| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 67th | Fair |
| Demographics | 36th | Poor |
| Amenities | 91st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 131 NE 40th Ct, Oakland Park, FL, 33334, US |
| Region / Metro | Oakland Park |
| Year of Construction | 1973 |
| Units | 20 |
| Transaction Date | 2004-07-27 |
| Transaction Price | $7,552,100 |
| Buyer | 61-34 MADISON REAL ESTATE LLC |
| Seller | CROSBY MICHELLE L |
131 NE 40th Ct Oakland Park 20-Unit Multifamily
Neighborhood-level occupancy trends sit above the metro median and renter concentration is high, supporting demand durability for a 20-unit asset, according to WDSuite s CRE market data. Strong local amenities and an inner-suburban location point to steady leasing with scope for value-add given the 1973 vintage.
Located in Oakland Park s inner suburbs of the Fort Lauderdale-Pompano Beach-Sunrise metro, the neighborhood rates A- and is competitive among 345 metro neighborhoods on overall amenities (top tier in the metro and top quartile nationally). Dense coverage of restaurants, groceries, pharmacies, parks, and childcare supports daily convenience and broad lifestyle appeal tailwinds that help leasing velocity and retention.
Occupancy in the neighborhood tracks above the metro median, and renter-occupied housing share sits in a high national percentile, indicating a deep tenant base for multifamily operators. Median contract rents in the neighborhood benchmark in the upper national percentiles, while the rent-to-income ratio trends in a lower national percentile, suggesting manageable affordability pressure that can support retention and measured pricing power.
Within a 3-mile radius, household counts have grown in recent years and are projected to continue increasing through the next five years, even as average household size trends lower a pattern consistent with a larger renter pool and demand for additional units. This dynamic, paired with amenity access, supports occupancy stability. Based on commercial real estate analysis from WDSuite, elevated home values relative to incomes in the neighborhood signal a high-cost ownership market that tends to reinforce renter reliance on multifamily housing.
Asset vintage and positioning: Built in 1973 (slightly older than the area s average stock), the property may benefit from targeted capital planning and value-add upgrades to remain competitive against newer product, particularly in kitchens, baths, building systems, and curb appeal.
Safety indicators for the neighborhood are mixed. Compared with other neighborhoods in the Fort Lauderdale-Pompano Beach-Sunrise metro (345 total), crime metrics sit below the metro average, and national percentiles indicate weaker safety positioning overall. Investors should underwrite to this context when modeling retention and operating expenses.
Recent trends are noteworthy: estimated property offenses decreased year over year, while estimated violent offense rates increased. These directional shifts suggest the need for ongoing monitoring and standard best practices in security, lighting, and resident engagement rather than assumptions of linear improvement.
Proximity to a diverse employment base supports renter demand, with access to automotive retail headquarters, healthcare administration, and corporate services within a commutable radius all relevant to workforce housing and leasing stability.
- AutoNation automotive retail (3.9 miles) HQ
- Tenet Healthcare Corporation, Florida Region healthcare administration (12.1 miles)
- Office Depot office supplies (15.7 miles) HQ
- Johnson & Johnson pharmaceuticals (21.1 miles)
- Mosaic chemicals & agribusiness offices (25.2 miles)
This 20-unit, 1973-vintage asset in Oakland Park is positioned in a high-amenity inner-suburban neighborhood where occupancy trends run above the metro median and renter concentration is high, supporting depth of tenant demand. Elevated home values relative to incomes in the neighborhood point to a high-cost ownership environment that tends to sustain rental demand and lease retention. According to CRE market data from WDSuite, amenity density ranks competitively in the metro and in upper national percentiles, reinforcing leasing fundamentals.
Within a 3-mile radius, households have expanded and are projected to grow further as average household size edges down, a setup that typically expands the renter pool and supports occupancy stability. Given the 1973 construction, there is potential for value-add through modernization of interiors and building systems to enhance competitiveness versus newer stock, with underwriting that acknowledges local safety dynamics and their implications for operations.
- High-amenity inner-suburban location supports leasing velocity and retention
- Occupancy above metro median with strong renter-occupied housing share
- High-cost ownership market reinforces multifamily demand and pricing discipline
- 1973 vintage offers value-add potential via interior and systems upgrades
- Consider safety trends and related operating measures as a modeled risk