| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Good |
| Demographics | 61st | Good |
| Amenities | 77th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4400 W Spruce St, Tampa, FL, 33607, US |
| Region / Metro | Tampa |
| Year of Construction | 2009 |
| Units | 24 |
| Transaction Date | 2007-09-18 |
| Transaction Price | $12,200,000 |
| Buyer | KORTH EDWARD |
| Seller | PATEL SWETA |
4400 W Spruce St, Tampa Multifamily Investment
Amenity-rich Inner Suburb setting with a majority renter-occupied housing base supports durable leasing, according to WDSuite’s CRE market data. 2009 vintage competes well against older local stock while allowing selective value-add.
This Inner Suburb neighborhood ranks competitive among Tampa-St. Petersburg-Clearwater neighborhoods (73 of 710; A-rated), offering investors a balanced mix of demand drivers and operational considerations. Dining density is a standout with restaurants near the 95th percentile nationally, alongside solid access to groceries, parks, pharmacies, and cafes. These amenities can translate into stronger leasing velocity and resident retention at stabilized properties.
The neighborhood skews majority renter-occupied (about 56.3% of housing units are renter-occupied), indicating a deep tenant pool for multifamily. At the same time, the neighborhood occupancy metric reflects softer performance than the metro average; investors should underwrite to submarket realities and focus on leasing strategy and resident services to support stability. Note that these occupancy figures describe the neighborhood, not this specific property.
Within a 3-mile radius, demographics point to steady population growth historically and a projected increase in households through 2028, expanding the renter pool and supporting absorption. Household sizes are edging smaller, which can sustain demand for professionally managed apartments. Income growth in the 3-mile radius further underpins the ability to sustain market rents, while the area’s high-cost ownership pockets in parts of Tampa tend to reinforce reliance on rental housing.
Relative to local building stock (average construction year 1977), a 2009-vintage asset offers competitive positioning versus older properties, with potential for targeted modernization to drive rent premiums and reduce near-term capital exposure compared with pre-2000 assets.
Safety indicators for this neighborhood track below the metro median among 710 Tampa-St. Petersburg-Clearwater neighborhoods and below the national median. For investors, this suggests a need to emphasize on-site security measures, lighting, and professional management practices when underwriting retention and operating expenses.
Recent trends are mixed: property offenses have eased year over year, while violent offense measures ticked up slightly. These are neighborhood-level metrics and may not reflect conditions at the property itself, but they provide context for risk management and tenant-experience planning.
Proximity to major corporate employers supports a diversified renter base and commute convenience for residents, notably in healthcare, financial services, electronics manufacturing, and IT distribution: Wellcare, Wellcare Health Plans, Raymond James, Jabil Circuit, and Raymond James Financial.
- Wellcare — healthcare services (5.4 miles)
- Wellcare Health Plans — healthcare services (5.5 miles) — HQ
- Raymond James — financial services (9.3 miles)
- Jabil Circuit — electronics manufacturing (10.0 miles) — HQ
- Raymond James Financial — financial services (10.3 miles) — HQ
4400 W Spruce St is a 24-unit, 2009-vintage multifamily asset positioned in an amenity-dense Inner Suburb of Tampa where restaurant and daily-needs access are well above national norms. The neighborhood shows a majority renter-occupied housing base, supporting depth of demand, while within a 3-mile radius the outlook calls for continued population growth and a notable increase in households, expanding the renter pool. According to CRE market data from WDSuite, neighborhood occupancy trails metro norms, so execution around leasing, resident experience, and targeted upgrades will be central to performance.
Newer construction relative to the area’s 1970s-average stock offers competitive positioning and potential to capture premiums with selective modernization rather than heavy capex. Household income growth in the 3-mile radius provides support for rent levels, though investors should manage affordability pressure and monitor neighborhood safety trends with appropriate on-site measures.
- Amenity-rich location with strong dining and daily-needs access that supports leasing and retention
- Majority renter-occupied neighborhood and projected household growth within 3 miles enlarge the tenant base
- 2009 vintage competes well against older local stock, enabling targeted value-add rather than heavy capex
- Nearby corporate employment nodes bolster workforce housing demand and retention
- Risks: neighborhood occupancy below metro norms and below-median safety; success depends on leasing execution and property-level security