| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 69th | Best |
| Demographics | 46th | Fair |
| Amenities | 44th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 10220 Summer Palm Dr, Riverview, FL, 33578, US |
| Region / Metro | Riverview |
| Year of Construction | 2001 |
| Units | 20 |
| Transaction Date | 2014-08-06 |
| Transaction Price | $31,700,000 |
| Buyer | SUMMER PALMS APARTMENTS LLC |
| Seller | G & C SUMMER INVESTORS LLC |
10220 Summer Palm Dr, Riverview FL Multifamily Investment
Neighborhood fundamentals point to steady renter demand and above-median occupancy for the area, according to WDSuite’s CRE market data, supporting income stability for well-positioned assets in Riverview.
Riverview’s suburban setting delivers a balanced living environment with everyday conveniences and a renter base supported by solid household incomes. Neighborhood occupancy is above the national median and has trended upward over the last five years, indicating demand resilience that can help stabilize cash flows at comparable assets in the Tampa–St. Petersburg–Clearwater metro.
Local amenity access is serviceable: grocery and restaurant density ranks above national medians, while cafes are a relative strength. Park and childcare density are limited, which may modestly temper appeal for some family renters. Average school ratings in the neighborhood are below national norms, a consideration for family-oriented unit mixes and leasing strategies.
Within a 3-mile radius, population and household counts have expanded and are projected to continue growing, widening the tenant base. The renter-occupied share is roughly one-fifth to one-quarter, suggesting a defined—though not dominant—renter pool that supports consistent absorption for well-priced units. Median household incomes in the area are comparatively strong, and rent-to-income levels in the neighborhood sit at the low-to-mid range nationally, which can aid retention and reduce turnover risk.
For this 2001-vintage, 20-unit property, vintage is slightly older than the neighborhood’s average construction year, pointing to potential value-add through targeted interior refreshes and modernization of systems to remain competitive against newer stock, while leveraging the area’s occupancy stability and demand drivers.
Safety indicators for the neighborhood are mixed relative to the region and nation. Overall crime levels sit near the metro median (ranked 389 among 710 metro neighborhoods), placing the area around the middle of the pack locally. Nationally, safety percentiles indicate conditions below the national median, but recent trends show improvement in violent incidents year over year.
For investors, this suggests standard risk management—lighting, access controls, and resident engagement—can be effective, with monitoring warranted as property and neighborhood conditions evolve.
The area draws from a diversified employment base, with nearby healthcare, financial services, electronics manufacturing, and industrial employers that support renter demand through commute convenience and job stability. The employers listed below reflect that mix and proximity.
- Cardinal Health — healthcare distribution (6.6 miles)
- Mosaic — chemicals and industrial products (18.8 miles)
- Jabil Circuit — electronics manufacturing (19.5 miles) — HQ
- Raymond James Financial — financial services (21.1 miles) — HQ
- Wellcare Health Plans — health insurance (21.1 miles) — HQ
This 20-unit property built in 2001 sits in a Riverview neighborhood with above-median occupancy and strengthening renter demand, supported by expanding households within a 3-mile radius. Elevated household incomes and a moderate rent-to-income profile bolster leasing durability and pricing flexibility. The asset’s slightly older vintage versus nearby stock creates a practical path for value-add—focused upgrades can enhance competitiveness against newer deliveries.
Based on CRE market data from WDSuite, the neighborhood’s rent levels and occupancy trends compare favorably to national medians, while ownership costs remain relatively high for the metro, reinforcing reliance on multifamily options for many households. Key watch items include below-average school ratings and limited park/childcare amenities, which may influence unit-mix strategy and marketing toward workforce renters and commuters.
- Above-median neighborhood occupancy supports income stability and retention
- Expanding 3-mile population and households grow the renter pool and leasing depth
- 2001 vintage offers clear value-add potential via targeted interior and systems updates
- Diverse nearby employers underpin workforce housing demand and commute convenience
- Risks: below-average school ratings and limited parks/childcare may temper family demand