| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Good |
| Demographics | 84th | Best |
| Amenities | 20th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 96030 Somerset Dr, Fernandina Beach, FL, 32034, US |
| Region / Metro | Fernandina Beach |
| Year of Construction | 2001 |
| Units | 56 |
| Transaction Date | 2006-04-18 |
| Transaction Price | $6,131,400 |
| Buyer | TAG S LLC |
| Seller | TCA LLC |
96030 Somerset Dr, Fernandina Beach Multifamily Opportunity
Positioned in a high-cost ownership pocket of Nassau County, this 56-unit, 2001-vintage asset benefits from an affluent renter catchment and improving neighborhood occupancy, according to WDSuite’s CRE market data.
Fernandina Beach sits within the Jacksonville, FL metro and offers suburban living with proximity to the region’s employment core. Neighborhood home values are elevated (top decile nationally), which signals a high-cost ownership market that can reinforce renter reliance on multifamily housing and support pricing power for well-positioned properties. Median contract rents in the neighborhood are competitive among Jacksonville neighborhoods (ranked in the better-performing 40% of 368 metro neighborhoods) and above national averages, based on CRE market data from WDSuite.
The area’s renter concentration within the neighborhood is limited, with a relatively small share of housing units renter-occupied. For investors, that implies a narrower immediate renter base near the asset, but the affluent household profile can support higher-credit tenancy and lease retention where product quality matches expectations.
Within a 3-mile radius, population and household counts have expanded over the last five years, and WDSuite’s data indicates further growth ahead, including a notable increase in households. A rising household count—alongside smaller average household sizes—points to a larger tenant base over time and supports occupancy stability for quality assets.
Local amenities are modest within the immediate neighborhood cluster: grocery access sits around the metro median, while cafes, parks, and pharmacies are sparse. Restaurant density is slightly below the metro middle. For investors, this places a premium on property-level amenities and management, while proximity to the broader Jacksonville corridor helps offset day-to-day convenience needs.
Vintage positioning: The property’s 2001 construction is newer than the neighborhood’s average vintage (late 1980s). This typically improves competitive standing versus older stock, though investors should anticipate mid-life systems updates and selective modernization to maintain rent positioning.
Safety indicators are mixed when viewed across geographies. Nationally, the neighborhood performs strongly on violent offense measures, landing in the top percentile ranges compared with neighborhoods nationwide, while property offense measures also benchmark favorably at the national level despite a recent year-over-year uptick. Within the Jacksonville metro, safety ranks can vary by category and may not be as strong relative to nearby suburban peers among the 368 neighborhoods measured.
For underwriting, this suggests the area compares well in broader national context, but investors should review recent local trends and subcategory details to calibrate marketing, security, and loss-prevention plans appropriately.
Regional employers within commuting reach underpin demand from professional tenants, with large corporate offices concentrated in Jacksonville’s urban core. The most relevant nearby employers include CSX, Fidelity National Financial, Fidelity National Information Services, and Anixter, supporting workforce stability and potential leasing depth.
- CSX — transportation & logistics (23.8 miles) — HQ
- Fidelity National Financial — insurance & title services (24.5 miles) — HQ
- Fidelity National Information Services — fintech & payments (24.5 miles) — HQ
- Anixter — distribution & electronics (34.0 miles)
96030 Somerset Dr offers a 2001-vintage, mid-size multifamily footprint in a high-cost ownership enclave where elevated home values support sustained renter demand from higher-income households. Neighborhood rents benchmark above national averages and are competitive among Jacksonville submarkets, while the immediate renter concentration is modest—indicating a thinner near-field tenant pool but potential for durable tenancy where quality and service standards are met. Neighborhood occupancy has improved over the past five years, though current levels trail most Jacksonville neighborhoods, so asset performance will hinge on execution and differentiation.
Within a 3-mile radius, population growth and a sizable increase in households point to renter pool expansion and support for long-run occupancy. According to CRE market data from WDSuite, this household growth outlook, combined with the property’s newer-than-average vintage relative to local stock, positions the asset to compete effectively with older properties, provided capital plans address mid-life system updates and select modernization.
- High-cost ownership market supports rental demand and potential pricing power
- 2001 vintage out-positions older neighborhood stock; plan for mid-life system updates
- 3-mile household growth indicates a larger tenant base and supports occupancy over time
- Neighborhood occupancy improving but still below many Jacksonville neighborhoods—execution risk
- Limited immediate renter concentration may narrow near-field leasing—strong marketing and amenities can mitigate