| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 70th | Good |
| Demographics | 15th | Poor |
| Amenities | 69th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5941 NW 16th Pl, Sunrise, FL, 33313, US |
| Region / Metro | Sunrise |
| Year of Construction | 1973 |
| Units | 24 |
| Transaction Date | 2008-11-23 |
| Transaction Price | $1,150,000 |
| Buyer | SUNRISE PORTFOLIO LLC |
| Seller | 5941 LUSH LLC |
5941 NW 16th Pl, Sunrise FL Multifamily Opportunity
Neighborhood occupancy is resilient and renter demand is deep, according to WDSuite’s CRE market data, underscoring stable operations with room for value-add at a 1973-vintage, 24-unit asset.
Located in Sunrise within the Fort Lauderdale–Pompano Beach–Sunrise metro, the property benefits from a renter-occupied share around the neighborhood that is elevated (58% of housing units are renter-occupied), placing it in the 93rd percentile nationally. For investors, this depth of the tenant base supports ongoing leasing momentum and reduces exposure to thin-demand submarkets.
Neighborhood occupancy averages 94.7% and has improved over the last five years, signaling durable demand. Within the metro’s 345 neighborhoods, the area is competitive (ranked 124), suggesting performance that is stronger than many peer locations while not entirely immune to cyclical shifts.
Amenity access is a relative strength: cafes and groceries index in the mid‑80s to high‑80s national percentiles, and parks are similarly well represented. One operational consideration is limited pharmacy presence nearby, which may modestly influence daily convenience perceptions for some residents but typically does not drive multifamily performance outcomes.
The 1973 construction year is slightly older than the neighborhood average (1975). That age profile often implies targeted capital planning—interiors, common areas, and building systems—creating value‑add potential to differentiate versus older stock while maintaining cost discipline. Neighborhood rents benchmark above national medians (79th percentile) with solid five‑year growth, supporting pricing power, though lease management should balance this with retention.
Demographic statistics aggregated within a 3‑mile radius indicate recent population growth with a meaningful increase in households and further gains forecast over the next five years. Rising median incomes and a growing family base expand the renter pool, which can support occupancy stability and absorption for well‑positioned workforce housing. At the same time, elevated home values relative to incomes (87th percentile nationally) point to a high‑cost ownership market that tends to sustain renter reliance on multifamily housing rather than shift demand to for‑sale alternatives.
Safety indicators present a mixed but improving picture. Within the Fort Lauderdale–Pompano Beach–Sunrise metro, the neighborhood’s crime rank (83 out of 345 neighborhoods) places it among the higher‑crime segments locally, which warrants thoughtful security and resident‑experience policies. Nationally, however, the area performs somewhat better than average overall (around the 60th percentile), and recent violent‑offense trends have improved, with a notable decline over the last year (80th percentile nationally for improvement).
Property‑offense metrics are favorable in national comparison (about the 91st percentile), though the most recent year showed an uptick (17th percentile for year‑over‑year change). Investors should underwrite with standard risk mitigants—lighting, access control, and community engagement—and monitor trends rather than rely on block‑level assumptions.
The employment base features nearby corporate offices that support renter demand through short commutes and diversified white‑collar and healthcare jobs: AutoNation, Tenet Healthcare, Johnson & Johnson, Office Depot, and Ryder System.
- AutoNation — automotive retail corporate offices (5.6 miles) — HQ
- Tenet Healthcare Corporation, Florida Region — healthcare services (11.3 miles)
- Johnson & Johnson — healthcare & consumer products offices (17.2 miles)
- Office Depot — office supplies corporate offices (19.0 miles) — HQ
- Ryder System — logistics & fleet management corporate offices (21.5 miles) — HQ
This 24‑unit, 1973‑vintage multifamily in Sunrise aligns with durable renter demand drivers: a high renter-occupied share at the neighborhood level, occupancy that remains competitive among metro peers, and amenity access that supports day‑to‑day livability. Based on commercial real estate analysis from WDSuite, rents benchmark above national medians while the surrounding 3‑mile area shows population and household growth—factors that can sustain absorption and lease‑up consistency.
Investor focus points include balancing pricing power with retention given higher rent‑to‑income ratios in the neighborhood, and planning for targeted capital improvements typical for early‑1970s assets. The ownership market’s elevated value‑to‑income ratio suggests continued renter reliance on multifamily housing, which can support occupancy stability over a full cycle.
- Competitive neighborhood occupancy and strong renter concentration support leasing stability.
- 1973 vintage offers value‑add potential via system upgrades and interior modernization.
- 3‑mile population and household growth expands the tenant base and supports absorption.
- Elevated ownership costs in the area reinforce renter reliance on multifamily housing.
- Risks: affordability pressure (high rent‑to‑income) and mixed safety trends require proactive lease and property management.