| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Poor |
| Demographics | 60th | Good |
| Amenities | 41st | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1720 NW 37th St, Oakland Park, FL, 33309, US |
| Region / Metro | Oakland Park |
| Year of Construction | 1973 |
| Units | 30 |
| Transaction Date | 2002-12-18 |
| Transaction Price | $950,000 |
| Buyer | BATMASIAN JAMES H |
| Seller | U & A OAKLAND APARTMENTS LLC |
1720 NW 37th St Oakland Park Multifamily Investment
Neighborhood occupancy trends are above the metro median, supporting leasing stability for a 30-unit, small‑format asset, according to WDSuite’s CRE market data. 1973 vintage suggests clear value‑add paths through targeted renovations and capital planning.
Located in Oakland Park’s inner‑suburb setting within the Fort Lauderdale–Pompano Beach–Sunrise metro, the neighborhood posts an occupancy rate that is above the metro median (ranked 128 out of 345 neighborhoods), signaling durable renter demand and smoother renewal dynamics. Nationally, occupancy performance sits in the upper tier relative to average (67th percentile), a constructive backdrop for maintaining stabilized operations.
Livability supports daily needs: grocery access is competitive among metro neighborhoods (74th national percentile) and parks density ranks in the top quartile nationally (88th percentile). By contrast, on‑neighborhood café and restaurant density is limited, and pharmacy access is sparse, so some conveniences may be reached in surrounding districts. Childcare availability rates as strong (86th percentile), which can help broaden the tenant pool.
Housing stock skews slightly older than the metro average (property vintage 1973 versus a neighborhood average construction year of 1975), pointing to potential value‑add through interiors, building systems, and common‑area updates to enhance competitive positioning against newer product. Median home values in the neighborhood are elevated for many households, which can sustain reliance on multifamily rentals and support pricing power without over‑stretching rent‑to‑income ratios that trend manageable for lease retention.
Demographic statistics aggregated within a 3‑mile radius indicate modest population growth alongside a larger increase in households and a decrease in average household size over the past five years. This combination typically expands the renter pool and supports occupancy stability for smaller units. Within the same radius, about 48% of housing units are renter‑occupied, indicating a deep tenant base for multifamily operators.
Safety indicators for the neighborhood are mixed relative to peers. Overall crime sits below the metro median (ranked 201 out of 345 neighborhoods), and the area is below the national midpoint (38th percentile), suggesting investors should underwrite prudent security and operating practices. Property offenses show an improving trend year over year, performing above the national median for improvement (59th percentile), while violent‑offense measures lag national benchmarks (around the 22nd percentile). Framed for investors, this points to heightened vigilance in asset management while recognizing recent progress on property‑crime trends.
Proximity to corporate employment anchors supports commuter convenience and renter retention, led by headquarters and regional offices in autos, healthcare, retail, and logistics that draw a diverse workforce to the area.
- AutoNation — automotive retailer HQ (3.9 miles) — HQ
- Tenet Healthcare Corporation, Florida Region — healthcare services (11.5 miles)
- Office Depot — office supplies HQ (16.2 miles) — HQ
- Johnson & Johnson — pharmaceuticals/medtech offices (20.2 miles)
- Ryder System — logistics & fleet management HQ (25.0 miles) — HQ
This 30‑unit asset with an average unit size of roughly 513 square feet fits workforce and efficiency‑oriented renter segments. The neighborhood’s occupancy rate ranks above the metro median and in the 67th national percentile, supporting steady collections and renewal potential. According to CRE market data from WDSuite, nearby amenities skew toward parks and groceries, while café/restaurant density is thinner—an underwriting consideration but not typically a driver of core leasing in this inner‑suburban location. The 1973 vintage offers clear value‑add potential through unit and system upgrades to strengthen competitive positioning against newer inventory.
Within a 3‑mile radius, households have been increasing with smaller average household sizes, implying a broader renter pool and resilient demand for smaller formats. Ownership costs in the area remain high enough to sustain reliance on rentals, while rent‑to‑income dynamics trend manageable for retention. Netting these factors, the property presents a stable cash‑flow profile with scope to create incremental NOI through targeted renovations and operating improvements.
- Neighborhood occupancy above metro median supports leasing stability and renewals.
- 1973 vintage provides value‑add upside via interiors and building‑system upgrades.
- 3‑mile household growth and smaller household sizes expand the renter base for smaller units.
- Proximity to major employers underpins workforce‑driven demand and retention.
- Risks: safety metrics lag national averages and on‑neighborhood amenities are limited; underwrite security measures and leasing strategy accordingly.