| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 48th | Poor |
| Demographics | 29th | Poor |
| Amenities | 55th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 302 11th Street Dr W, Palmetto, FL, 34221, US |
| Region / Metro | Palmetto |
| Year of Construction | 1975 |
| Units | 30 |
| Transaction Date | 2024-08-30 |
| Transaction Price | $800,000 |
| Buyer | 302 11TH ST DR W LAND TRUST |
| Seller | JAMES MACAULAY WALLACE JR INTER VIVO TRU |
302 11th Street Dr W, Palmetto FL Multifamily Investment
Neighborhood fundamentals point to steady renter demand and improving occupancy, according to WDSuite’s CRE market data. Positioned for value-add potential, the asset benefits from proximity to daily needs and a broadening tenant base.
Palmetto’s inner-suburban setting offers everyday convenience that supports tenant retention. The neighborhood indexes strong for groceries, pharmacies, and dining relative to the North Port–Sarasota–Bradenton metro, with grocery availability competitive among 218 metro neighborhoods and restaurant density in the upper half nationally, based on CRE market data from WDSuite.
Neighborhood multifamily occupancy is about 80% and has improved over the past five years, indicating firmer leasing conditions even if the area still trails stronger submarkets nationally. The median contract rent is mid-market for the region, and rent-to-income levels suggest manageable affordability pressures, which can aid renewal rates.
Within a 3-mile radius, population and household counts have grown over the last five years, with additional household gains expected alongside smaller average household sizes. This dynamic typically expands the renter pool and supports occupancy stability for a 30-unit property with efficient average unit sizes (~600 sq. ft.).
Ownership costs in the immediate area are comparatively accessible versus larger Florida metros, which can introduce some competition with entry-level ownership. For investors, this points to a focus on product differentiation and resident experience to sustain pricing power while benefiting from the area’s convenience and commuting access.
Safety indicators are mixed but trending positively. The neighborhood sits competitive among North Port–Sarasota–Bradenton’s 218 neighborhoods, and recent data show meaningful year-over-year declines in both property and violent offense rates. Nationally, the area reads in the safer half of neighborhoods, reflecting improving conditions that may support renter retention.
As with any inner-suburban location, performance can vary by block and over time; investors should incorporate routine monitoring and standard property-level measures into underwriting rather than relying solely on neighborhood averages.
Regional employers across industrial, electronics, healthcare, and financial services expand the commuter draw, supporting workforce housing demand and lease stability. Notable nearby employment nodes include Airgas, Jabil Circuit, Raymond James Financial, Cardinal Health, and Tech Data.
- Airgas Store — industrial gases & supplies (7.6 miles)
- Jabil Circuit — electronics manufacturing (24.2 miles) — HQ
- Raymond James Financial — financial services (25.8 miles) — HQ
- Cardinal Health — healthcare distribution (27.9 miles)
- Tech Data — IT distribution (28.5 miles) — HQ
Built in 1975, this 30-unit asset presents a straightforward value-add path: systems and interiors likely benefit from targeted capital improvements, while efficient average unit sizes (~600 sq. ft.) match renter demand for attainable, well-located housing. Neighborhood occupancy has risen over the past five years and sits near 80%, and 3-mile household growth with a projected increase in higher-income brackets points to a deepening tenant base. According to CRE market data from WDSuite, local amenity access (notably groceries and daily needs) outperforms many metro peers, which can support leasing velocity.
Key considerations include comparatively accessible ownership options that may compete with rentals, limited park and childcare access in the immediate neighborhood, and modest school ratings that can influence family renter preferences. These factors argue for differentiated finishes, community programming, and attention to value-for-money positioning to sustain occupancy and rent growth.
- 1975 vintage offers clear renovation and systems-upgrade upside for durable NOI gains
- Improving neighborhood occupancy and growing 3-mile household base support leasing stability
- Strong daily-needs amenity access enhances retention and reduces friction in day-to-day living
- Efficient ~600 sq. ft. average unit sizes align with demand for attainable product
- Risks: competition from entry-level ownership, limited parks/childcare, and school ratings require thoughtful positioning