| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 60th | Good |
| Demographics | 85th | Best |
| Amenities | 62nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2402 Teresa Cir, Tampa, FL, 33629, US |
| Region / Metro | Tampa |
| Year of Construction | 1973 |
| Units | 40 |
| Transaction Date | 2021-09-30 |
| Transaction Price | $35,540,000 |
| Buyer | CLP HP1 LLC |
| Seller | URBAN NEIGHBORHOOD FLORIDA V LLC |
2402 Teresa Cir Tampa Multifamily Investment
Positioned in an A-rated inner-suburb of Tampa with strong schools and high household incomes, the area supports renter demand and pricing resilience, according to WDSuite’s CRE market data.
The surrounding neighborhood ranks in the top quartile among 710 Tampa–St. Petersburg–Clearwater neighborhoods, with amenity access that skews toward daily convenience and lifestyle. Cafes and groceries score competitively (high national percentiles), and neighborhood schools are notably strong, with an average school rating that places at the top among metro peers. These are neighborhood-level metrics, not property-level operations, but they often correlate with stable tenant retention and leasing velocity for well-positioned assets.
Renter appeal is reinforced by elevated ownership costs locally; neighborhood home values sit near the top of national comparisons, which can sustain reliance on multifamily housing and support pricing power. Median contract rent in the neighborhood is also above national norms, suggesting a tenant base accustomed to higher monthly payments. Investors should frame this as potential revenue opportunity balanced against the need for competitive finishes and service.
Within a 3-mile radius, demographics indicate a larger tenant base with population and household counts expanding over the past five years and projected to continue rising. The share of housing units that are renter-occupied is roughly in the mid-40% range within this radius, pointing to meaningful multifamily demand depth. Income levels are high relative to national benchmarks, which can underpin absorption for renovated or well-managed units.
Neighborhood occupancy (a neighborhood-level metric, not the property’s occupancy) trends below national top-tier levels, signaling some competitive pressure and the importance of asset quality and pricing strategy. Still, amenity access, top-ranked schools, and strong local incomes create supportive fundamentals for stabilized operations when execution aligns with tenant expectations.
Safety indicators are mixed when compared nationally. Property offense measures sit around mid-to-better national percentiles with a recent year-over-year decline, while violent offense measures track below the national median (lower percentile), indicating relatively less favorable readings. These are neighborhood-level signals that can vary street-to-street; investors typically pair this with local diligence and on-the-ground verification.
Relative to other Tampa–St. Petersburg–Clearwater neighborhoods (710 total), the area’s safety profile sits near the metro middle rather than the extremes. Trend direction matters: the most recent data shows property offenses easing, while violent offense rates increased year over year. A balanced underwriting approach would incorporate security, lighting, and community engagement measures as appropriate to sustain leasing and retention.
Nearby corporate offices provide a diversified white-collar employment base that supports renter demand and lease retention. Key employers in proximity include Wellcare, Wellcare Health Plans, Cardinal Health, Jabil Circuit, and Raymond James Financial.
- Wellcare — corporate offices (8.1 miles)
- Wellcare Health Plans — corporate offices (8.1 miles) — HQ
- Cardinal Health — corporate offices (8.3 miles)
- Jabil Circuit — corporate offices (10.7 miles) — HQ
- Raymond James Financial — corporate offices (11.5 miles) — HQ
Built in 1973, the asset is newer than the neighborhood’s average vintage and should compete well versus older local stock, while still warranting modernization plans for systems and interiors to meet current tenant expectations. The neighborhood scores strongly on amenities and schools, and high local incomes alongside elevated ownership costs tend to support multifamily demand. According to CRE market data from WDSuite, neighborhood-level occupancy runs below top-tier national benchmarks, underscoring the importance of effective unit positioning and operations to sustain leasing velocity.
Within a 3-mile radius, population and households have grown and are projected to continue increasing, signaling a larger renter pool over the next several years. With a renter-occupied share around the mid-40% range and rent levels above national norms, well-executed value-add or modernization strategies can translate into durable occupancy and rent attainment.
- 1973 vintage offers value-add and systems modernization potential while competing well against older neighborhood stock.
- Strong neighborhood amenities and top-ranked schools support tenant retention and leasing stability.
- High local incomes and elevated ownership costs reinforce multifamily demand and pricing power.
- Risk: neighborhood-level occupancy runs below top-tier benchmarks; execution on finishes, services, and pricing is critical.