| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 83rd | Best |
| Demographics | 46th | Poor |
| Amenities | 40th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3330 Northside Dr, Key West, FL, 33040, US |
| Region / Metro | Key West |
| Year of Construction | 1996 |
| Units | 78 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
3330 Northside Dr Key West Multifamily Investment
Neighborhood occupancy trends are firm with leasing momentum competitive among Key West submarkets, according to WDSuite’s CRE market data, supporting steady renter demand at this 78-unit asset. Elevated ownership costs in the area reinforce reliance on multifamily housing and can aid pricing power through cycles.
Situated in an Inner Suburb of Key West, the neighborhood posts an occupancy level that ranks 2 out of 27 metro neighborhoods—top quartile locally and roughly mid-pack nationally—signaling durable tenant demand and manageable turnover risk for professionally managed assets. The property’s 1996 vintage is slightly newer than the neighborhood average (1993), which suggests relative competitiveness versus older stock while still warranting selective modernization planning for aging systems.
Within a 3-mile radius, WDSuite data indicates population growth over the past five years alongside a larger increase in households and a trend toward smaller household sizes. For investors, that combination points to a broader tenant base and supports occupancy stability, particularly for units aligned with workforce and lifestyle renters. Median incomes are comparatively strong for the Keys, which helps underpin collections and lease retention.
Local dynamics favor multifamily operations: renter-occupied share is substantial at the neighborhood level, implying a deep pool of prospective tenants and ongoing lease-up depth. Restaurants, groceries, and cafes index above national norms here, while childcare, parks, and pharmacies are comparatively limited—an operational consideration for family-oriented leasing strategies. Public school ratings in the neighborhood trail national benchmarks, which can tilt demand toward smaller household configurations rather than larger family renters.
Home values are elevated relative to national levels, and rent levels have trended upward in recent years, according to WDSuite’s multifamily property research. In practice, a high-cost ownership market tends to support renter retention and pricing discipline for well-maintained communities, but managers should monitor rent-to-income dynamics to balance renewal rates with affordability pressure.
WDSuite does not have sufficient, comparable crime data for this specific neighborhood to support block-level conclusions. Investors commonly benchmark safety using city and county trend views and on-site observations over multiple times of day, then compare those readings against peer neighborhoods in the Key West metro.
Given limited dataset coverage, we recommend incorporating third-party reports and local agency trend lines to contextualize conditions relative to the broader region, and prioritizing standard risk controls such as lighting, access management, and community engagement to support resident experience and retention.
This 78-unit 1996-vintage asset benefits from a renter-driven Key West neighborhood where occupancy ranks in the top quartile locally and ownership costs remain high. That backdrop supports a stable tenant base, with 3-mile household growth and smaller average household sizes expanding the renter pool. According to CRE market data from WDSuite, local rent levels and incomes are supportive of sustained collections, while the property’s slightly newer vintage versus neighborhood averages positions it well for targeted value-add through unit and system refreshes rather than heavy redevelopment.
Key underwriting considerations include managing affordability pressure as rents rise, acknowledging limited family-oriented amenities and lower public school ratings, and monitoring exposure to tourism-driven employment cycles that can influence seasonal leasing patterns. With focused asset management, the balance of strong demand drivers and selective modernization needs presents a credible long-term hold thesis.
- Top-quartile neighborhood occupancy in Key West supports leasing stability and retention.
- High-cost ownership market reinforces renter reliance, aiding pricing power for well-run assets.
- 1996 vintage offers relative competitiveness with potential value-add via selective renovations.
- 3-mile household growth and smaller household sizes expand the addressable renter pool.
- Risks: affordability pressure, limited family amenities/schools, and tourism-cycle sensitivity.