| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 63rd | Good |
| Demographics | 16th | Poor |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 900 21st St E, Palmetto, FL, 34221, US |
| Region / Metro | Palmetto |
| Year of Construction | 1981 |
| Units | 120 |
| Transaction Date | 2018-06-27 |
| Transaction Price | $5,175,000 |
| Buyer | PALMETTO FL OWNER LLC |
| Seller | MLB PALMETTO LLC |
900 21st St E Palmetto Multifamily Value-Add
1981-vintage, 120-unit asset in a suburban pocket where elevated ownership costs and steady renter demand support leasing durability, according to WDSuite’s CRE market data. Neighborhood renter-occupied share is meaningful, suggesting a stable tenant base with room for value-oriented upgrades.
The property sits in a suburban area of Palmetto within the North Port–Sarasota–Bradenton metro. Local retail and daily-needs amenities are limited inside the immediate neighborhood footprint, so most residents rely on regional corridors for shopping and services. For investors, that typically points to car-dependent living with competitive positioning on housing value, parking, and access to jobs rather than walkability.
Neighborhood rents benchmark above national midpoints while remaining attainable for a broad workforce segment. The neighborhood s occupancy has been generally steady over the past five years with only a modest softening, which aligns with an owner-leaning housing mix and supports baseline lease stability.
Within a 3-mile radius, population has expanded and household counts have risen, indicating a larger tenant base over the past five years. Forward-looking projections show continued population growth with a notable increase in households, which often reflects smaller household sizes and more renters entering the market ogether this supports ongoing multifamily demand and occupancy stability for well-managed properties.
Ownership remains relatively expensive compared with incomes in the broader context, reinforcing renter reliance on multifamily housing and aiding retention. In this submarket, that dynamic can create pricing power for renovated units while keeping an eye on affordability to manage turnover risk.
Safety indicators for the neighborhood track below national medians, with violent incidents comparatively elevated versus many U.S. neighborhoods. That said, recent year-over-year trends show improvement in violent offense rates, which is a constructive directional signal. Property-related offenses are closer to national midrange. Investors typically underwrite this context with enhanced on-site security practices, lighting, and resident screening to support retention and reputation.
Nearby employment draws span industrial distribution, electronics manufacturing, financial services, healthcare distribution, and IT distribution ogether they underpin renter demand and commuting convenience for a workforce-oriented tenant base.
- Airgas Store industrial gases distribution (7.96 miles)
- Jabil Circuit electronics manufacturing (23.75 miles) HQ
- Raymond James Financial financial services (25.32 miles) HQ
- Cardinal Health healthcare distribution (26.97 miles)
- Tech Data IT distribution (28.10 miles) HQ
This 1981 asset is older than the surrounding neighborhood s average vintage, creating clear value-add and capital planning opportunities to modernize interiors, systems, and curb appeal relative to newer competitive stock. Household and population growth within 3 miles point to a larger renter pool and support for occupancy, while an owner-leaning housing mix and elevated ownership costs sustain reliance on multifamily options. Based on commercial real estate analysis from WDSuite, neighborhood rent levels sit near the attainable range for local incomes, balancing pricing power with retention considerations.
Counterpoints to underwrite include limited immediate amenities, safety metrics below national medians, and modest recent softening in neighborhood occupancy. Targeted renovations, security measures, and asset management focused on affordability and lease retention can position the property competitively within the North Port–Sarasota–Bradenton metro.
- 1981 vintage supports value-add upgrades to drive rent and retention
- 3-mile population and household growth expand the tenant base and support occupancy stability
- Owner-leaning area and elevated ownership costs reinforce demand for rentals
- Attainable rent positioning relative to incomes, per WDSuite data, supports leasing
- Risks: limited nearby amenities, below-median safety, and modest occupancy softening