| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 45th | Fair |
| Demographics | 9th | Poor |
| Amenities | 39th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1620 W Hernandez St, Pensacola, FL, 32501, US |
| Region / Metro | Pensacola |
| Year of Construction | 1992 |
| Units | 20 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1620 W Hernandez St Pensacola Multifamily Investment
Renter demand is supported by a meaningful renter-occupied share at the neighborhood level and a high-cost ownership landscape relative to local incomes, according to WDSuite’s CRE market data. Investors should underwrite for leasing efficiency and value positioning to capture steady occupancy in a working-class tenant base.
Located in an inner-suburb pocket of Pensacola, the neighborhood rates C- and is competitive among Pensacola-Ferry Pass-Brent neighborhoods on overall amenities (ranked 41 out of 134 metro neighborhoods), with standout day-to-day convenience from grocery and pharmacy access. Grocery density sits in a high national percentile, while restaurants are solidly mid-range; by contrast, parks, cafes, and childcare options are limited. For investors, the amenity mix favors essential retail and errands, which can aid retention for workforce renters.
The property’s 1992 construction is newer than the neighborhood’s average 1960s vintage. That positioning typically offers a competitive edge versus older local stock, while still warranting targeted modernization of systems and finishes as part of a value-add or capital planning strategy.
At the neighborhood level, occupancy trends are below national norms and have softened over the past five years. However, the share of housing units that are renter-occupied is elevated (above many metro peers), which indicates depth in the tenant pool. Median contract rents in the neighborhood sit below national levels, suggesting price-sensitive demand where clean, functional units and efficient operations can drive leasing velocity.
Demographics aggregated within a 3-mile radius show recent population growth alongside a larger increase in households and a gradual decline in average household size. Looking ahead, projections signal flat population but continued growth in household counts, which implies a broader renter base and supports occupancy stability for well-positioned multifamily assets. Elevated home values relative to local incomes reinforce reliance on rental housing, which can bolster tenant retention when properties maintain a value-forward offering.
School ratings in the neighborhood trail national averages, and should be considered when targeting family renters. Even so, day-to-day convenience and essential retail access compare favorably to many metro areas, which can offset some locational frictions for value-oriented residents.
Safety indicators in the immediate neighborhood trend below national benchmarks, and performance is below the metro median (ranked 86 out of 134 metro neighborhoods). Nationally, the neighborhood sits in lower percentiles for both property and violent offenses. Recent year-over-year trends show improvement, with both property and violent offense estimates declining, which investors can monitor as part of ongoing risk assessment and leasing strategy.
This 20-unit asset offers a straightforward workforce housing thesis: a renter-oriented neighborhood, newer vintage relative to local stock, and essential retail access that supports daily convenience. According to CRE market data from WDSuite, neighborhood rents sit below national levels while ownership remains comparatively high-cost versus local incomes, reinforcing rental reliance and a durable tenant base when pricing and operations are managed carefully.
Built in 1992, the property should be competitively positioned against older submarket inventory, with targeted upgrades providing a clear path to value creation. Within a 3-mile radius, household counts have grown and are projected to continue expanding even as population holds roughly flat, pointing to a wider renter pool and support for occupancy over the underwriting horizon. Key risks include below-median neighborhood safety and softer occupancy trends, which call for disciplined leasing, value-forward unit offerings, and active management.
- Newer 1992 vintage versus older neighborhood stock supports competitive positioning with selective upgrades
- Renter-occupied share at the neighborhood level indicates depth of tenant base for workforce housing
- Essential retail access (strong grocery/pharmacy presence) supports day-to-day convenience and retention
- 3-mile household growth and smaller household sizes expand the prospective renter pool and support occupancy
- Risks: below-median neighborhood safety and softer occupancy trends require disciplined pricing, leasing, and active management