| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Best |
| Demographics | 83rd | Best |
| Amenities | 51st | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 8451 Gate Pkwy W, Jacksonville, FL, 32216, US |
| Region / Metro | Jacksonville |
| Year of Construction | 2009 |
| Units | 36 |
| Transaction Date | 2020-11-24 |
| Transaction Price | $90,000,000 |
| Buyer | BCORE MF CITIGATE LLC |
| Seller | CITIGATE APARTMENTS PROPERTY OWNER LLC |
8451 Gate Pkwy W Jacksonville Multifamily Investment
Renter demand is supported by a high neighborhood renter-occupied share and strong amenity access, according to WDSuite’s CRE market data. Household growth within a 3-mile radius points to a larger tenant base that can help sustain leasing momentum.
Located in Jacksonville’s inner suburb corridor, the property benefits from a neighborhood rated A and ranked 33 out of 368 within the metro — competitive among Jacksonville neighborhoods. Dining and daily-needs access are a relative strength, with restaurants and cafes performing well against both metro peers and nationally (national percentiles in the 80s), which can aid resident retention.
Vintage positioning is favorable for operations: the average neighborhood construction year is 2005, while this asset was built in 2009, suggesting newer systems and finishes versus much of the surrounding stock. That competitive edge can reduce near-term capital exposure, though routine modernization may still be warranted as the asset approaches mid-life.
The neighborhood shows a high share of renter-occupied housing units (57.2%; top decile nationally), indicating depth in the tenant base. Within a 3-mile radius, recent population and household growth — with further expansion projected — supports a larger renter pool and potential occupancy stability over the medium term.
Affordability dynamics are supportive for multifamily operations. Neighborhood rent-to-income sits around 0.21 and home values are elevated for the metro context, a combination that can sustain rental demand while offering some pricing power without overextending residents. One counterbalance is that the neighborhood occupancy level is below national norms (ranked 295 of 368), so lease-up and renewal strategies should emphasize the area’s amenity access and newer-vintage competitive positioning.
Safety metrics in this neighborhood trail both metro and national benchmarks. The area ranks 285 out of 368 Jacksonville neighborhoods, and its national safety percentile is low, indicating higher reported crime relative to many U.S. neighborhoods. Recent year-over-year changes in both property and violent offense estimates have moved unfavorably, so investors should incorporate prudent security measures and leasing policies into underwriting.
As always, safety patterns vary by block and over time. Comparing on-site incident logs, insurer guidance, and municipal trend data alongside WDSuite’s indicators can help calibrate operational assumptions and appropriate reserves.
Proximity to major employers broadens the renter base and supports retention, particularly among transportation, financial technology, title services, and distribution workers noted below.
- CSX — rail transportation (7.5 miles) — HQ
- Fidelity National Financial — title services (7.7 miles) — HQ
- Fidelity National Information Services — financial technology (7.7 miles) — HQ
- Anixter — electrical and network distribution (8.6 miles)
This 36-unit, 2009-vintage asset offers competitive positioning in an A-rated inner suburb with strong dining and daily-needs access. The neighborhood’s high renter-occupied share points to a deep tenant pool, while 3-mile demographics show recent gains and further growth projected, supporting leasing velocity and renewal potential. Based on commercial real estate analysis from WDSuite, neighborhood occupancy trails stronger submarkets, making asset quality, management, and pricing strategy important levers.
Newer-than-average vintage versus the local stock can temper near-term capital needs and support rent attainment, while a rent-to-income profile near 0.21 suggests manageable affordability pressure that can aid retention. Elevated ownership costs for the metro context further reinforce reliance on rental housing, though investors should plan for security best practices and targeted marketing to offset below-median neighborhood occupancy and safety readings.
- 2009 vintage, newer than neighborhood average, supporting competitive positioning and moderated near-term CapEx
- High renter-occupied share and expanding 3-mile household base underpin multifamily demand and leasing stability
- Strong restaurant, cafe, and daily-needs access aids resident satisfaction and renewal prospects
- Rent-to-income near 0.21 implies room for disciplined pricing while managing retention
- Risks: below-median neighborhood occupancy and weaker safety metrics warrant conservative underwriting and active property management