| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 45th | Poor |
| Demographics | 35th | Poor |
| Amenities | 22nd | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 70 Sonrise Pl, Fellsmere, FL, 32948, US |
| Region / Metro | Fellsmere |
| Year of Construction | 2007 |
| Units | 80 |
| Transaction Date | 2020-01-31 |
| Transaction Price | $5,166,700 |
| Buyer | SONRISE APARTMENTS PROPERTIES LLC |
| Seller | SONRISE VILLAS II LLC |
70 Sonrise Pl, Fellsmere FL Multifamily Opportunity
2007-vintage units offer a newer product than much of the local stock, supporting renter appeal as households expand within a 3-mile radius, according to WDSuite’s CRE market data.
Fellsmere sits in a rural corner of the Sebastian–Vero Beach metro, where daily-needs access is modest and drives remain part of the lifestyle. Neighborhood amenities rank behind many peers in the metro (ranked 25 among 41 neighborhoods), with limited cafes, parks, and pharmacies nearby. Investors should underwrite on-site conveniences, parking, and service reliability as differentiators in a car-oriented setting.
Schools are a relative strength: the neighborhood’s average school rating ranks 1st among 41 metro neighborhoods and sits in the top quartile nationally. For a property with average unit sizes near 860 square feet, strong schools and larger local households can support demand from family renters seeking stability.
Neighborhood occupancy trends are softer versus national norms (ranked 21 of 41; low national percentile), suggesting lease-up and renewal management will matter. Within a 3-mile radius, demographics show population growth and a notable increase in households, expanding the tenant base and helping support occupancy over time.
Home values in the immediate area are comparatively lower within the metro context, which can make ownership more accessible. For investors, this means rental pricing power will hinge on value, maintenance quality, and resident experience rather than scarcity. Renter-occupied share within a 3-mile radius indicates a meaningful renter pool, supporting ongoing multifamily demand.
Safety outcomes compare favorably to many neighborhoods nationwide, while sitting closer to mid-pack within the Sebastian–Vero Beach metro. The neighborhood’s safety standing is above the national median (national percentile in the 60s) but ranks 13 out of 41 metro neighborhoods, indicating it is not among the metro’s safest tiers.
Recent trends are constructive: both violent and property offense estimates have declined year over year, according to WDSuite’s CRE market data. For investors, this combination of improving trend and middle-of-the-pack metro positioning supports a pragmatic underwriting stance—acknowledging progress while avoiding overly aggressive assumptions.
Nearby employers provide a diverse employment base that supports renter demand through commuting convenience, including distribution, aerospace/defense, and insurance offices.
- CVS Distribution Center — distribution (9.3 miles)
- Harris — defense & aerospace offices (22.3 miles) — HQ
- Space Coast Aflac Region — insurance (40.1 miles)
Built in 2007, the property is newer than the area’s average vintage, offering competitive positioning versus older stock while leaving room for targeted modernization as systems age. Within a 3-mile radius, population growth and a rising household count point to a larger tenant base, which can support occupancy stability with disciplined leasing. Strong school ratings at the neighborhood level further reinforce family-oriented renter demand, while relatively accessible ownership costs mean pricing power will rely on upkeep, resident services, and unit quality. According to multifamily property research from WDSuite, neighborhood occupancy sits on the lower side nationally, so active renewal strategies and amenity execution remain important.
Given the rural setting and thinner retail/amenity fabric, on-site features and management consistency can be differentiators. The combination of newer construction, expanding local households, and proximity to regional employers provides a pragmatic basis for durable cash flow, provided underwriting accounts for competitive pressure from entry-level ownership and a car-dependent location.
- 2007 vintage offers relative competitive edge versus older neighborhood stock with selective value-add potential
- Expanding 3-mile renter pool supports leasing and renewal prospects
- Strong neighborhood school ratings bolster family renter demand
- Rural amenity gaps and accessible ownership options require value-focused rent strategy
- Neighborhood occupancy below national norms suggests emphasis on leasing execution and retention