| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 57th | Fair |
| Demographics | 10th | Poor |
| Amenities | 39th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 511 59th Ave E, Bradenton, FL, 34203, US |
| Region / Metro | Bradenton |
| Year of Construction | 1979 |
| Units | 20 |
| Transaction Date | 2003-12-30 |
| Transaction Price | $800,000 |
| Buyer | FORRESTER PAUL S |
| Seller | GROSS DERYLL F |
511 59th Ave E Bradenton Multifamily Opportunity
A high share of renter-occupied units in the surrounding neighborhood underpins a broad tenant base, and neighborhood occupancy has improved over the past five years, according to WDSuite’s CRE market data. This positioning supports consistent leasing potential while leaving room for operational upside.
Located in Bradenton’s inner-suburban fabric, the neighborhood shows durable renter demand indicators alongside mixed livability signals. Grocery and daily-needs access is a relative strength, with grocery availability performing competitive among North Port–Sarasota–Bradenton neighborhoods (rank 21 of 218; 87th percentile nationally), and pharmacies also compare well (rank 40 of 218; 82nd percentile nationally). Dining options are moderate (rank 115 of 218), while parks, cafes, and childcare are sparse within the neighborhood cluster (all ranked 218 of 218). For investors, this points to strong convenience retail access but limited lifestyle amenities within the immediate blocks.
For the neighborhood (not the property), the occupancy rate is 85.7% with a positive five-year trend, suggesting some improvement in leasing stability even as the area remains below tighter metro submarkets. Renter concentration is a notable tailwind: an estimated 59.7% of housing units are renter-occupied, ranking 3 out of 218 neighborhoods in the metro and placing the area in the top quartile nationally for renter share. This depth of renters supports demand for multifamily units and can aid retention strategies.
Within a 3-mile radius, demographics indicate a stable-to-expanding renter pool over the planning horizon. While population has been roughly flat in recent years, household counts increased and are projected to grow further, with average household size trending smaller—factors that generally expand the base of potential renters and support occupancy. Median household incomes have risen over time, and asking rents in the area have also moved higher, emphasizing the importance of income-qualified marketing and thoughtful lease management.
Ownership costs remain elevated relative to local incomes (high value-to-income ratio; 91st percentile nationally), which tends to sustain reliance on rental housing rather than ownership. At the same time, neighborhood rent-to-income is on the higher side, so investors should balance pricing power with potential affordability pressure to protect lease duration and renewal rates.
Safety metrics for the neighborhood (not the property) are weaker than both metro and national benchmarks. The neighborhood’s overall crime rank sits at 203 out of 218 in the North Port–Sarasota–Bradenton metro, indicating below-average safety relative to nearby neighborhoods. Nationally, the area falls into lower percentiles for safety, with violent incidents positioned in a low national percentile and property offenses also comparing unfavorably.
Recent trend signals are mixed: estimated violent offenses show a year-over-year decline, while property offenses have increased. For underwriting and operations, investors typically account for these dynamics through security-conscious site management, resident screening, and coordination with local resources. As always, conditions vary block to block, so property-level measures can materially influence resident experience and retention.
Nearby employment nodes span industrial supply, healthcare, and diversified corporate services, supporting a broad commuter tenant base and aiding weekday leasing stability. The list below reflects proximate corporate offices that contribute to local renter demand.
- Airgas Store — industrial gases & supplies (2.5 miles)
- Jabil Circuit — electronics manufacturing services (29.8 miles)
- Jabil Circuit — electronics manufacturing services (30.2 miles) — HQ
- Raymond James Financial — financial services (31.7 miles) — HQ
- Cardinal Health — healthcare distribution (33.1 miles)
This 20-unit asset sits within a neighborhood where renter-occupied housing is prominent, providing a deep tenant pool and steady leasing backdrop. Daily-needs access is strong (groceries and pharmacies compare well against metro peers), which supports resident convenience. Household counts within a 3-mile radius have grown and are projected to expand further as average household size declines—factors that typically bolster multifamily demand and occupancy stability. At the same time, ownership remains comparatively high-cost versus incomes, reinforcing sustained reliance on rentals, while area rent-to-income metrics argue for disciplined pricing and renewal management.
Based on commercial real estate analysis from WDSuite, neighborhood occupancy has improved over five years, aligning with the area’s high renter concentration. Investors may find operational upside through targeted renovations and amenity programming calibrated to value-focused renters, while underwriting should incorporate prudent assumptions for safety, affordability pressure, and the neighborhood’s limited park and café access.
- Deep neighborhood renter base (ranked 3 of 218 for renter-occupied share) supports tenant demand and retention
- Improving neighborhood occupancy trend provides a foundation for stable leasing
- Strong daily-needs access (grocery/pharmacy) enhances resident convenience and leasing appeal
- High-cost ownership market sustains rental reliance, supporting demand for multifamily units
- Risks: elevated rent-to-income ratios, weaker safety metrics vs. metro/nation, and limited park/café amenities