| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 51st | Fair |
| Demographics | 20th | Poor |
| Amenities | 22nd | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4825 38th Cir, Vero Beach, FL, 32967, US |
| Region / Metro | Vero Beach |
| Year of Construction | 2003 |
| Units | 72 |
| Transaction Date | 2019-05-01 |
| Transaction Price | $5,871,428 |
| Buyer | VERO BEACH LEASED HOUSING ASSC III LLLP |
| Seller | LINDSEY GARDENS II LTD |
4825 38th Cir Vero Beach Multifamily Demand Play
Neighborhood-level data points to a deep renter-occupied housing base that can support leasing durability, according to WDSuite’s CRE market data, while current occupancy trends suggest active management will matter for stability.
Located in an inner-suburban pocket of Vero Beach, the property sits in a neighborhood with a high concentration of renter-occupied units (56.4%), ranking 1st out of 41 neighborhoods in the Sebastian–Vero Beach metro and in the top national percentiles. For multifamily investors, this depth of renter households signals a sizable tenant base and supports ongoing demand for professionally managed rentals.
Current neighborhood occupancy is below the metro median (24th of 41), pointing to the importance of asset-level operations, positioning, and renewal strategies to sustain performance. Grocery access is competitive among Sebastian–Vero Beach neighborhoods (9th of 41; also above average nationally), while restaurants are relatively accessible (13th of 41). By contrast, cafes, parks, and pharmacies are sparse within the immediate neighborhood, which places a premium on on-site amenities and convenient transportation links when marketing to prospective tenants.
The property’s 2003 construction is newer than the neighborhood average vintage of 1985, offering relative competitiveness versus older local stock. That said, two decades of use can still warrant targeted capital plans for systems modernization and light renovations to maintain leasing velocity and renter retention.
Within a 3-mile radius, demographics indicate meaningful growth in population and households over the past five years, with further expansion forecast. Household sizes are trending smaller, which typically supports demand for multifamily rentals by increasing the number of potential renter households. Median household income in the 3-mile area has been rising and is projected to continue increasing, expanding the renter pool able to support market rents. Neighborhood-level ownership costs are elevated relative to local incomes (high value-to-income ratio, top national percentiles), which tends to sustain reliance on rental housing and can support pricing power, while the neighborhood’s rent-to-income ratio suggests some affordability pressure that owners should monitor for renewal risk and lease management.
Safety indicators for the neighborhood are mixed but improving. Overall crime metrics sit near the national middle, and the neighborhood ranks 30th out of 41 within the Sebastian–Vero Beach metro, which is below the metro median. However, both property and violent offense rates have trended downward year over year, with declines that compare favorably versus national patterns, indicating directional improvement investors should factor into underwriting and retention planning.
Regional employment access is anchored by logistics and aerospace/defense, supporting workforce renter demand and commute convenience for residents. The list below reflects notable employers within a practical drive of the property.
- CVS Distribution Center — logistics/distribution (7.0 miles)
- Harris — aerospace & defense (31.2 miles) — HQ
This 72-unit, 2003-vintage asset benefits from a neighborhood with a very high share of renter-occupied housing, a growing 3-mile tenant base, and ownership costs that remain elevated relative to local incomes—factors that typically reinforce multifamily demand and lease-up resilience. According to CRE market data from WDSuite, the immediate area’s occupancy sits below the metro median, suggesting that disciplined operations and targeted renovations can be meaningful differentiators versus older competitive stock.
Forward-looking demographic trends within 3 miles point to continued population and household growth alongside smaller household sizes and rising incomes, supporting a larger tenant base. While rent-to-income dynamics in the neighborhood indicate some affordability pressure—important for renewal and pricing strategy—relative newness versus the 1980s-dominant local inventory positions the asset for selective value-add or systems upgrades to enhance retention and stabilize occupancy.
- Deep renter-occupied base supports demand and leasing durability
- 2003 construction offers competitive positioning versus older neighborhood stock
- 3-mile growth in population and households expands the tenant pool
- Elevated ownership costs relative to incomes reinforce reliance on rentals
- Risk: below-metro occupancy and affordability pressure require focused operations