| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Best |
| Demographics | 70th | Best |
| Amenities | 70th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 344 NW 87th Ter, Plantation, FL, 33324, US |
| Region / Metro | Plantation |
| Year of Construction | 1980 |
| Units | 96 |
| Transaction Date | 1993-07-21 |
| Transaction Price | $5,700,000 |
| Buyer | JACARANDA CLUB ASSOC LTD |
| Seller | TRAVELERS INCOME PROP I LTD PTNR |
344 NW 87th Ter Plantation Multifamily Investment
Neighborhood occupancy has trended upward with a solid renter-occupied base, according to WDSuite’s CRE market data, supporting steady tenant demand in this inner-suburban Broward location. Metrics cited are for the surrounding neighborhood, not the property.
Plantation’s inner-suburban setting offers a balanced mix of livability and demand drivers for multifamily. The neighborhood is competitive among Fort Lauderdale-Pompano Beach-Sunrise, FL neighborhoods (ranked 35 of 345) with an overall A rating, reflecting broad-based strengths that can underpin leasing consistency. Dining, cafes, parks, and pharmacies register in the top quartile nationally by density, while immediate grocery options are limited within the neighborhood boundaries.
Renter-occupied housing makes up a meaningful share of neighborhood units (renter concentration 44%), indicating depth in the tenant base. Neighborhood occupancy is around the metro middle but has improved over the past five years, a constructive signal for stability. Median contract rents are competitive locally and sit well above national norms, which often correlates with a stickier renter pool seeking convenience and professional management.
Within a 3-mile radius, the population has grown modestly and total households have expanded, with projections pointing to further household growth and smaller average household size by 2028. This trajectory suggests a larger renter pool over time and supports absorption for well-managed properties. Median and mean household incomes in the 3-mile area have risen meaningfully, reinforcing the capacity to support quality rental housing even as residents weigh value and amenities.
Home values in the neighborhood sit above national norms, and the ownership market is relatively high-cost compared with incomes. For investors, this context can sustain rental demand and retention, though it underscores the importance of pricing discipline and service quality to manage affordability pressure and maintain occupancy.
Safety indicators are mixed but improving in key areas. The neighborhood sits slightly above the national middle on overall safety benchmarks, and violent offenses have declined year over year. Property offense rates have also improved compared with last year, which is a constructive trend for tenant retention and leasing. These figures reflect neighborhood-level patterns rather than block-by-block conditions.
Relative to the Fort Lauderdale-Pompano Beach-Sunrise metro, the neighborhood’s crime rank is 106 out of 345, indicating performance around the metro average. Nationally, safety compares favorably for violent offenses (upper-half percentile) while property offenses track closer to the national middle. Investors should monitor trends, but the recent downward movement in both violent and property incidents is a positive signal.
Nearby employers span auto retail headquarters, healthcare administration, pharmaceuticals, logistics, and office retail, supporting a diverse commuter base and reinforcing multifamily demand through varied wage tiers. The list below highlights proximate employers that can contribute to leasing stability via short commutes.
- AutoNation — auto retail HQ & corporate (7.4 miles) — HQ
- Tenet Healthcare Corporation, Florida Region — healthcare administration (12.4 miles)
- Johnson & Johnson — pharmaceuticals (15.4 miles)
- Ryder System — logistics & transportation (19.2 miles) — HQ
- Office Depot — office retail corporate (21.2 miles) — HQ
This 96-unit asset, built in 1980, sits in a neighborhood with competitive amenity access and a sizable renter-occupied base. The vintage implies potential value-add through modernization of interiors, common areas, and building systems, which can sharpen positioning against newer stock while supporting rent durability. Neighborhood occupancy has improved over the past five years, and median rents outpace national levels, indicating durable demand for professionally managed apartments in this inner-suburban location, based on CRE market data from WDSuite.
Within a 3-mile radius, modest population growth, a notable increase in households, and projected household expansion through 2028 point to a larger tenant base over time. Elevated home values relative to national norms reinforce renter reliance on multifamily housing, which can aid lease retention when paired with pragmatic rent setting and responsive operations. Key risks to underwrite include pockets of affordability pressure and neighborhood-level safety metrics that, while improving, merit continued monitoring.
- 1980 vintage presents value-add and systems-upgrade upside to enhance competitive positioning.
- Neighborhood renter concentration and improving occupancy support demand stability.
- 3-mile household growth and shrinking household size suggest a larger renter pool ahead.
- Elevated ownership costs reinforce multifamily demand and can aid retention with thoughtful pricing.
- Risks: affordability pressure, mixed-but-improving safety indicators, and competition from newer product.