| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 76th | Best |
| Demographics | 38th | Poor |
| Amenities | 80th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5300 MacDonald Ave, Key West, FL, 33040, US |
| Region / Metro | Key West |
| Year of Construction | 2009 |
| Units | 49 |
| Transaction Date | 2007-03-28 |
| Transaction Price | $2,500,000 |
| Buyer | COUNTY OF MONROE |
| Seller | OVERSEAS REDEVELOPMENT CO LLC |
5300 MacDonald Ave, Key West FL Multifamily
Neighborhood renter concentration and resilient occupancy trends suggest a durable tenant base for stabilization, according to WDSuite’s CRE market data. This 2009 asset competes well against older local stock, supporting consistent leasing in a high-cost ownership market.
Key West’s inner-suburb cluster around 5300 MacDonald Ave rates A- and ranks 6 out of 27 metro neighborhoods, indicating competitive positioning among local subareas. Amenity access is a core strength: groceries, parks, pharmacies, and restaurants rank near the top of 27 neighborhoods and fall in high national percentiles, supporting livability and day-to-day convenience that can aid retention.
The neighborhood’s renter-occupied share is among the highest in the metro (ranked 1 out of 27), signaling deep renter demand for multifamily product. Occupancy at the neighborhood level is competitive (ranked 3 out of 27) with positive five-year momentum, a constructive backdrop for maintaining leasing velocity and renewal rates. Note that these occupancy indicators reflect the neighborhood, not this specific property.
Housing stock nearby skews older than this asset (average vintage 1976; ranked 19 out of 27), which positions a 2009 build as relatively modern versus much of the competitive set. That can reduce near-term capital needs while offering a quality edge, though selective upgrades may still be prudent for systems and finishes over a typical hold.
Within a 3-mile radius, households have grown in recent years while average household size has trended lower, and forecasts point to further household expansion. This dynamic typically broadens the tenant base and supports occupancy stability, even as total population growth has been modest.
Ownership costs in the neighborhood are elevated relative to income benchmarks (high national percentile for value-to-income; strong median home values), which tends to sustain reliance on rental housing. For investors, this often supports pricing power and lease retention, but it also warrants attention to rent-to-income ratios when managing renewals and concessions.
Neighborhood-level crime statistics were not available in WDSuite for this location at time of publication. Investors typically compare municipal reports and trend data for Key West alongside insurer and lender diligence to contextualize safety relative to peer neighborhoods across the region.
Built in 2009, this 49-unit property offers a relatively modern alternative to an older local inventory base, supporting competitive positioning and potentially lower near-term capital planning. The surrounding neighborhood shows strong renter concentration and competitive occupancy momentum, factors that can underpin leasing stability. Elevated ownership costs locally reinforce multifamily demand, while smaller average household sizes within a 3-mile radius and projected household growth point to a broader renter pool over the medium term. According to CRE market data from WDSuite, neighborhood-level rents and home values sit in high national percentiles, underscoring durable demand but requiring disciplined affordability and renewal management.
Key considerations include maintaining affordability amidst a high rent-to-income backdrop and monitoring seasonal employment dynamics common to coastal leisure markets. With compact average unit sizes, the asset can serve price-sensitive renters while emphasizing efficient layouts and selective upgrades to protect occupancy and rents.
- 2009 vintage versus older neighborhood stock supports competitive positioning and moderates near-term capex.
- High neighborhood renter concentration and competitive occupancy trends support depth of demand and leasing stability.
- Elevated ownership costs in the area reinforce reliance on multifamily housing, aiding pricing power.
- 3-mile household growth and smaller household sizes point to a broader renter pool and support for occupancy.
- Risk: high rent-to-income ratios and potential seasonality require careful lease and renewal management.