| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 47th | Fair |
| Demographics | 31st | Fair |
| Amenities | 70th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2833 NE 7th St, Ocala, FL, 34470, US |
| Region / Metro | Ocala |
| Year of Construction | 1974 |
| Units | 20 |
| Transaction Date | 2011-02-28 |
| Transaction Price | $4,100,000 |
| Buyer | SPM SM APARTMENTS LLC |
| Seller | SPRING MANOR INVESTORS LLC |
2833 NE 7th St Ocala Multifamily Value-Add
Older vintage with a strong renter base in the surrounding neighborhood points to steady tenant demand and operational upside, according to WDSuite’s CRE market data. Location fundamentals and improving neighborhood occupancy trends support a pragmatic value-add thesis.
Situated in an inner-suburb pocket of Ocala, the neighborhood ranks 13 out of 113 metro neighborhoods, placing it in the top quartile locally with an overall A rating. For investors, that signals solid neighborhood fundamentals and relative appeal compared with much of the metro.
Daily-needs access is a strength: grocery, parks, and pharmacies rank near the top of the metro (each among the best 10 neighborhoods), while restaurants are similarly competitive. Cafes are limited, so amenity demand skews toward essentials more than lifestyle options. School ratings trail the metro and national norms, which can shape renter profiles toward workforce households rather than school-driven demand.
The area’s housing stock skews slightly newer than the subject (neighborhood average construction year is 1981), while the property was built in 1974. That age gap suggests potential renovation and systems upgrades can improve competitiveness versus nearby product. Neighborhood renter concentration is high (renter-occupied share leads most of the metro), indicating a deep tenant base and support for leasing velocity; by contrast, within the broader 3-mile radius, ownership is more prevalent, which can moderate rent growth and encourages careful pricing strategy.
According to WDSuite’s commercial real estate analysis, neighborhood occupancy has trended upward over the past five years, aiding stability. Median contract rents in the immediate area sit below national midpoints, and the rent-to-income ratio is around one-fifth, implying manageable affordability pressure that can support retention. Home values are lower than national averages for urban markets, which can introduce some competition from entry-level ownership, but also helps sustain a consistent pool of renters who prefer professionally managed housing.
Demographics aggregated within a 3-mile radius show population and household growth over the last five years, with additional increases forecast, implying a larger tenant base over time. Household sizes are gradually shrinking in the outlook period, which typically supports demand for smaller units and sustained occupancy.
Safety indicators are mixed. The neighborhood’s crime rank sits on the higher side within the Ocala metro (85 out of 113), suggesting below-metro-average safety, while national comparisons place the area roughly around the middle for overall crime levels. Investors should underwrite for routine security measures and prudent operational oversight.
Trend data is constructive: both violent and property offense rates have declined year over year, with improvements that outpace many neighborhoods nationally. This trajectory, while not a guarantee, supports a cautious view that recent conditions have been moving in a favorable direction.
Regional employment access is diversified at the metro scale, supporting workforce housing demand; key nearby employer presence includes Waste Management’s corporate operations within commuting range.
- Waste Management — corporate offices (27.5 miles)
This 20-unit property built in 1974 fits a value-add profile: older vintage relative to nearby stock allows for targeted renovations to close the competitive gap, while a renter-heavy neighborhood underpins demand. Neighborhood occupancy has improved over the last five years, and median rents remain manageable relative to incomes, supporting retention and lease stability. Based on CRE market data from WDSuite, local amenities favor daily needs over lifestyle niches, aligning with workforce housing dynamics.
Within a 3-mile radius, population and households have grown and are projected to rise further, pointing to a larger tenant base over time. Lower home values versus many national markets can introduce some competition from ownership but also tend to sustain reliance on multifamily rentals. Investors should plan for capital improvements consistent with a 1970s vintage and incorporate prudent security management given mixed safety benchmarks.
- Value-add potential from 1974 vintage via targeted renovations and systems upgrades
- Renter-heavy neighborhood supports depth of tenant demand and leasing stability
- Uptrending neighborhood occupancy with rents positioned for retention
- 3-mile population and household growth expands the future renter base
- Risks: mixed safety metrics and potential competition from entry-level ownership options