| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 53rd | Good |
| Demographics | 28th | Poor |
| Amenities | 63rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 830 NE 28th St, Ocala, FL, 34470, US |
| Region / Metro | Ocala |
| Year of Construction | 2006 |
| Units | 40 |
| Transaction Date | 2011-06-01 |
| Transaction Price | $1,500,000 |
| Buyer | PROJECT HOPE OF MARION |
| Seller | KNIGHTS APARTMENTS LLC |
830 NE 28th St, Ocala Multifamily Opportunity
Neighborhood-level occupancy remains stable and elevated, supporting consistent cash flow potential for multifamily investors, according to WDSuite’s CRE market data. These occupancy and demand signals reflect the surrounding neighborhood, not this specific property.
Located in an inner-suburb pocket of Ocala, the surrounding neighborhood rates A and sits 15th of 113 metro neighborhoods, indicating competitive positioning within the metro. Amenity access is solid for day-to-day convenience: cafés and groceries rank competitively among Ocala neighborhoods (both within the better-performing tier locally), and restaurants trend similarly, while park access is limited—an operational consideration for family-oriented tenant marketing.
The area shows high occupancy at the neighborhood level and has strengthened over the last five years, ranking 11th of 113 locally and sitting in the top quartile nationally. This supports a read-through for leasing stability and renewal capture in comparable assets. Renter-occupied housing accounts for a substantial share of units in the neighborhood context, reinforcing depth of the tenant base without implying property-level performance.
Within a 3-mile radius, population and household counts have increased, and projections suggest further household growth alongside smaller average household size. That pattern typically expands the renter pool and supports sustained absorption for mid-size properties. Median incomes have improved and rent levels remain manageable relative to local incomes, a combination that can help retention and reduce turnover volatility.
The property’s 2006 vintage is newer than the neighborhood’s average 1980 construction year, which can enhance competitive positioning against older stock; investors should still underwrite for periodic system upgrades or light modernization to maintain leasing momentum.
Ownership costs in the area are elevated relative to local incomes in national terms, which tends to sustain reliance on rental housing and supports pricing power over time, while careful lease management remains important to avoid affordability pressure at the unit level.
Safety indicators for the neighborhood are mixed. Relative to the 113 neighborhoods in the Ocala metro, crime ranks 102nd, indicating weaker safety performance locally. Nationally, the area sits below the midpoint for safety. However, recent trend data shows meaningful improvement, with both property and violent offense rates declining year over year, placing the neighborhood in a better-performing tier for improvement momentum compared with many areas nationwide. These are neighborhood-level metrics and do not describe conditions at the property itself.
Regional employment access includes established corporate services that support workforce housing demand; nearby, environmental services provide stable, non-cyclical employment relevant to renter retention.
- Waste Management — environmental services (29.5 miles)
This 40-unit, 2006-vintage asset benefits from neighborhood-level occupancy that is competitive within the Ocala metro and in the top quartile nationally, supporting steady leasing and renewal prospects. The surrounding renter concentration and a growing 3-mile household base point to a durable tenant pipeline, while ownership remains comparatively expensive versus local incomes—factors that tend to sustain multifamily demand. Based on CRE market data from WDSuite, rents in the area remain manageable relative to incomes, which can aid retention and limit concessions risk while still allowing for measured rent growth through unit upgrades and operational execution.
The vintage is newer than the area’s average, offering a competitive edge against older inventory; investors should still underwrite routine system updates and targeted modernization to preserve positioning. Safety trends have improved but remain an area to monitor alongside limited park access, suggesting thoughtful amenity programming and tenant engagement may support leasing outcomes.
- Neighborhood occupancy is competitive in the metro and top quartile nationally, supporting leasing stability.
- 2006 construction offers advantage versus older local stock; plan for periodic system updates to sustain competitiveness.
- Growing 3-mile household base and smaller household sizes support renter pool expansion and absorption.
- Manageable rents relative to incomes support retention and measured pricing power with value-add execution.
- Risks: below-average safety relative to metro and limited parks; monitor crime trends and emphasize on-site/nearby amenities.