| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 56th | Fair |
| Demographics | 84th | Best |
| Amenities | 52nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 480 Santa Rosa Blvd, Fort Walton Beach, FL, 32548, US |
| Region / Metro | Fort Walton Beach |
| Year of Construction | 1981 |
| Units | 36 |
| Transaction Date | 2022-09-23 |
| Transaction Price | $14,500,000 |
| Buyer | MAR-A-SOL WATERFRONT RESIDENCES LLC |
| Seller | RUBY ISLAND LLC |
480 Santa Rosa Blvd, Fort Walton Beach Multifamily Investment
High ownership costs and steady household formation within a 3-mile radius point to durable renter demand near Okaloosa Island, according to WDSuite’s CRE market data.
This suburban pocket of Fort Walton Beach carries an A- neighborhood rating (14th of 86 metro neighborhoods), signaling competitive fundamentals for small multifamily assets. Elevated home values at the neighborhood level indicate a high-cost ownership market, which can sustain renter reliance on multifamily housing and support pricing power over time.
Amenities are a relative strength: park access ranks among the top quartile in the metro (5th of 86), and restaurant density is competitive (11th of 86). Cafes are reasonably available by local standards, while childcare and pharmacies are limited, which may shape the resident mix toward smaller households and shorter errand trips to nearby submarkets.
Renter-occupied housing is meaningful within a 3-mile radius and is projected to edge up, reinforcing the depth of the tenant base. Population growth in recent years has been modest, but WDSuite’s commercial real estate analysis indicates household counts are expected to rise even as average household size trends lower, which typically supports demand for rental units and occupancy stability.
Neighborhood rents have increased over the last five years and sit above many peer areas in the metro, while local median incomes rank above the metro median. Together with elevated home values, these factors suggest a resident base with capacity to absorb rent, though lease management should account for affordability pressure at the margin.
Detailed neighborhood crime metrics are not available in WDSuite for this location. Investors should benchmark property-level experience against broader metro trends and consult local public safety reports to assess trajectory and relative positioning without relying on block-level claims.
Built in 1981, the property is older than the neighborhood average vintage, creating a straightforward value-add pathway through targeted modernization and systems upgrades. Strong neighborhood amenities, elevated ownership costs, and a stable renter-occupied presence within a 3-mile radius support tenant demand and potential lease retention, based on CRE market data from WDSuite.
Looking ahead, modest population shifts alongside a projected increase in household counts point to a larger pool of renting households even as household sizes trend smaller. This backdrop, coupled with rent levels that have trended up relative to the metro, underpins an operational focus on unit quality, turn management, and renewal capture while monitoring affordability and seasonality risks.
- High-cost ownership market reinforces rental demand and supports pricing power
- Amenity access (parks, dining) competitive among metro neighborhoods
- 1981 vintage offers clear value-add and capex planning opportunities
- Renter-occupied share within 3 miles and rising household counts support occupancy stability
- Risks: affordability pressure, limited nearby family services, and the need for ongoing renovations in older stock