| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 63rd | Good |
| Demographics | 16th | Poor |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2403 13th Avenue Dr E, Palmetto, FL, 34221, US |
| Region / Metro | Palmetto |
| Year of Construction | 1978 |
| Units | 48 |
| Transaction Date | 1993-12-02 |
| Transaction Price | $1,876,500 |
| Buyer | PALMETTO PROP LTD |
| Seller | PALMETTO VILLAS LTD |
2403 13th Avenue Dr E Palmetto Multifamily Investment
Neighborhood occupancy sits in the mid-80s with a steady renter base, and elevated ownership costs in the area continue to support multifamily demand, according to WDSuite’s CRE market data.
This suburban Palmetto location offers a primarily residential setting with limited immediate retail and services inside the neighborhood, placing a premium on access to nearby corridors for daily needs. Median rents sit in the mid-market band locally and have risen over the last five years, while the neighborhood s occupancy rate is above the metro median among 218 North Port Sarasota Bradenton neighborhoods. For investors, that combination typically supports stable lease-up when pricing is aligned with local affordability.
Within a 3-mile radius, the population has grown over the past five years, and households have increased at a similar pace, expanding the potential tenant base. Projections point to further population growth and a meaningful increase in households by 2028, implying a larger renter pool and support for occupancy stability.
Renter-occupied housing accounts for roughly a third of units within a 3-mile radius, indicating a balanced renter concentration that can sustain demand for well-managed workforce housing. The neighborhood s value-to-income profile is on the higher side nationally, signaling a high-cost ownership market that tends to reinforce reliance on rental options, while the rent-to-income ratio sits at a comparatively manageable level a combination that can aid lease retention if renewal strategies are disciplined.
The average construction year in the neighborhood is the mid-1990s, while this property was built in 1978. The older vintage points to potential capital planning needs and value-add opportunities through targeted renovations, positioning the asset to compete more effectively against newer stock.
Safety metrics for the neighborhood are mixed. Relative to 218 metro neighborhoods, crime levels rank in the lower half, and overall safety sits below the national middle. Violent incidents trend weaker versus national comparisons, but recent year-over-year data show a decline in violent offenses, while property offenses ticked up, underscoring the importance of active management and resident engagement.
Investors should frame these figures in context: trends indicate some improvement in violent categories alongside variability in property-related incidents. Monitoring changes at the neighborhood level and coordinating with local resources can help support resident experience and retention.
Regional employment draws span industrial supplies, electronics manufacturing, financial services, and distribution. Proximity to these employers can support workforce housing demand and reduce commute frictions for residents.
- Airgas Store industrial gases & supplies (8.1 miles)
- Jabil Circuit electronics manufacturing (23.6 miles) HQ
- Raymond James Financial financial services (25.2 miles) HQ
- Cardinal Health healthcare distribution (26.6 miles)
- Tech Data IT distribution (28.0 miles) HQ
At 48 units with an average unit size near 900 square feet, the property provides scale for professional management while still fitting value-add business plans. Built in 1978, the asset is older than the neighborhood s mid-1990s average, suggesting renovation and systems updates could drive competitiveness and rent attainment versus newer comparables. Neighborhood occupancy is in the mid-80s, and within a 3-mile radius both population and households have been growing, supporting a larger tenant base and the potential for steady leasing.
Ownership remains relatively high-cost compared with incomes locally, which can sustain rental demand, while rent levels appear manageable against household incomes. Based on commercial real estate analysis from WDSuite, this balance combined with proximity to a diverse employment base supports a durable demand thesis, provided operations focus on retention and measured pricing.
- 1978 vintage offers clear value-add and capital planning levers to compete with newer stock.
- Neighborhood occupancy near the mid-80s and a growing 3-mile renter pool support leasing stability.
- High-cost ownership market with manageable rent-to-income dynamics underpins renter reliance and retention potential.
- Access to regional employers across manufacturing, distribution, and finance supports workforce housing demand.
- Risks: amenity-light location, below-national safety scores, and older systems require active management and CapEx discipline.