| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 45th | Poor |
| Demographics | 35th | Poor |
| Amenities | 22nd | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 10001 Esperanza Cir, Fellsmere, FL, 32948, US |
| Region / Metro | Fellsmere |
| Year of Construction | 2006 |
| Units | 76 |
| Transaction Date | 2004-03-08 |
| Transaction Price | $134,000 |
| Buyer | FELLSMERE COMMUNITY ENRICHMENT PROGRAM I |
| Seller | FELLSMERE JOINT VENTURE LLP |
10001 Esperanza Cir Fellsmere 2006 Multifamily Investment
Newer 2006 vintage relative to local stock supports competitive positioning in a rural submarket, according to WDSuite’s CRE market data, with demand tied to nearby employment and household growth in the 3-mile radius.
Fellsmere is a rural neighborhood within the Sebastian–Vero Beach metro where the property’s 2006 vintage compares favorably to an average neighborhood construction year of 1981. For investors, newer construction can temper near-term capital needs while still leaving room for targeted modernization as systems age past the two-decade mark.
Neighborhood livability signals are mixed. School quality measures are strong for the metro (average rating near the top of the 41-neighborhood set), which can aid family-oriented renter retention. Amenities are sparse (few cafes, parks, and pharmacies per square mile), reflecting a low-density setting; this generally shifts the value proposition toward larger units and parking rather than walkable retail.
Occupancy at the neighborhood level sits in lower national percentiles, so underwriting should assume attentive lease management and measured absorption expectations rather than rapid lease-up. Renter-occupied housing share within the neighborhood is modest, but the broader 3-mile radius shows a deeper renter concentration, indicating a workable tenant base for workforce housing even if the immediate blocks skew toward ownership.
Demographics aggregated within a 3-mile radius point to steady population growth and a notable increase in households, expanding the potential tenant base. Forward-looking estimates indicate additional household growth over the next five years, which can support occupancy stability. However, projections also suggest a rising ownership share in the radius, which could introduce some competition with entry-level ownership options; operators can mitigate this by emphasizing convenience to employment centers and value relative to single-family alternatives.
Home values in the neighborhood are comparatively low for Florida, creating a more accessible ownership market. For multifamily investors, that context can be a two-sided factor: it may limit pricing power at the top end, but it can also support lease retention for renters prioritizing flexibility and proximity to work over home purchase.
Safety indicators are mixed and should be considered in context. Within the Sebastian–Vero Beach metro, the neighborhood ranks 13 out of 41 for crime, placing it on the higher-crime side locally. Nationally, overall safety aligns around the middle to somewhat safer-than-average ranges, and recent year-over-year trends show declines in both violent and property offenses, suggesting improving conditions. Investors should underwrite routine security and lighting enhancements typical for workforce assets while citing the improving trajectory rather than block-level assumptions.
The employment base features logistics, defense/aerospace, and insurance offices within commuting distance, supporting workforce renter demand and day-to-day leasing stability. The employers below reflect the primary nearby drivers for this submarket.
- CVS Distribution Center — distribution & logistics (9.9 miles)
- Harris — defense & aerospace offices (21.7 miles) — HQ
- Space Coast Aflac Region — insurance offices (39.5 miles)
This 76-unit, 2006-vintage asset competes as relatively newer stock versus the neighborhood’s older baseline, reducing immediate capital intensity while preserving value-add optionality through common-area upgrades and in-unit refreshes. Workforce demand is supported by a diversified employment mix within commuting distance and by household growth in the surrounding 3-mile radius, which can expand the tenant base and support occupancy over time, according to CRE market data from WDSuite.
Key underwriting considerations include the neighborhood’s lower-percentile occupancy and sparse amenity footprint, which argue for pragmatic rent growth assumptions and active leasing operations. At the same time, strong metro-relative school ratings and a more accessible ownership market shape competitive dynamics: ownership can present competition at certain price points, but multifamily can retain households seeking flexibility and proximity to jobs.
- 2006 vintage versus older local stock supports competitive positioning with manageable near-term capex.
- Household growth within a 3-mile radius expands the tenant base and supports leasing durability.
- Proximity to logistics and defense/aerospace employers underpins workforce renter demand.
- Strong school ratings at the metro level can aid family renter retention.
- Risks: lower neighborhood occupancy, limited walkable amenities, and potential competition from entry-level ownership options.