| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 48th | Poor |
| Demographics | 29th | Poor |
| Amenities | 55th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 699 Haben Blvd, Palmetto, FL, 34221, US |
| Region / Metro | Palmetto |
| Year of Construction | 1996 |
| Units | 72 |
| Transaction Date | 1995-09-27 |
| Transaction Price | $100,000 |
| Buyer | COURTNEY SENIOR HOUSING LIMITED PARTNERSHIP |
| Seller | NATIONAL CHURCH RESIDENCES OF PALMETTO F |
699 Haben Blvd Palmetto Multifamily Investment Opportunity
Neighborhood occupancy has trended upward while renter demand is supported by household growth within 3 miles, according to WDSuite’s CRE market data. Strengthening local services and commuter access suggest stable leasing fundamentals for well-positioned assets.
Located in Palmetto’s inner-suburban setting of the North Port–Sarasota–Bradenton metro, the area rates C+ and ranks 148 out of 218 neighborhoods. That places it above the metro median for overall positioning, offering investors a pragmatic balance of demand drivers and value relative to core coastal submarkets.
Daily needs are well served: grocery access ranks 10 of 218 (top quartile in the metro), with restaurant and cafe density also competitive. However, the neighborhood shows limited parks and childcare options compared with peers. For family renters, average school ratings trend below national norms (around the 15th percentile nationwide), which can influence unit mix performance and marketing strategy rather than core occupancy.
Rents in the neighborhood sit around the upper-mid range relative to national markets, while the local rent-to-income profile is near the national midpoint. Median home values are lower versus many Florida destinations, which can introduce some competition from entry-level ownership; investors should emphasize value, convenience, and amenities to maintain pricing power and retention.
Within a 3-mile radius, population and households expanded over the past five years, with WDSuite indicating further household growth ahead and a modest reduction in average household size. This points to a larger tenant base and steady absorption potential for smaller formats. Neighborhood tenure data indicate a meaningful renter-occupied share, underscoring depth for multifamily demand, while metro vacancy data show occupancy improving in recent years at the neighborhood level.
Vintage context: the property’s 1996 construction is slightly older than the neighborhood average (1999). That age gap often supports targeted value-add—interiors, common areas, and systems—positioning the asset competitively against newer nearby stock while planning for capital needs.
Safety indicators are competitive among North Port–Sarasota–Bradenton neighborhoods (ranked in the stronger half among 218), and WDSuite’s data place the area around the mid-to-upper tier nationally. Recent trend data show notable year-over-year declines in both property and violent offense estimates, which, if sustained, can support renter retention and leasing stability.
As with any submarket, conditions vary by block and over time; investors typically underwrite to area-level trends and management practices rather than assuming uniform outcomes across the neighborhood.
The employment base combines nearby industrial services and regional corporate hubs, supporting a commuter renter pool and diversified leasing demand. Notable proximity includes Airgas, Jabil, Raymond James Financial, Cardinal Health, and Tech Data.
- Airgas Store — industrial gases & supplies (6.9 miles)
- Jabil Circuit — electronics manufacturing (24.4 miles)
- Raymond James Financial — financial services (26.4 miles) — HQ
- Cardinal Health — healthcare distribution (27.9 miles)
- Tech Data — technology distribution (29.1 miles) — HQ
This 72-unit asset, built in 1996 with smaller average unit sizes, aligns with workforce demand profiles in Palmetto’s inner-suburban corridor. Neighborhood occupancy has improved in recent years, and within a 3-mile radius WDSuite indicates population and household growth that expands the tenant base, supporting absorption and lease-up consistency. Amenity access is strong for daily needs—particularly grocery—while dining density boosts livability.
The 1996 vintage is slightly older than the area’s average, creating actionable value-add potential through selective renovations and systems planning to enhance competitive positioning. According to commercial real estate analysis from WDSuite, local rents and rent-to-income trends sit near national midpoints, suggesting pricing power will be driven by execution, convenience, and unit finishes. Risks to underwrite include lower school ratings, limited parks/childcare, and some competition from entry-level ownership given relatively accessible home values.
- Improving neighborhood occupancy and expanding 3-mile renter pool support demand stability
- Strong daily-needs access (top-quartile grocery density) enhances resident convenience and retention
- 1996 vintage offers targeted value-add and systems upgrades to compete with newer stock
- Mid-range rent-to-income suggests pricing power tied to execution, finishes, and management
- Key risks: school quality, limited parks/childcare, and modest ownership competition