| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 76th | Best |
| Demographics | 38th | Poor |
| Amenities | 80th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 6701 Shrimp Rd, Key West, FL, 33040, US |
| Region / Metro | Key West |
| Year of Construction | 2004 |
| Units | 102 |
| Transaction Date | 2023-06-29 |
| Transaction Price | $15,000,000 |
| Buyer | MERIDIAN WEST OWNER LLC |
| Seller | MERIDIAN WEST LTD |
6701 Shrimp Rd, Key West Multifamily Investment
Renter demand is reinforced by a high-cost ownership market and a renter-leaning housing stock in this Key West neighborhood, according to WDSuite’s CRE market data. The asset’s coastal location and neighborhood occupancy stability support durable leasing relative to older nearby properties.
This Inner Suburb neighborhood rates A- overall (ranked 6th among 27 Key West metro neighborhoods), signaling competitive fundamentals for multifamily. Amenity access is a local strength: restaurants and parks density track in the top tier nationally, and grocery and pharmacy access rank near the top of the metro, which helps with resident retention and day-to-day convenience.
Neighborhood occupancy is 91.3% and has trended higher over the last five years, positioning the area above the metro median for stability. The housing stock shows a high renter concentration, with 78.1% of housing units renter-occupied, indicating a deep tenant base for multifamily demand. Based on CRE market data from WDSuite, median asking rents in the neighborhood sit on the higher side for the metro, aligning with the area’s coastal lifestyle appeal.
The property’s 2004 construction is newer than the neighborhood’s average vintage (1976), which generally improves competitive positioning versus older inventory; investors should still plan for mid-life system updates and selective renovations as part of long-term capital planning. At the same time, the neighborhood’s high-cost ownership environment (home values above many U.S. neighborhoods and a high value-to-income ratio) tends to sustain reliance on rental housing, supporting pricing power and lease-up velocity.
Within a 3-mile radius, population has been broadly stable while household counts have increased, pointing to smaller household sizes and a gradually expanding renter pool. Forecasts call for additional household growth through the next planning period, which can support occupancy and absorption at well-positioned assets.
Neighborhood-level crime metrics are not available in WDSuite for this location. Investors typically benchmark city and county trends alongside property operations to assess resident safety perceptions and their potential impact on leasing and retention. As with any coastal market, on-site security practices and lighting, along with coordination with local authorities, are common risk management considerations.
This 102-unit asset, built in 2004, benefits from a renter-driven neighborhood where occupancy has improved and remains competitive among Key West sub-areas. Newer vintage versus local averages offers a relative edge against older stock, while the area’s high-cost ownership market reinforces reliance on multifamily housing and can support rent durability. According to CRE market data from WDSuite, the neighborhood’s amenity access and rising occupancy trends align with steady leasing performance.
Demographic patterns within a 3-mile radius show stable population with growth in households and a modestly shrinking average household size, which points to a larger tenant base over time. Key watch items include affordability pressure given elevated rent-to-income dynamics at the neighborhood level and the need for ongoing mid-life capital items over the hold.
- Newer 2004 vintage versus neighborhood average, supporting competitive positioning with targeted upgrades
- Neighborhood occupancy at 91.3% with a positive five-year trend supports leasing stability
- Renter-occupied share is high, indicating depth of tenant demand in the immediate area
- High-cost ownership environment sustains renter reliance and potential pricing power
- Risks: affordability pressure from rent-to-income levels and ongoing mid-life capital needs