| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 53rd | Fair |
| Demographics | 28th | Poor |
| Amenities | 87th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1915 W Waters Ave, Tampa, FL, 33604, US |
| Region / Metro | Tampa |
| Year of Construction | 1984 |
| Units | 20 |
| Transaction Date | 2011-12-21 |
| Transaction Price | $2,846,091 |
| Buyer | WEST WATERS 1915 LLC |
| Seller | MELROSE EQUITIES LLC |
1915 W Waters Ave Tampa Multifamily Value-Add Opportunity
Neighborhood renter-occupied share and everyday amenities point to durable tenant demand, according to CRE market data from WDSuite, though leasing conditions should be monitored at the neighborhood level rather than inferred for the property itself.
Located in Tampa’s inner suburbs, the neighborhood around 1915 W Waters Ave is competitive among Tampa–St. Petersburg–Clearwater neighborhoods (213 of 710). Amenity access stands out: restaurants and groceries score in the top quartile nationally, with cafes, parks, and pharmacies also testing above typical U.S. levels. This mix supports day-to-day convenience and helps broaden the renter pool.
Renter-occupied housing is a meaningful share of units in the neighborhood (measured at the neighborhood level, not the property), reinforcing depth of demand for multifamily. Median contract rents have risen over the last five years, per WDSuite, while the neighborhood occupancy rate sits below the national midpoint—an environment where attentive leasing and renewals management can sustain performance.
For this asset’s 1984 vintage, the submarket’s older average construction year (1976) suggests relative competitiveness versus older stock, but investors should still plan for selective modernization and systems upkeep typical of 1980s construction to support retention and achievable rents.
Within a 3-mile radius, WDSuite’s demographics indicate recent population and household growth with projections pointing to additional household increases and slightly smaller average household sizes. For multifamily, this implies a gradually expanding tenant base and continued demand for well-located, attainable units, provided rent-to-income remains managed to limit turnover risk.
Safety indicators for the neighborhood track around the middle of the pack locally and below the national median, based on WDSuite. The area ranks 251 out of 710 metro neighborhoods, and its national safety percentile sits below average. Property and violent offense rates are lower than top-performing areas nationally, but recent year-over-year declines—stronger for property offenses—signal improving momentum. Interpret these metrics as neighborhood-level context rather than property-specific conditions.
Nearby corporate offices provide a stable employment base that supports renter demand and retention, notably in healthcare and financial services represented by Wellcare, Raymond James, MetLife, and Cardinal Health.
- Wellcare Health Plans — corporate offices (4.3 miles) — HQ
- Raymond James — corporate offices (4.9 miles)
- MetLife Insurance Company — corporate offices (9.6 miles)
- Cardinal Health — corporate offices (12.2 miles)
- Raymond James Financial — corporate offices (14.9 miles) — HQ
This 20-unit 1984 asset is positioned in a convenience-rich inner-suburban neighborhood where amenity density and a substantial renter-occupied share underpin demand. According to CRE market data from WDSuite, neighborhood occupancy trends sit below national midpoints, suggesting the need for proactive leasing and renewal strategies, while amenity access and a broad employment base help support absorption and retention.
Relative to the submarket’s older average stock, the 1984 vintage offers competitive positioning versus pre-1980s assets; targeted modernization can enhance rentability without a full reposition. Within a 3-mile radius, recent and forecast household growth alongside slightly smaller household sizes point to gradual renter pool expansion, but rent-to-income levels warrant careful pricing to sustain lease stability.
- Convenience-rich location with top-quartile amenity access supporting day-to-day renter appeal
- 1984 vintage competitive versus older neighborhood stock; selective upgrades can drive retention
- Renter-occupied share at the neighborhood level indicates depth of tenant base for multifamily demand
- 3-mile demographics show household growth and smaller sizes, implying steady renter pool expansion
- Risks: below-median safety indicators and mid-pack occupancy require attentive pricing, screening, and renewals