| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 51st | Fair |
| Demographics | 20th | Poor |
| Amenities | 22nd | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4885 38th Cir, Vero Beach, FL, 32967, US |
| Region / Metro | Vero Beach |
| Year of Construction | 1998 |
| Units | 96 |
| Transaction Date | 2019-05-01 |
| Transaction Price | $78,300 |
| Buyer | VERO BEACH LEASED HOUSING ASSC III LLLP |
| Seller | LINDSEY GARDENS LTD |
4885 38th Cir, Vero Beach — 96-Unit Florida Investment
Neighborhood data points to a deep renter pool and a high-cost ownership market that can sustain multifamily demand, according to WDSuite’s CRE market data. Expect steady tenant interest with scope to compete on quality and management rather than concessions.
Positioned in an inner-suburban pocket of Vero Beach, the property benefits from neighborhood dynamics that skew toward renters; roughly 56% of housing units in the neighborhood are renter-occupied, indicating a meaningful tenant base for multifamily. Note that these figures describe the neighborhood, not this specific property.
Grocery access is a relative strength locally (ranked 9th among 41 Sebastian–Vero Beach neighborhoods, which is top quartile in the metro), while restaurants are competitive (13th of 41). Other daily conveniences such as parks, pharmacies, cafes, and childcare are thinner within the neighborhood footprint, suggesting residents may rely on nearby corridors for certain services.
The building’s vintage is 1998, newer than the neighborhood’s average 1985 construction year. For investors, that positioning typically reduces near-term foundational capex versus older stock, though planning for system updates and selective modernization can enhance competitive standing and help capture renter demand.
Within a 3-mile radius, demographics show population growth in recent years with further gains projected by 2028, alongside a rising household count and a trend toward smaller average household sizes. These shifts generally expand the renter pool and support occupancy stability for well-managed assets. Median home values are elevated relative to neighborhood incomes (value-to-income ratio ranks 2nd among 41 metro neighborhoods; 96th percentile nationally), which reinforces reliance on rental housing and can aid lease retention and pricing power when units are well-positioned.
Neighborhood occupancy is below the metro median (24th of 41), so competitive execution on unit quality and management will matter. Median contract rents in the neighborhood sit in the lower tiers locally (32nd of 41), which can be a lever for value positioning while monitoring affordability pressure signaled by a rent-to-income ratio near 0.29.
Safety trends are mixed. Overall crime levels benchmark near the national median (49th percentile nationally), with violent and property offenses below national medians (33rd and 26th percentiles, respectively). Importantly, property incidents show a notable year-over-year decline, landing in the stronger improvement cohort nationally (73rd percentile for improvement). Within the Sebastian–Vero Beach metro, the neighborhood’s crime rank sits below the metro median (30th of 41 neighborhoods), so prudent security features and lighting can help support tenant satisfaction.
Nearby employment anchors support commuter demand, led by distribution and defense/aerospace. These employers provide a mix of hourly and professional roles that can underpin renter demand and retention for workforce-oriented units.
- CVS Distribution Center — distribution & logistics (7.1 miles)
- Harris — defense & aerospace (31.1 miles) — HQ
This 96-unit, 1998-vintage asset sits newer than the neighborhood average, positioning it to compete on quality versus older stock while still allowing for targeted value-add through systems updates and interior modernization. A renter-heavy neighborhood, elevated ownership costs, and growing 3-mile demographics point to sustained multifamily demand and potential lease-up resilience. According to CRE market data from WDSuite, neighborhood occupancy trails the metro median, so execution on unit finishes, maintenance, and service will be central to driving retention rather than relying on market lift alone.
Local amenity access is anchored by groceries and restaurants, with fewer parks and services in the immediate blocks. Safety metrics are near national midpoints with improving property crime trends, aligning with a pragmatic approach to on-site security and lighting. Overall, the thesis favors durable renter demand with operational value creation and selective capex.
- Renter concentration and elevated ownership costs reinforce a deep tenant base and support pricing power
- 1998 vintage offers relative competitiveness versus older neighborhood stock with targeted value-add upside
- 3-mile population and household growth expand the renter pool, supporting occupancy stability
- Grocery and restaurant access provide daily convenience, aiding retention
- Risks: below-metro safety rank and occupancy require strong operations, and affordability pressure warrants disciplined lease management