| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Best |
| Demographics | 62nd | Good |
| Amenities | 40th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3809 W Iowa Ave, Tampa, FL, 33616, US |
| Region / Metro | Tampa |
| Year of Construction | 1972 |
| Units | 20 |
| Transaction Date | 2017-07-11 |
| Transaction Price | $1,650,000 |
| Buyer | VISTA GARDENS APARTMENTS |
| Seller | WC ASSETS LLC |
3809 W Iowa Ave Tampa Multifamily Investment
Neighborhood fundamentals point to stable renter demand and above-median occupancy for the area, according to WDSuite’s CRE market data. Investors can underwrite steady leasing conditions while weighing value-add potential at the property level.
Located in Tampa’s inner-suburban fabric, the neighborhood rates B+ (ranked 199 of 710 metro neighborhoods), placing it above the metro median for overall performance. Cafes and grocery options are competitive among Tampa neighborhoods (both ranked 106 of 710) and score well nationally, supporting daily-life convenience for residents. Parks, pharmacies, and childcare are limited within the immediate neighborhood, so residents likely rely on nearby districts for those needs.
Area rents benchmark in the upper tiers nationally, and the neighborhood’s occupancy is above the national midpoint. The renter-occupied share of housing units is elevated for the metro at 51.9%, indicating a deep tenant base that can support leasing stability across cycles. For investors conducting multifamily property research, this renter concentration suggests demand depth for smaller formats and workforce-oriented units.
Within a 3-mile radius, population and household counts have trended upward over the past five years, with forecasts pointing to continued population growth and a notable increase in households alongside smaller average household sizes. That combination typically expands the renter pool and supports occupancy, particularly for studios and compact 1-bed layouts.
Home values in the neighborhood sit above national midpoints, signaling a relatively high-cost ownership market for the area. In practice, elevated ownership costs tend to sustain rental demand and can aid lease retention, while the neighborhood’s rent-to-income profile indicates manageable affordability pressure that can support pricing power without overextending residents.
Safety indicators for the neighborhood are mixed and sit below national midpoints overall. Compared with other Tampa neighborhoods, the crime rank places this area below the metro median (ranked 403 of 710), and national percentiles indicate it performs closer to the lower half nationwide. Recent year-over-year changes show property and violent offense rates moving higher, so investors should incorporate prudent assumptions for security, lighting, and site-level oversight in underwriting.
As with any submarket screen, evaluate multi-year trends rather than a single snapshot and compare against peer neighborhoods in the Tampa–St. Petersburg–Clearwater region. Property-level measures and professional management can mitigate risk and support resident retention even where neighborhood metrics are in the middle to lower tiers.
The surrounding employment base features large corporate offices across electronics manufacturing, healthcare, financial services, and IT distribution, supporting commuter convenience and a steady renter pool at this address.
- Jabil Circuit — electronics manufacturing (8.6 miles) — HQ
- Cardinal Health — healthcare distribution (9.0 miles)
- Raymond James Financial — financial services (9.8 miles) — HQ
- Wellcare Health Plans — managed care (10.8 miles) — HQ
- Tech Data — IT distribution (12.5 miles) — HQ
The property’s 1972 vintage is older than the neighborhood average, creating clear paths for value-add through unit and systems modernization while competing against a stock that skews slightly newer. Neighborhood indicators show above-median occupancy and strong renter concentration, which, based on CRE market data from WDSuite, supports underwriting for stable tenancy. Forecasts within a 3-mile radius point to population growth, a sizable increase in households, and smaller household sizes—dynamics that typically expand the renter pool and favor compact unit mixes like those at this asset.
At the neighborhood level, NOI per unit benchmarks well versus peers, national rent positioning is solid, and ownership costs remain elevated enough to sustain reliance on rentals. Counterbalancing factors include limited nearby parks, pharmacies, and childcare amenities and safety metrics that trail national midpoints, warranting thoughtful operating plans and modest contingency for security and turnover.
- Renter-occupied share and above-median occupancy support leasing stability
- 1972 vintage offers value-add and modernization upside versus slightly newer stock
- 3-mile forecasts show household growth and smaller sizes, aligning with smaller unit demand
- Elevated ownership costs reinforce reliance on rentals, aiding retention and pricing power
- Risks: limited local parks/pharmacies/childcare and below-median safety metrics