| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 64th | Good |
| Demographics | 80th | Best |
| Amenities | 60th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4600 Range Rd, Niceville, FL, 32578, US |
| Region / Metro | Niceville |
| Year of Construction | 1984 |
| Units | 36 |
| Transaction Date | 2010-03-25 |
| Transaction Price | $1,205,000 |
| Buyer | SOUTHERN GARDENS-BAY LLC |
| Seller | SOUTHERN GARDENS-BAY LLC |
4600 Range Rd, Niceville FL — Multifamily Investment Positioning
Owner-leaning neighborhood with strong household incomes and solid schools supports durable renter demand, according to WDSuite’s CRE market data. Focus is on stable tenancy and measured rent growth rather than lease-up velocity.
Niceville’s neighborhood around 4600 Range Rd ranks 8th out of 86 neighborhoods in the Crestview–Fort Walton Beach–Destin metro, placing it in the top decile for overall quality. The area carries an A neighborhood rating, reflecting balanced livability fundamentals that matter to multifamily operations: well-regarded schools, daily conveniences, and a resident base with higher-than-average incomes.
Schools score strongly for the metro (average rating near 4.0 out of five; 5th of 86 metro neighborhoods and in the top quartile nationally). Daily-needs access trends better than average for groceries, pharmacies, and parks, while café density is limited — a suburban pattern that tends to favor quiet residential character over nightlife. These dynamics generally align with stable, family-oriented tenancy and longer stays.
Renter-occupied housing represents a smaller share of units in this neighborhood (about 21.8% renter concentration), indicating an owner-leaning area. For investors, that implies a somewhat narrower renter pool but often steadier behavior once leased, with deeper income-qualified demand. Neighborhood multifamily occupancy is reported around 88.7%, with a modest five-year improvement, signaling resilient baseline demand at the neighborhood level rather than rapid turnover.
Median contract rents in the neighborhood are on the higher side for the metro (ranked 10th of 86) with solid five-year growth, and median household income ranks 9th of 86 — a combination that supports collections and rent integrity. Home values trend elevated locally, which can reinforce renter reliance on multifamily housing and help pricing power, though operators should still manage renewal strategies carefully to sustain retention.
Within a 3-mile radius, population has been broadly stable while households have increased, and forecasts point to meaningful household expansion by 2028 alongside rising incomes. For multifamily, that translates into a larger tenant base and additional leasing depth over the medium term, with affordability pressure moderated by higher-income cohorts.
Neighborhood-level crime metrics are not available in WDSuite for this location, so investors should rely on standard diligence, including property-level incident history, insurer insights, and comparable submarket trends for the Crestview–Fort Walton Beach–Destin metro. Framing safety at the neighborhood scale — rather than block-level — supports a more reliable risk view for underwriting and operations.
Built in 1984, the asset is slightly older than the neighborhood’s average vintage and may benefit from targeted renovations or systems upgrades to enhance competitiveness and support rent growth. The surrounding Niceville neighborhood is top-decile in the metro, with strong schools, higher-income households, and elevated home values that collectively support renter demand and lease retention. Neighborhood occupancy is near 89% with a modest five-year lift — stability that can underpin predictable operations.
Within 3 miles, households have grown and are projected to expand meaningfully by 2028, accompanied by rising incomes — factors that enlarge the tenant base and support long-run pricing power. Median neighborhood rents sit toward the upper end of the metro, and, according to CRE market data from WDSuite, income levels help sustain affordability, limiting retention risk when renewals are managed thoughtfully. Key watchpoints include the owner-leaning housing mix (a smaller renter pool) and capital planning for a 1980s vintage.
- Top-decile neighborhood in the metro with strong schools and daily-needs access supporting stable tenancy
- Higher-income households and elevated home values reinforce rental demand and pricing discipline
- Household growth within 3 miles expands the tenant base and supports occupancy over time
- 1984 vintage presents value-add potential through targeted upgrades and systems modernization
- Risks: owner-leaning area narrows renter pool; older vintage requires ongoing capex planning