| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Good |
| Demographics | 49th | Fair |
| Amenities | 28th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3605 16th St, Vero Beach, FL, 32960, US |
| Region / Metro | Vero Beach |
| Year of Construction | 1980 |
| Units | 42 |
| Transaction Date | 2021-12-30 |
| Transaction Price | $2,000,000 |
| Buyer | AMELIA VILLAGE LP |
| Seller | VERO BEACH VILLAS I LLC |
3605 16th St Vero Beach Multifamily Opportunity
Neighborhood renter demand is set to deepen and supports stable leasing, according to WDSuite s CRE market data. With a 1980 vintage, the asset may benefit from targeted renovations to sharpen competitiveness while maintaining a pragmatic cost basis.
Located in an inner-suburb pocket of Vero Beach, the neighborhood shows balanced fundamentals with a neighborhood occupancy profile above the metro median for Sebastian Vero Beach yet still below national norms, per WDSuite. Renter-occupied share is elevated for the neighborhood (top-quartile nationally), indicating a deeper tenant base for multifamily relative to many areas.
Daily-needs access is a practical strength: grocery availability ranks near the top locally (5th out of 41 metro neighborhoods) and childcare density is similarly strong (2nd of 41). By contrast, the neighborhood itself has limited cafes, restaurants, parks, and pharmacies, suggesting residents likely draw on nearby corridors for dining and recreation.
School quality is competitive within the metro (top tier among 41 neighborhoods) and sits modestly above national averages, which can support family retention in rental housing. Median home values trend mid-market locally with a higher value-to-income profile versus national norms, which can reinforce renter reliance on multifamily housing and support lease stability.
Within a 3-mile radius, recent population and household growth has been positive and is projected to accelerate over the next five years, pointing to a larger tenant base and stronger leasing pipelines. Household sizes are expected to edge lower, which can translate to sustained demand for smaller units and steady turnover management for investors.
Safety indicators are mixed when viewed against metro and national benchmarks, based on WDSuite s CRE market data. The neighborhood sits below national safety averages overall, yet violent-offense metrics compare favorably to many neighborhoods nationwide. Property-related incidents are comparatively higher than national norms, and recent year-over-year trends point to some volatility.
For investors, this suggests underwriting should incorporate prudent security measures and tenant-experience management, while recognizing that safety performance varies by offense type and can improve with targeted on-site practices and coordination with local resources.
Nearby employment anchors provide a steady commuting base that can support workforce housing demand and retention, including distribution and technology/defense employers listed below.
- CVS Distribution Center distribution/logistics (6.8 miles)
- Harris technology & defense (34.5 miles) HQ
This 42-unit, 1980-vintage asset offers durable demand drivers in an inner-suburb setting where the neighborhood renter-occupied share is elevated and grocery/childcare access is strong. The vintage implies scope for value-add improvements particularly systems and common-area updates to enhance competitiveness against slightly newer stock while supporting rent positioning and retention.
Within a 3-mile radius, population and household growth are projected to expand meaningfully, pointing to renter pool expansion and steady leasing pipelines. According to CRE market data from WDSuite, the neighborhood occupancy profile trends above the metro median but trails national benchmarks, suggesting upside with thoughtful operations, targeted renovations, and disciplined lease management.
- Elevated neighborhood renter-occupied share supports a deeper tenant base and consistent leasing
- Strong grocery and childcare access offset limited on-block dining/recreation options
- 1980 vintage offers value-add potential via system upgrades and selective unit renovations
- 3-mile population and household growth bolster long-run demand and occupancy stability
- Risk: below-national safety and amenity scarcity on immediate blocks warrant prudent underwriting and on-site management