| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 67th | Fair |
| Demographics | 36th | Poor |
| Amenities | 91st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4050 NE 1st Ave, Oakland Park, FL, 33334, US |
| Region / Metro | Oakland Park |
| Year of Construction | 1972 |
| Units | 56 |
| Transaction Date | 2004-07-27 |
| Transaction Price | $7,552,100 |
| Buyer | 61-34 MADISON REAL ESTATE LLC |
| Seller | CROSBY MICHELLE L |
4050 NE 1st Ave, Oakland Park Multifamily Investment
Renter demand in this inner-suburban pocket shows depth and relative stability, according to WDSuite’s CRE market data, with neighborhood occupancy above the metro median and a renter-occupied share supportive of consistent leasing. Proximity to jobs and daily amenities underpins retention while a 1972 vintage suggests value-add potential.
The property sits in an Inner Suburb of the Fort Lauderdale–Pompano Beach–Sunrise metro where daily-life access is a strength. Amenity access ranks 11th among 345 metro neighborhoods (competitive among Fort Lauderdale-area neighborhoods), supported by nationally strong restaurant, pharmacy, grocery, park, and café density. This breadth typically supports leasing velocity and day-to-day convenience for residents.
Neighborhood multifamily occupancy is above the metro median among 345 neighborhoods, and the renter-occupied share is high for the metro (top quartile), indicating a deep tenant base and potential for steadier absorption through cycles. Note that these are neighborhood-level indicators rather than property-specific performance.
Within a 3-mile radius, households increased over the past five years while population was roughly flat, pointing to smaller household sizes and a gradual expansion of the renter pool. Looking ahead, projections indicate further increases in households by 2028, which would broaden the local tenant base and help support occupancy stability. Median incomes have been rising, which can aid rent collections and support prudent renovations.
Ownership costs in the neighborhood are elevated relative to incomes (home values are higher than many areas of the country and the value-to-income ratio ranks in the upper decile nationally). In practice, a high-cost ownership market tends to reinforce reliance on multifamily rentals, supporting pricing power and lease retention, though operators should balance this with careful income screening and renewal strategies.
Vintage matters: the average construction year in the neighborhood skews to the mid-1970s, and this 1972 asset is slightly older. For investors, that often translates to targeted capital planning for building systems and interiors that can unlock value through renovations and repositioning versus newer competitive stock.
Safety metrics at the neighborhood level trail national averages, and the area ranks below the metro median (ranked in the lower tier among 345 Fort Lauderdale-area neighborhoods). Recent trends are mixed: property offenses show a year-over-year decline, while violent incidents increased over the last year. Investors typically account for this by enhancing on-site security, lighting, and access control, and by calibrating leasing strategies to emphasize well-managed operations.
These figures reflect neighborhood conditions rather than the property itself. Comparing multiple years of data and nearby submarkets can help contextualize trend direction and operating practices that support resident confidence.
The surrounding employment base blends corporate headquarters and regional offices that help sustain renter demand through commute convenience. Notable nearby employers include AutoNation, Tenet Healthcare Corporation (Florida Region), Office Depot, Johnson & Johnson, and Mosaic.
- AutoNation — corporate HQ (3.9 miles) — HQ
- Tenet Healthcare Corporation, Florida Region — healthcare administration (12.1 miles)
- Office Depot — corporate HQ (15.8 miles) — HQ
- Johnson & Johnson — medical products offices (21.0 miles)
- Mosaic — corporate offices (25.2 miles)
This 56-unit, 1972-vintage asset in Oakland Park benefits from strong neighborhood fundamentals: amenity-rich positioning, above-metro-median neighborhood occupancy, and a high renter-occupied share that supports a durable tenant base. The vintage suggests actionable value-add through system upgrades and interior improvements that can enhance competitiveness against newer stock, while elevated ownership costs in the area help sustain multifamily demand.
According to CRE market data from WDSuite, neighborhood-level indicators point to steady renter demand and a growing household base within 3 miles over the forecast period, supporting occupancy stability and measured rent growth strategies. Key considerations include calibrated leasing and renewal management given rent-to-income pressures and attention to safety best practices to support resident satisfaction and retention.
- Amenity-dense inner-suburban location supporting leasing velocity and daily convenience
- Above-metro-median neighborhood occupancy with high renter-occupied share supporting demand depth
- 1972 vintage offers clear value-add pathway via targeted renovations and system upgrades
- Elevated home values reinforce reliance on rentals, aiding pricing power and retention
- Risk: rent-to-income pressures and below-average neighborhood safety warrant proactive operations and renewal strategies