| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Best |
| Demographics | 60th | Good |
| Amenities | 77th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1602 Governors Dr, Pensacola, FL, 32514, US |
| Region / Metro | Pensacola |
| Year of Construction | 2003 |
| Units | 20 |
| Transaction Date | 1999-03-25 |
| Transaction Price | $387,700 |
| Buyer | TYLER LOCKLAND V |
| Seller | CRITTENDEN J JAY |
1602 Governors Dr Pensacola Multifamily Investment
Neighborhood fundamentals point to durable renter demand and above-median occupancy, according to WDSuite’s CRE market data, with a renter-occupied housing base that supports leasing stability for smaller assets. These signals reflect neighborhood conditions rather than the property itself.
Located in an Inner Suburb of Pensacola, the neighborhood ranks 3rd out of 134 metro neighborhoods (A+ rating), signaling strong overall livability and investor appeal. Amenity access is competitive among metro peers, with grocery, parks, pharmacies, and dining availability placing the area in the top quartile nationally by WDSuite s measures.
Multifamily performance indicators are favorable at the neighborhood level: occupancy stands near 95.9% and sits around the 77th percentile nationally, suggesting resilience and fewer lease-up gaps through cycles. Rents benchmark in the top quartile among 134 metro neighborhoods, which, together with a rent-to-income ratio around 0.25, points to manageable affordability pressure that can support renewal rates and pricing discipline. These metrics reflect neighborhood conditions, not the property s own rent roll.
Tenure patterns indicate depth in the renter base: renter-occupied housing accounts for a sizable share of units locally (among the highest in the metro), which typically widens the prospect pool for 20-unit assets and supports occupancy stability. Median home values are elevated relative to incomes by regional standards (value-to-income metrics test above the metro median), which often sustains reliance on multifamily rentals and can bolster retention in comparable properties.
Within a 3-mile radius, recent population softened but WDSuite s 5-year outlook points to a return to population growth and a meaningful increase in households, implying a larger tenant base over the medium term. Household incomes have trended upward, reinforcing the capacity to absorb measured rent growth without outsized turnover. School ratings are not reported in this dataset; investors should underwrite education preferences at the submarket level if relevant to their target renter profile.
Safety indicators, measured at the neighborhood level, are slightly better than national averages overall (around the mid-50s percentile nationally) and perform above the metro median (rank 38 of 134). Violent offense metrics sit in a stronger national position (roughly top two-fifths) with a notable year-over-year improvement, while property-related incidents track closer to national mid-range with modest recent declines. These data describe neighborhood trends rather than site-specific conditions.
Built in 2003, the 20-unit asset benefits from a vintage newer than the neighborhood s average 1986 stock, offering competitive positioning versus older properties while still warranting mid-life system updates as part of capital planning. At the neighborhood level, occupancy is high and renter concentration is among the strongest in the metro, supporting day-one demand depth and retention potential for smaller-unit mixes. According to commercial real estate analysis from WDSuite, local rents benchmark in the metro s upper tier while rent-to-income levels suggest manageable affordability pressure that can sustain renewal velocity.
Forward-looking neighborhood signals are constructive: WDSuite s 3-mile data point to household growth over the next five years, expanding the renter pool and supporting leasing stability. Elevated ownership costs relative to incomes for the area help reinforce multifamily demand, while amenity access and Inner Suburb positioning contribute to everyday livability factors that can support rent performance through cycles. Key risks include any deviation from projected household growth and the need to budget for age-appropriate replacements in a 2003 asset.
- Newer 2003 vintage versus local 1980s stock, with competitive positioning and planned mid-life upgrades
- High neighborhood occupancy and strong renter-occupied share support demand depth and retention
- Rents in the metro s upper tier alongside manageable rent-to-income aids pricing discipline
- Projected 3-mile household growth expands the tenant base and supports leasing stability
- Risks: execution tied to forecast household gains; capital reserves needed for systems nearing replacement cycles