| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Good |
| Demographics | 49th | Fair |
| Amenities | 28th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1586 40th Ave, Vero Beach, FL, 32960, US |
| Region / Metro | Vero Beach |
| Year of Construction | 1977 |
| Units | 80 |
| Transaction Date | 2021-11-01 |
| Transaction Price | $8,500,000 |
| Buyer | CANTERBURY MANAGEMENT LLC |
| Seller | CANTERBURY PLACE PARTNERS LTD |
1586 40th Ave Vero Beach Multifamily Investment
Steady renter demand and household growth in the surrounding area support long-term leasing potential, according to WDSuite’s CRE market data. Neighborhood occupancy trends are softer, so asset performance will hinge on effective leasing and retention.
Located in an inner-suburb setting of Vero Beach, the asset benefits from daily-living conveniences nearby. Grocery access ranks strong (5th of 41 metro neighborhoods), while cafés, restaurants, parks, and pharmacies are thinner locally, suggesting residents rely on broader Vero Beach for dining and recreation. Average school ratings test slightly above national norms, which can aid family-oriented retention.
Renter concentration in the neighborhood is meaningful, with roughly over one-third of housing units renter-occupied. For multifamily investors, that depth of renter-occupied units indicates an established tenant base and supports ongoing leasing velocity. Neighborhood median rents sit in the upper half nationally, and the local rent-to-income ratio around 0.27 points to watchlist-level affordability pressure that operators can manage through thoughtful renewals and amenity positioning.
Within a 3-mile radius, demographics show recent population and household growth with forecasts calling for further expansion and a gradual reduction in average household size. This combination generally expands the renter pool and supports occupancy stability for well-managed properties. Median home values and the local value-to-income ratio indicate a high-cost ownership market for many households, which tends to sustain reliance on multifamily rentals and can reinforce pricing power when paired with competitive product.
Construction patterns in the immediate area skew early-1980s on average. With a 1977 vintage, the property is slightly older than nearby stock, creating potential value-add and capital planning opportunities to modernize interiors, systems, and curb appeal to outperform older comparables while remaining cost-conscious against newer deliveries.
Safety indicators are mixed when viewed against metro and national benchmarks. Neighborhood crime ranks toward the weaker end of the metro (41st of 41), and property crime compares below national medians, signaling the need for standard risk management and on-site security practices. At the same time, violent offense levels benchmark in the stronger tier nationally (around the upper quartile), though recent year-over-year changes have trended unfavorably and warrant monitoring.
Investors should underwrite routine safety measures and resident engagement, and track local trendlines over time rather than relying on a single-year reading.
The area’s employment base blends logistics and advanced industries that can support renter demand through commute convenience. Notable nearby employers include CVS Distribution Center and Harris.
- CVS Distribution Center — logistics/distribution (6.5 miles)
- Harris — defense & aerospace (34.4 miles) — HQ
This 80-unit asset offers exposure to a growing renter pool in Vero Beach’s inner suburbs, supported by household expansion within a 3-mile radius and a meaningful share of renter-occupied housing nearby. Neighborhood occupancy runs softer, but demand is underpinned by everyday retail access (notably groceries) and above-median school scores, positioning a renovated product to compete effectively. According to CRE market data from WDSuite, local rent levels sit in the upper half nationally, while the rent-to-income ratio near 0.27 suggests operators should balance pricing power with retention-focused renewals.
Built in 1977, the property is slightly older than the area’s early-1980s average, presenting clear value-add angles through targeted unit upgrades, systems maintenance, and amenity refreshes. Execution should account for thinner dining and park options within the immediate neighborhood and monitor crime trendlines, while leveraging employer proximity and regional growth to sustain leasing.
- Established renter base and projected household growth expand the near-term tenant pool
- Grocery access and above-median school ratings support family retention
- 1977 vintage allows targeted value-add to outperform older local stock
- Pricing power balanced by a rent-to-income ratio near 0.27 and softer neighborhood occupancy
- Risks: mixed safety indicators and limited nearby dining/parks require thoughtful amenity and operations strategy