| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 76th | Best |
| Demographics | 97th | Best |
| Amenities | 98th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 502 S Fremont Ave, Tampa, FL, 33606, US |
| Region / Metro | Tampa |
| Year of Construction | 1999 |
| Units | 24 |
| Transaction Date | 2005-08-04 |
| Transaction Price | $1,250,000 |
| Buyer | POST APARTMENT HOMES LP |
| Seller | DJRK LTD |
502 S Fremont Ave Tampa Multifamily Investment
Urban-core location with a deep renter base and high household incomes supports durable demand, according to WDSuite’s CRE market data. Neighborhood occupancy trends and pricing point to steady leasing with measured management of turnover.
This Urban Core neighborhood ranks first among 710 Tampa–St. Petersburg–Clearwater neighborhoods overall (A+), reflecting strong location fundamentals. Amenity access is a clear differentiator: restaurants, groceries, parks, pharmacies, and cafes all sit in top national percentiles, which typically supports leasing velocity and retention for well-managed assets.
The property’s 1999 vintage is newer than the neighborhood’s average construction year of 1988. That typically positions it competitively versus older stock while still warranting capital planning for aging systems and select modernization to meet current renter expectations.
Renter-occupied housing represents roughly half of units in the neighborhood, placing it above many metro peers and indicating a sizable tenant pool for multifamily assets. Neighborhood occupancy sits below the national median, so operators should emphasize product differentiation and renewal strategies to maintain stability.
Within a 3-mile radius, population and household counts have expanded and are projected to continue growing, pointing to a larger tenant base over the next five years. High local household incomes and elevated home values signal a high-cost ownership market, which tends to sustain reliance on multifamily rentals and can support pricing power when paired with strong property management, based on CRE market data from WDSuite.
Safety indicators are mixed. The neighborhood’s crime rank is 295 out of 710 metro neighborhoods, placing it around the middle of the pack locally, while national comparisons indicate below-average safety levels. However, violent offense rates have improved materially year over year, with trend improvement in the top quintile nationally, suggesting recent momentum in the right direction.
Investors should underwrite to current conditions while monitoring the downward trend in violent incidents and any shifts in property offenses. Positioning, security features, and tenant profile can influence outcomes at the asset level relative to neighborhood averages.
Proximity to major healthcare, financial services, and electronics employers supports commuter convenience and leasing depth for workforce and professional renters. Notable nearby employers include Wellcare, Wellcare Health Plans, Cardinal Health, Raymond James, and Jabil Circuit.
- Wellcare — healthcare insurance/services (7.8 miles)
- Wellcare Health Plans — healthcare insurance/services (7.9 miles) — HQ
- Cardinal Health — healthcare distribution (8.1 miles)
- Raymond James — financial services (10.8 miles)
- Jabil Circuit — electronics manufacturing (11.4 miles) — HQ
502 S Fremont Ave is a 24-unit, late-1990s asset positioned in Tampa’s top-ranked urban neighborhood. The combination of amenity-rich surroundings, high local incomes, and a sizable renter-occupied housing base points to durable demand and renewal potential. The 1999 construction offers an edge versus older stock, while still calling for targeted system upgrades and contemporary finishes to compete for quality tenants.
Neighborhood occupancy trends are below national medians, making leasing execution and renewal management important. At the same time, 3-mile projections show continued population and household growth, expanding the renter pool and supporting long-term absorption. Elevated ownership costs in the area further reinforce reliance on rentals, and, according to CRE market data from WDSuite, the neighborhood’s amenity depth and income profile align with stable multifamily performance over a full cycle.
- Prime urban-core location with top-tier neighborhood ranking among 710 metro sub-areas
- 1999 vintage offers competitive positioning versus older stock with manageable modernization needs
- Strong renter base and elevated ownership costs support depth of demand and pricing power
- 3-mile population and household growth indicate a widening tenant pool over the next five years
- Risk: neighborhood occupancy below national median and mixed safety metrics warrant conservative underwriting