| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 55th | Fair |
| Demographics | 60th | Good |
| Amenities | 50th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1413 29th St, Niceville, FL, 32578, US |
| Region / Metro | Niceville |
| Year of Construction | 1983 |
| Units | 20 |
| Transaction Date | 2016-10-04 |
| Transaction Price | $1,195,000 |
| Buyer | --- |
| Seller | --- |
1413 29th St, Niceville FL Multifamily Opportunity
Neighborhood occupancy has remained in the low-90s, supporting steady renter demand, based on commercial real estate analysis from WDSuite. Positioning within suburban Niceville offers durable fundamentals for small-scale multifamily.
The property sits in a suburban B+ neighborhood within the Crestview–Fort Walton Beach–Destin metro, where local amenities are competitive among metro peers (ranked 26 out of 86). Cafes and restaurants index in the top quartile nationally, while parks access is also strong, helping support livability that underpins leasing.
According to WDSuite’s CRE market data, the neighborhood’s occupancy has trended in the low-90s, indicating stable renter demand at the neighborhood level rather than at the property. The area shows an above-median renter concentration for the metro (renter-occupied share near three-tenths of housing units), which typically provides a deeper tenant base for small multifamily assets.
School quality is a relative strength: the neighborhood’s average school rating places it in the top quartile nationally and among the highest tiers locally (rank 4 of 86). Homeownership costs trend on the higher side versus national norms, which can sustain reliance on rental options and aid retention. Within a 3-mile radius, population and households have grown over the past five years, with additional household growth projected—expanding the renter pool and supporting occupancy stability.
Comparable safety data at the neighborhood level is limited in the current release. Investors typically evaluate safety in context with broader suburban patterns and leasing trends; here, steady neighborhood occupancy and strong school ratings suggest family-oriented demand, but on-the-ground diligence remains important.
This 20-unit, 1983-vintage asset offers a manageable scale in a suburban Niceville location where neighborhood occupancy has held in the low-90s and renter concentration supports a consistent tenant base. According to CRE market data from WDSuite, the area’s higher relative ownership costs help sustain rental demand, while rent-to-income dynamics are favorable, supporting retention and lease management.
Vintage implies potential value-add through unit modernization and systems updates to stay competitive with newer product, while the 3-mile radius shows population and household growth that can strengthen leasing depth over the hold. Balanced expectations are warranted given selective amenity gaps and the need to monitor rent trends at the neighborhood level.
- Neighborhood occupancy stability supports cash-flow consistency at the submarket level.
- Higher relative ownership costs reinforce renter reliance on multifamily, aiding pricing power and retention.
- 3-mile population and household growth expand the prospective tenant base and support leasing.
- 1983 vintage presents value-add potential via targeted interior and building-system upgrades.
- Risks: selective amenity gaps (e.g., limited childcare/pharmacy nearby), small property scale, and rent trends that warrant active management.