| 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 | 1994-12-02 |
| Transaction Price | $500,000 |
| Buyer | SPT DOLPHIN MARINERS COVE LLC |
| Seller | MARINERS COVE APARTMENTS ASSOCIATES LTD |
3330 Northside Dr Key West Multifamily Opportunity
Local renter demand and occupancy appear resilient relative to the Key West metro, according to WDSuite’s CRE market data, supporting stable operations for a 78-unit asset. Elevated ownership costs in this submarket tend to sustain multifamily leasing and retention.
Situated in Key West’s Inner Suburb, the property benefits from strong neighborhood fundamentals for leasing. Neighborhood occupancy ranks 2 out of 27 metro neighborhoods, indicating performance above the metro median and competitive locally, while national positioning is closer to the middle of the pack. Median contract rents in the neighborhood trend high versus national benchmarks, which, paired with a rent-to-income profile that is not stretched in this area, supports pricing power without sharply increasing turnover risk, based on CRE market data from WDSuite.
Livability drivers are service-oriented: cafes and restaurants are relatively dense locally (both competitive among Key West neighborhoods and above national averages), and grocery access is stronger than many peer areas in the metro. Public parks, pharmacies, and childcare are limited in the immediate neighborhood dataset, which investors should factor into resident experience and marketing positioning.
Tenure patterns signal depth in the renter base. The neighborhood’s renter-occupied share is above the metro median among 27 neighborhoods, indicating a meaningful pool of households reliant on multifamily housing. Within a 3-mile radius, demographics show population growth over the past five years alongside a faster increase in household counts and smaller average household size; this combination typically broadens the tenant base and can support occupancy stability.
Home values in the neighborhood rank in the upper tier nationally, reflecting a high-cost ownership market. For multifamily investors, elevated ownership costs tend to reinforce rental demand and lease retention, particularly for professionally managed properties. School ratings in the neighborhood dataset are low versus national norms, which may modestly narrow the appeal to families but is less determinative in a workforce and service-oriented rental market like Key West.
Comparable safety data for this neighborhood are not available in WDSuite’s current dataset. Investors typically benchmark neighborhood safety against metro and county trends and supplement with local law enforcement resources and on-the-ground observations during diligence.
3330 Northside Dr was built in 1996, slightly newer than the neighborhood average vintage. That positioning can be advantageous versus older local stock, while still warranting attention to aging systems and common-area modernization for competitive leasing. Neighborhood occupancy ranks near the top among 27 Key West neighborhoods and has trended upward, suggesting durable demand. High local home values indicate a high-cost ownership market that typically sustains renter reliance on multifamily housing, supporting retention and pricing.
Within a 3-mile radius, population has grown and households have expanded faster, with smaller average household sizes—conditions that generally point to a larger tenant base and steady absorption. Median contract rents are elevated relative to national benchmarks, yet rent-to-income levels in the neighborhood dataset remain workable, according to CRE market data from WDSuite, which can support cash flow stability when paired with disciplined lease management. Key watch items include limited nearby schools performance, constrained public amenities in the immediate area, and the market’s exposure to tourism-driven employment cycles.
- Strong local occupancy ranking among 27 Key West neighborhoods supports leasing stability
- High-cost ownership market reinforces renter demand and retention potential
- 1996 vintage offers relative competitiveness vs. older stock with value-add modernization upside
- 3-mile household growth and smaller household sizes expand the tenant pool
- Risks: lower school ratings, limited nearby public amenities, and sensitivity to tourism employment cycles