| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 59th | Fair |
| Demographics | 59th | Good |
| Amenities | 60th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 115 Shell Ave SE, Fort Walton Beach, FL, 32548, US |
| Region / Metro | Fort Walton Beach |
| Year of Construction | 1999 |
| Units | 20 |
| Transaction Date | 2006-01-31 |
| Transaction Price | $1,300,000 |
| Buyer | BAYAHANDA INVESTMENTS LLC |
| Seller | HALLBERG & HALLBERG LLP |
115 Shell Ave SE Fort Walton Beach Multifamily Investment
Stabilized renter demand in an inner-suburb location supports durable income, according to WDSuite’s CRE market data, with neighborhood fundamentals that compare well within the metro.
Located in Fort Walton Beach’s inner-suburb fabric, the property benefits from a neighborhood rated A- and positioned in the top quartile among 86 metro neighborhoods, per WDSuite. Neighborhood occupancy is measured at the neighborhood level, not the property, and remains around the 90% range, indicating generally steady leasing conditions relative to comparable sub-urban pockets of the Crestview–Fort Walton Beach–Destin metro.
Livability drivers are strong for workforce and lifestyle renters. Restaurants per square mile rank first among 86 metro neighborhoods and sit in the top percentile nationally, while parks density ranks first in the metro and in the top quartile nationally—both supportive of quality-of-life stickiness. Average school ratings in the neighborhood are among the highest locally and test at the top of national comparisons, often a positive signal for lease retention among family renters.
The property’s 1999 vintage is newer than the neighborhood’s average construction year (1986). For investors, that generally means more competitive finishes and systems versus older stock, though two-decade-old building systems may still warrant targeted modernization in capital plans. Renter-occupied share at the neighborhood level is high at roughly 68.6% of housing units, indicating a deep tenant base and reinforcing multifamily demand depth.
Within a 3-mile radius, population grew over the last five years and is projected to expand further, while households are expected to increase at a faster clip and average household size to edge lower—dynamics that typically broaden the renter pool and support occupancy stability. Median home values locally track below many coastal Florida metros; in practice this creates some competition from ownership alternatives, but rent-to-income levels around one-quarter of income suggest manageable affordability pressure that can aid lease retention. For investors conducting multifamily property research, these neighborhood dynamics provide useful context for rent positioning and tenant mix.
Comparable crime metrics specific to this neighborhood cut are not available in WDSuite’s current dataset, so investors should benchmark against city and county sources and evaluate property-level measures (lighting, access control, and management practices). Use trend-oriented, like-for-like comparisons across nearby neighborhoods rather than block-level assumptions when underwriting.
115 Shell Ave SE offers investors exposure to an A- rated inner-suburb neighborhood with strong lifestyle amenities, top-tier local schools, and a renter-leaning housing stock that underpins demand. The 1999 vintage is relatively newer than the neighborhood average, offering competitive positioning versus older assets while still leaving room for targeted value-add through systems upgrades and common-area refreshes. According to CRE market data from WDSuite, neighborhood occupancy trends and a sizable renter base support underwriting for steady leasing, while moderate rent-to-income levels can help sustain retention.
Forward-looking, 3-mile radius demographics point to continued population growth and a faster increase in households, implying a larger tenant base and support for occupancy stability. Balanced against this are more accessible ownership options than in many coastal Florida markets, which can introduce competitive pressure and argue for disciplined rent positioning and amenity strategy.
- Renter-heavy neighborhood (about 68.6% renter-occupied) supports deep multifamily demand.
- 1999 construction offers competitive positioning versus older local stock with targeted value-add potential.
- Amenity-rich setting and top-tier local schools bolster leasing velocity and retention.
- 3-mile population and household growth expand the tenant base and support occupancy stability.
- Risk: Ownership alternatives are relatively accessible locally, requiring disciplined rent and amenity strategy.