| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 48th | Poor |
| Demographics | 29th | Poor |
| Amenities | 55th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 602 20th Ln E, Palmetto, FL, 34221, US |
| Region / Metro | Palmetto |
| Year of Construction | 1986 |
| Units | 44 |
| Transaction Date | 2017-06-28 |
| Transaction Price | $2,675,000 |
| Buyer | CFC GOMEZ INC |
| Seller | PALMETTO EQUITIES LLC |
602 20th Ln E Palmetto Multifamily Investment
Neighborhood occupancy trails national norms but has improved in recent years, according to WDSuite’s CRE market data, while dense retail and dining nearby support durable renter demand.
Situated in Palmetto’s inner-suburban fabric of the North Port–Sarasota–Bradenton metro, the area offers everyday convenience that underpins renter appeal. Grocery access is a clear strength (ranked among the higher concentrations across the metro and strong nationally), with a solid cluster of restaurants and cafes that supports daily needs and service-sector employment. Parks and formal childcare options are thinner locally, which may matter for family-oriented leasing strategies.
Rents in the neighborhood sit around the mid-$1,000s and have risen meaningfully over the last five years, while the neighborhood’s occupancy is below national norms but trending upward. In a 3-mile radius, demographics show population and household growth over the past five years with additional gains projected, indicating a larger tenant base over time. These trends, based on CRE market data from WDSuite, generally support occupancy stability for well-positioned assets.
Tenure patterns point to a renter concentration of roughly one-third of housing units within a 3-mile radius, suggesting adequate depth for multifamily leasing without overreliance on a single segment. However, relatively accessible ownership costs in the broader area can create competition from single-family and new for-rent product, so positioning on value and convenience remains important for retention.
The average construction year across nearby stock skews newer than this asset, which was built in 1986. That age differential can create value-add potential via interior modernization and systems upgrades, helping the property compete against late-1990s and 2000s product while planning for capital needs typical of an 1980s vintage.
Safety indicators for the neighborhood are above the national median, and recent data shows notable year-over-year declines in both violent and property incidents. In metro context (218 neighborhoods), conditions are competitive among peer areas, with national percentiles indicating comparatively favorable safety versus many neighborhoods nationwide. Trends should be monitored, but the recent direction supports resident retention and leasing stability.
The nearby employment base combines industrial and corporate offices within commutable distance, supporting workforce housing demand and lease retention for residents working across logistics and corporate services. Featured employers below reflect nodes residents commonly access for jobs.
- Airgas Store — corporate offices (7.97 miles)
- Jabil Circuit — corporate offices (23.76 miles) — HQ
- Raymond James Financial — corporate offices (25.31 miles) — HQ
- Cardinal Health — corporate offices (27.09 miles)
- Tech Data — corporate offices (28.09 miles) — HQ
602 20th Ln E is a 44-unit, 1986-vintage asset positioned in an inner-suburban pocket with strong daily-needs retail coverage and commutable access to major Tampa Bay employers. Neighborhood occupancy has lagged broader benchmarks but has improved over the last five years; according to CRE market data from WDSuite, sustained household growth within a 3-mile radius and manageable rent-to-income dynamics support ongoing demand for well-managed, value-oriented product.
The 1986 vintage is older than the neighborhood average, creating a straightforward value-add thesis: targeted interior updates and system refreshes can enhance competitiveness versus newer stock. Balance this with local nuance—school ratings are weaker and park/childcare access is limited—by leaning into convenience, workforce accessibility, and pricing discipline to drive retention.
- Inner-suburban location with strong grocery/dining coverage supports daily convenience and leasing
- Demand drivers: growing 3-mile population and households expand the renter pool over time
- 1986 vintage offers clear value-add path via unit upgrades and building systems planning
- Affordability context and workforce access support retention for value-oriented positioning
- Risks: below-average school ratings, limited parks/childcare, and neighborhood occupancy softness relative to national norms