| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 53rd | Fair |
| Demographics | 28th | Poor |
| Amenities | 87th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 8415 N Armenia Ave, Tampa, FL, 33604, US |
| Region / Metro | Tampa |
| Year of Construction | 1985 |
| Units | 41 |
| Transaction Date | 2017-04-05 |
| Transaction Price | $32,225,000 |
| Buyer | BMF V FL HAVEN WATERS EDGE LLC |
| Seller | SUNSTONE TAMPA I LLC |
8415 N Armenia Ave Tampa Multifamily Investment
Stabilized renter demand and amenity access in an Inner Suburb location support consistent leasing, according to WDSuite’s CRE market data. A 1985, 41-unit asset here can compete on convenience while offering room for targeted upgrades.
The neighborhood surrounding 8415 N Armenia Ave is rated B+ and ranks 213 out of 710 metro neighborhoods, placing it competitive among Tampa-St. Petersburg-Clearwater submarkets for investors screening workforce housing. Neighborhood occupancy is measured for the neighborhood, not the property, and sits in a range that indicates steady leasing conditions.
Amenity access is a core strength: restaurants and grocery options score in the top decile nationally, with parks, cafes, childcare, and pharmacies also above national medians. Within the metro, overall amenity access is in the top quartile among 710 neighborhoods, supporting resident retention and day-to-day convenience.
Tenure patterns point to depth of the renter pool: the neighborhood shows a high share of renter-occupied housing units, while within a 3-mile radius the split is closer to half renter and half owner. For multifamily investors, this mix supports ongoing demand while allowing for competitive positioning against nearby rental stock.
Within a 3-mile radius, demographics indicate recent population growth and an increase in households, with forecasts calling for further household expansion even as average household size trends slightly smaller. This dynamic typically broadens the tenant base and can support occupancy stability and absorption for well-located properties.
The asset’s 1985 vintage is newer than the neighborhood’s average construction year of 1976. That positioning can be advantageous versus older buildings, while still leaving scope for selective renovations or systems updates to enhance rents and reduce near-term maintenance risk.
Home values in the neighborhood are lower than many coastal Florida submarkets, which can make rental housing a comparatively accessible option. For investors, this context can help sustain renter reliance on multifamily units, though lease management should account for pockets of affordability pressure and income dispersion.
Safety conditions are mixed when benchmarked broadly. The neighborhood’s crime rank sits competitive among the 710 metro neighborhoods, but national percentiles indicate it performs below the national median. For investors, this suggests underwriting should factor in resident screening, lighting, and access controls as standard operating measures.
Trend-wise, property offenses have declined over the last year, and violent offense rates have edged lower as well. These improvements, based on WDSuite’s CRE market data, point to gradual stabilization rather than a step-change, and should be evaluated alongside property-level security and design.
Nearby employment nodes include health plans, financial services, insurance, and medical distribution—supporting commute convenience and a diverse renter base. The list below highlights proximate employers that can underpin leasing and retention.
- Wellcare — health insurance (3.9 miles)
- Wellcare Health Plans — health insurance (4.1 miles) — HQ
- Raymond James — financial services (4.8 miles)
- MetLife Insurance Company — insurance (9.7 miles)
- Cardinal Health — medical distribution (12.4 miles)
This 41-unit, 1985-vintage asset benefits from a renter-occupied neighborhood profile, strong amenity access, and household growth within a 3-mile radius. Based on CRE market data from WDSuite, neighborhood occupancy is consistent with steady leasing while rents and incomes have trended upward over recent years, supporting a case for durable demand.
Relative to older local stock, the 1985 vintage offers competitive positioning with potential value-add via targeted interior upgrades and systems modernization. Investors should also weigh affordability pressures and mixed safety benchmarks in underwriting, balancing pricing power with retention and operating practices that support resident satisfaction.
- Amenity-rich Inner Suburb location supports retention and absorption
- Renter concentration and 3-mile household growth deepen the tenant base
- 1985 construction offers competitive positioning with value-add upside
- Proximity to diversified employers underpins day-to-day leasing stability
- Risks: pockets of affordability pressure and below-national safety percentiles warrant prudent management