicate affordability pressure compared with many U.S. areas, so renewal strategies and unit mix positioning remain important to retention.
The neighborhood’s renter-occupied share is elevated versus many suburban locations, signaling depth in the tenant pool and demand for well-managed apartments. However, the neighborhood-level occupancy rate has been below national medians in recent readings, underscoring the need for focused leasing and amenity execution to maintain stability through cycles.
Within a 3-mile radius, demographics point to a growing renter pool: population and household counts increased over the last five years and are projected to grow further, which supports occupancy stability and absorption potential. Income distributions are diversifying with gains at higher brackets, aligning with demand for renovated units alongside value-oriented offerings, based on CRE market data from WDSuite.
Safety indicators for the neighborhood are mixed but improving on a one-year basis. The area ranks 103 out of 345 metro neighborhoods on composite crime measures, placing it around the metro middle. Nationally, overall safety sits near mid-percentiles, with violent and property offense levels around the national midpoint. Importantly, both violent and property offense rates have trended down over the last year, which is a constructive directional signal for investors monitoring leasing risk and insurance planning.
Nearby employers provide a diversified white-collar and healthcare employment base that supports renter demand and commute convenience, including Tenet Healthcare, AutoNation, Office Depot, and Johnson & Johnson.
- Tenet Healthcare Corporation, Florida Region — healthcare services (6.95 miles)
- AutoNation — automotive retail & corporate (8.7 miles) — HQ
- Office Depot — office supplies corporate (12.3 miles) — HQ
- Johnson & Johnson — healthcare & consumer products offices (23.9 miles)
491 Banks Rd is a 44-unit 1974-vintage asset in an inner suburban Broward County location where daily-needs retail access is strong and renter concentration supports a broad tenant base. Construction year implies potential value-add through unit renovations and systems upgrades, positioning the property to compete against the metro’s generally newer stock. According to CRE market data from WDSuite, neighborhood occupancy has trailed national medians recently, making leasing execution and amenity programming important to stabilize cash flow.
Within a 3-mile radius, households and incomes have grown and are projected to continue rising, expanding the renter pool and supporting rent levels over time. Homeownership remains relatively high-cost versus incomes by national benchmarks, which tends to sustain multifamily demand; however, rent-to-income metrics signal affordability pressure, so operators should balance renovation scope with retention and pricing discipline.
- Value-add upside: 1974 vintage allows targeted renovations and systems modernization to lift competitiveness.
- Demand depth: elevated renter-occupied share and strong daily-needs retail support steady leasing.
- Demographic tailwinds: 3-mile population and households have grown and are projected to expand, supporting absorption and occupancy stability.
- Pricing power potential: higher-cost ownership context reinforces reliance on rentals, aiding renewal strategy.
- Risks: neighborhood occupancy below national medians, limited parks, lower school ratings, and rent-to-income pressure require disciplined leasing and expense control.