| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 65th | Good |
| Demographics | 52nd | Good |
| Amenities | 31st | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1000 Patriot Ln, Crestview, FL, 32539, US |
| Region / Metro | Crestview |
| Year of Construction | 2010 |
| Units | 30 |
| Transaction Date | 2025-03-07 |
| Transaction Price | $2,175,000 |
| Buyer | STAPLES PP LLC |
| Seller | PINNACLE POINTE APARTMENTS LLC |
1000 Patriot Ln Crestview Multifamily, 2010 Vintage
Neighborhood occupancy is solid and renter demand is supported by steady household growth, according to WDSuite’s CRE market data, positioning this submarket for consistent performance without relying on premium rent assumptions.
Located in Crestview’s inner-suburban fabric, the property is positioned near everyday services with a modest but useful mix of cafes and childcare options relative to the metro. Grocery, park, and pharmacy access are limited within the immediate neighborhood, so residents typically rely on short drives for essentials—an operational consideration for targeting tenants who prioritize parking and commute convenience.
The neighborhood’s occupancy averages 95.5%, ranking 13 out of 86 metro neighborhoods—top quartile among Crestview–Fort Walton Beach–Destin submarkets—supporting expectations for leasing stability. Median contract rents in the area track around the national middle, helping maintain a balanced rent-to-income profile (neighborhood rent-to-income ratio is measured at 0.21), which can aid retention while leaving room for disciplined revenue management.
Schools in the area average about 3.5 out of 5 and sit in the higher national percentiles, which can help with family-oriented renter retention. The neighborhood’s average construction year is older than the subject’s; with a 2010 vintage, the asset competes well against 1980s-era stock, offering a more contemporary living experience versus much of the local inventory.
Within a 3-mile radius, population and household counts have grown over the last five years, with projections indicating continued expansion. This points to a larger tenant base and supports occupancy stability over the medium term, particularly for well-managed, mid-size multifamily assets.
Safety indicators are mixed. Relative to metro peers, the neighborhood’s crime rank is toward the higher-crime end (ranked 5 out of 86 metro neighborhoods). However, compared with neighborhoods nationwide, the area scores favorably, landing in higher national percentiles on several safety measures. This suggests local conditions are comparatively safer in a national context even if metro-relative readings run less favorable.
Recent trends are nuanced: property offense rates improved year over year, while violent offense estimates rose, warranting continued monitoring and standard security measures. Investors should underwrite with typical precautions and track updates to local enforcement and neighborhood initiatives over the hold period.
Built in 2010, this 30-unit asset is newer than much of the surrounding housing stock, offering competitive positioning against older properties while still allowing for targeted upgrades as systems age. Neighborhood occupancy runs strong—top quartile among 86 metro neighborhoods—supporting leasing durability. Within a 3-mile radius, population and households have expanded and are projected to continue growing, which supports a larger tenant base and steadier absorption. Median rents are mid-range locally with a measured rent-to-income profile, reinforcing retention and disciplined pricing rather than outsized concessions, based on CRE market data from WDSuite.
Strategically, the area’s home values and ownership costs sit high enough to sustain renter reliance on multifamily without pricing out workforce tenants, while the asset’s contemporary vintage relative to nearby 1980s stock provides an operational edge. Key underwriting watchpoints include amenity gaps (e.g., fewer walkable groceries and parks) and mixed safety signals within the metro, suggesting the value of emphasizing on-site management, lighting, and resident experience to support renewals.
- 2010 vintage versus older nearby stock supports competitive positioning and selective value-add.
- Neighborhood occupancy in the top quartile among 86 metro neighborhoods supports leasing stability.
- 3-mile radius population and household growth expand the tenant base and support absorption.
- Mid-range rents and balanced rent-to-income dynamics favor retention and disciplined pricing.
- Risks: limited walkable amenities and mixed metro-relative safety readings; mitigate with strong on-site operations.