| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 49th | Poor |
| Demographics | 72nd | Best |
| Amenities | 58th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 606 Park Ave, Orange Park, FL, 32073, US |
| Region / Metro | Orange Park |
| Year of Construction | 1974 |
| Units | 20 |
| Transaction Date | 2022-04-25 |
| Transaction Price | $17,325,000 |
| Buyer | RIVERSIDE AT ORANGE PARK APTS LP |
| Seller | PROMENADE PARK HOLDINGS LLC |
606 Park Ave Orange Park Multifamily Investment
Neighborhood data points to steady renter demand and above-median occupancy stability at the neighborhood level, according to WDSuite’s CRE market data. Positioning in Jacksonville’s inner suburbs supports durable leasing while leaving room for selective value-add.
Located in Orange Park within the Jacksonville, FL metro, the neighborhood earns an A- rating and ranks 76th among 368 metro neighborhoods, placing it above the metro median. Neighborhood occupancy is 95.9% (for the neighborhood, not the property), with a multi‑year uptick that supports stable collections and lower turnover risk, based on CRE market data from WDSuite.
Local amenity access is anchored by everyday needs: grocery options are strong (84th percentile nationally) and pharmacies are even denser (92nd percentile), while restaurants are competitive (80th percentile). Park and café densities are limited, which may temper some lifestyle appeal; investors should underwrite resident convenience more around shopping and services than green space or third‑place venues.
Schools in this neighborhood score at the top of metro rankings (1st of 368), placing them in the top percentile nationally. For workforce‑oriented assets, strong school quality can reinforce resident stickiness and support renewal performance over time.
Tenure patterns indicate a meaningful renter base: an estimated 49.5% of housing units are renter‑occupied at the neighborhood level, suggesting depth in the tenant pool. Median contract rent in the neighborhood sits above the national middle while the rent‑to‑income ratio trends moderate, pointing to manageable affordability pressure and potential for disciplined pricing power. The typical construction year in the area is 1977; with a 1974 vintage, this asset skews slightly older, which implies targeted capital planning or renovation scope to sustain competitiveness against newer stock.
Within a 3‑mile radius, demographics show recent population growth alongside an increase in households and a smaller average household size, expanding the renter pool and supporting occupancy stability. Five‑year projections indicate flat‑to‑soft population but continued household growth and rising incomes in the radius, which can still underpin demand for professionally managed rentals as more, smaller households form.
Home values in the neighborhood are below many coastal peers, creating a relatively accessible ownership market. That can introduce some competition with entry‑level for‑sale options, but it also supports resident retention for renters prioritizing convenience and school quality; underwriting should balance rent growth expectations with this local ownership context.
Neighborhood safety signals are mixed across geographies. Compared with other Jacksonville metro neighborhoods, the area’s crime rank sits on the lower end of the 368‑neighborhood spectrum (lower ranks indicate more reported crime locally). However, national comparisons place the neighborhood in above‑average percentiles for both violent and property offenses, indicating relatively stronger safety positioning versus many neighborhoods nationwide.
Recent trend data is constructive: estimated property offense rates have declined sharply year over year at the neighborhood level. Investors should still align security measures and operating practices with local expectations, but current trajectories support leasing and retention narratives without relying on block‑level claims.
Nearby employers provide a diversified white‑collar base that supports renter demand and commute convenience for Orange Park residents. The list below highlights notable corporate offices and headquarters within roughly 10–11 miles that can contribute to leasing stability.
- Fidelity National Financial — corporate offices (9.5 miles) — HQ
- Fidelity National Information Services — corporate offices (9.5 miles) — HQ
- CSX — corporate offices (10.0 miles) — HQ
- Anixter — corporate offices (11.1 miles)
606 Park Ave offers a 20‑unit footprint in an inner‑suburban Jacksonville neighborhood where renter demand and neighborhood occupancy are solidly above metro medians, according to CRE market data from WDSuite. The local mix of daily‑needs retail and top‑ranked schools supports retention, while moderate rent‑to‑income conditions suggest room for disciplined rent growth without over‑reliance on concessions.
Built in 1974, the asset is slightly older than the neighborhood’s typical 1977 vintage, positioning it for targeted value‑add—unit interiors, common‑area refresh, or systems upgrades—to remain competitive versus newer stock. Balanced underwriting should acknowledge limited park/café amenities nearby, potential competition from accessible ownership options, and locally mixed safety rankings relative to the metro, even as national safety percentiles and declining property offenses are constructive for leasing.
- Above‑median neighborhood occupancy supports stable collections and retention
- Strong school rankings and everyday retail underpin family and workforce demand
- 1974 vintage offers value‑add potential through targeted renovations and systems updates
- Renter‑occupied share near half of units indicates a deep local tenant base
- Risks: limited park/café amenities, accessible ownership alternatives, and a crime rank that is lower (worse) than many metro peers