| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 49th | Good |
| Demographics | 45th | Fair |
| Amenities | 43rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1 Chelsea St, Lake Placid, FL, 33852, US |
| Region / Metro | Lake Placid |
| Year of Construction | 1987 |
| Units | 48 |
| Transaction Date | 2006-10-30 |
| Transaction Price | $1,632,400 |
| Buyer | THORNBURY RRH LTD |
| Seller | LAKE PLACID LTD |
1 Chelsea St, Lake Placid FL Multifamily Investment
Positioned in an A-rated neighborhood ranked 6 of 39 in the Sebring–Avon Park metro, this asset benefits from steady renter demand and a high-cost ownership environment, according to WDSuite’s CRE market data. Neighborhood metrics reflect the area, not the property, and point to stable workforce housing dynamics in a rural setting.
Lake Placid a rural neighborhood within the Sebring Avon Park metro is competitive among local subareas (6th out of 39), reflecting balanced livability for renters. Neighborhood data indicate groceries and pharmacies are above the metro median, while parks and cafes are limited a typical tradeoff in lower-density locations. Average school ratings sit near the national middle, supporting broad renter appeal without commanding premium pricing.
Renter concentration is roughly one-third of housing units at the neighborhood level, signaling a meaningful tenant base for multifamily while still competing with ownership. Median home values and the value-to-income ratio place the area in a relatively high-cost ownership market compared with incomes, which can sustain reliance on rentals and support lease retention and pricing discipline.
Within a 3-mile radius, demographics show households increased even as population edged down in recent years, implying smaller household sizes and a tilt toward rental demand. Projections through 2028 call for growth in households and incomes, expanding the local renter pool and supporting occupancy stability. These dynamics align with commercial real estate analysis fundamentals that favor workforce-oriented assets in steady, non-urban corridors.
Neighborhood vintage trends skew older than this asset; with a 1987 construction year versus a local average around 1980, the property is somewhat newer than much of the surrounding stock. That positioning can be competitive for leasing versus older comparables, while still leaving room for targeted modernization to enhance rentability and operating efficiency.
Safety indicators for the neighborhood compare favorably to many areas nationally: property offenses track in the top quartile nationwide and violent offenses sit above the national average for safety. Within the Sebring Avon Park metro, the neighborhood performs below the metro median on crime rank (25 out of 39), underscoring a mixed picture depending on the benchmark.
Recent trends are uneven: property offenses improved sharply year over year, while violent offenses rose over the same period. For investors, this suggests monitoring local enforcement and community programs, underwriting with conservative assumptions, and emphasizing on-site management and lighting/security measures typical for workforce housing. All metrics reflect neighborhood-level data, not property-specific incident reports.
This 48-unit, 1987-vintage asset offers exposure to a rural A-rated neighborhood where renter demand is supported by a high-cost ownership market and a meaningful renter-occupied share. The property is somewhat newer than much of the surrounding stock, which can aid competitiveness against older comparables; targeted updates may still be prudent for building systems and common areas. According to CRE market data from WDSuite, neighborhood-level occupancy and amenity depth are typical for low-density locations, favoring steady workforce housing over premium positioning.
Within a 3-mile radius, households have grown even as population slipped, pointing to smaller household sizes; forward projections through 2028 indicate increases in households and incomes that can broaden the tenant base and support leasing stability. Combined with ownership costs that lean high relative to incomes, these dynamics can reinforce renter reliance on multifamily while allowing disciplined rent strategies. Key risks include the rural context, limited park/cafe amenities, and mixed safety trends, which call for hands-on operations and conservative underwriting.
- 1987 vintage is newer than local average, offering competitive positioning with selective value-add upside
- High-cost ownership context supports renter reliance and potential lease retention
- 3-mile household growth and income gains projected through 2028 expand the tenant base
- Rural amenity mix suits workforce housing; focus on operations over premium finishes
- Risks: below-median metro safety rank, limited park/cafe depth, and neighborhood occupancy softness