| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 72nd | Good |
| Demographics | 29th | Poor |
| Amenities | 62nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2903 NW 60th Ave, Sunrise, FL, 33313, US |
| Region / Metro | Sunrise |
| Year of Construction | 1973 |
| Units | 55 |
| Transaction Date | 2003-07-18 |
| Transaction Price | $13,550,000 |
| Buyer | YMP BOARDWALK LLC |
| Seller | WELLS FARGO BANK N A |
2903 NW 60th Ave Sunrise Multifamily Investment Thesis
Neighborhood occupancy is strong and has held in the top quartile nationally, supporting stable leasing conditions for this Sunrise asset, according to WDSuite s CRE market data. Renter demand is reinforced by a sizable renter-occupied housing base in the surrounding area.
This Urban Core pocket of Sunrise shows durable renter demand and tight availability. Neighborhood occupancy ranks in the top quartile among 345 metro neighborhoods and the national percentile is high, indicating limited downtime between turns and support for steady renewal strategies.
Daily-needs access is a relative strength: cafes and childcare options rank competitive to top-tier levels in the Fort Lauderdale-Pompano Beach-Sunrise metro (ranks 12 and 22 out of 345), and grocery density also trends above the metro median. That said, park and pharmacy access are limited relative to peers (both ranking 345 of 345), which may modestly weigh on lifestyle appeal for some tenants.
Within a 3-mile radius, demographics point to a growing renter pool: population and households have expanded over the last five years with further growth forecast, while average household size is trending lower. These dynamics typically translate to a larger tenant base and support occupancy stability. The neighborhood’s renter-occupied share is elevated versus national norms (82nd percentile), signaling depth in multifamily demand rather than a tilt toward ownership.
Ownership costs are comparatively high for the metro context: home values trend above national midpoints and the value-to-income ratio sits near the 91st percentile nationally. In investor terms, a high-cost ownership market tends to sustain reliance on rental housing and can bolster pricing power. At the same time, rent-to-income metrics are elevated, so lease management and retention strategies should account for affordability pressure even as rent levels have demonstrated solid growth momentum.
Safety indicators are mixed and should be assessed in context. Relative to the Fort Lauderdale-Pompano Beach-Sunrise metro (345 neighborhoods), overall crime ranks 74th, placing the area in a higher-crime tier locally. Nationally, however, the neighborhood trends moderately safer than average on broad crime measures (around the 61st percentile).
By category, recent estimates show property offenses positioning safer compared with many neighborhoods nationwide (near the top national percentiles), though the property-offense rank within the metro sits in a higher-crime tier. Trend-wise, the latest year suggests property incidents easing modestly, while violent-offense estimates moved higher year over year despite a relatively favorable national percentile (around the 72nd). Investors should underwrite with conservative assumptions and consider standard security measures aligned with submarket norms.
The employment base within commuting distance includes corporate offices spanning automotive retail, healthcare administration, consumer goods, office supplies, and logistics which helps support leasing durability for workforce-oriented renters. Specifically: AutoNation, Tenet Healthcare (Florida Region), Johnson & Johnson, Office Depot, and Ryder System.
- AutoNation automotive retail corporate offices (6.2 miles) HQ
- Tenet Healthcare Corporation, Florida Region healthcare administration (10.3 miles)
- Johnson & Johnson pharmaceuticals & medical devices offices (18.1 miles)
- Office Depot office supplies corporate offices (18.2 miles) HQ
- Ryder System logistics & transportation corporate offices (22.3 miles) HQ
This 55-unit Sunrise property benefits from a neighborhood with tight occupancy and a renter base that skews higher than national norms, supporting stable leasing and renewal outcomes. Daily-needs retail access is strong across cafes, childcare, and groceries, while regional employers provide a broad commuter draw. According to CRE market data from WDSuite, neighborhood occupancy performs above metro averages, reinforcing the case for consistent cash flow potential.
Investor considerations include elevated rent-to-income levels that call for attentive lease management and value proposition, and mixed but improving signals across some safety indicators. On the upside, a high-cost ownership landscape in Broward County tends to sustain rental reliance, and 3-mile population and household growth projections point to continued renter pool expansion that can support occupancy and rent growth over time.
- Tight neighborhood occupancy supports stable leasing and renewal visibility.
- Strong daily-needs access (cafes, childcare, groceries) underpins livability and tenant retention.
- High-cost ownership market reinforces reliance on multifamily housing.
- 3-mile population and household growth expand the tenant base over the forecast period.
- Risks: elevated rent-to-income and mixed local safety trends warrant conservative underwriting and active asset management.