| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 46th | Poor |
| Demographics | 19th | Poor |
| Amenities | 39th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2214 S Rio Grande Ave, Orlando, FL, 32805, US |
| Region / Metro | Orlando |
| Year of Construction | 2006 |
| Units | 122 |
| Transaction Date | 2022-09-07 |
| Transaction Price | $12,500,000 |
| Buyer | HALLMARK COVENANT ON THE LAKES LLC |
| Seller | NCBCP LIMITED PARTNERSHIP |
2214 S Rio Grande Ave Orlando Multifamily Investment
2006-vintage asset positioned against older local stock, with renter demand supported by nearby employment and a predominantly renter-occupied housing base within 3 miles, according to WDSuite’s CRE market data.
Located in Orlando’s Orange County, the area around 2214 S Rio Grande Ave functions as workforce housing with everyday conveniences. Restaurant density is competitive for the metro while cafes, parks, and pharmacies are limited, suggesting a car-reliant environment. Childcare coverage is comparatively strong, which can aid leasing for households with young children. Average school ratings in the neighborhood track below national norms, which may tilt demand toward singles and working adults rather than school-driven movers.
The building’s 2006 construction is newer than the average neighborhood vintage (1962). For investors, newer systems and layouts can compete effectively against older stock, though selective updates may still be required to meet current renter preferences and to support rent positioning.
Neighborhood statistics indicate that occupancy is measured for the neighborhood and not the property, and currently sits below the metro median. At the same time, within a 3-mile radius, more than half of housing units are renter-occupied, providing a deeper tenant base and potential leasing resilience. Median contract rents in the 3-mile area have risen over the last five years, and WDSuite’s commercial real estate analysis shows forecasts for further rent gains alongside a larger renter pool.
Demographics aggregated within a 3-mile radius show recent population and household declines but a forward outlook that points to population growth and a substantial increase in households, with smaller average household sizes. For multifamily owners, that trend typically expands the renter pool and supports occupancy stability, provided pricing aligns with local incomes.
Ownership costs in the neighborhood context are elevated relative to incomes versus many U.S. areas, which can sustain renter reliance on multifamily housing. For underwriting, monitor rent-to-income levels that indicate some affordability pressure locally; effective lease management and amenity refreshes can help retention and steady cash flow.
Safety conditions in the neighborhood measure below metro averages and fall in lower national percentiles compared with neighborhoods nationwide. Property crime indicators have improved year over year, while violent offense measures ticked up. For investors, this mixed trend suggests continued emphasis on lighting, access control, and community management, and positioning to residents who value proximity to jobs and value-oriented rents.
Nearby employers provide a diversified white-collar and services employment base that supports renter demand and commute convenience, including insurance, logistics, restaurant corporate, and cybersecurity offices.
- Prudential — insurance (3.2 miles)
- Ryder — logistics (4.1 miles)
- Darden Restaurants — restaurant group corporate (7.0 miles) — HQ
- Symantec — cybersecurity (18.1 miles)
- Airgas Specialty Products — industrial gases (23.5 miles)
This 122-unit, 2006-vintage asset benefits from relative competitive positioning versus older neighborhood stock, with demand bolstered by a predominantly renter-occupied housing base within a 3-mile radius and proximity to diversified employers. According to CRE market data from WDSuite, neighborhood occupancy metrics sit below metro medians, but 3-mile forecasts point to population growth, a sizable increase in households, and continued rent gains—factors that can support leasing velocity and stabilize cash flow with prudent pricing.
Elevated ownership costs relative to income in the local context reinforce renter reliance on multifamily housing. Still, rent-to-income levels signal affordability pressure in parts of the renter pool, and safety metrics trail broader benchmarks—both manageable with targeted capital planning, thoughtful amenity upgrades, and strong on-site operations.
- Newer 2006 construction versus older neighborhood stock supports competitive positioning and lower near-term capital needs.
- Predominantly renter-occupied housing within 3 miles and diversified nearby employers underpin tenant demand and retention.
- Forward outlook shows population growth, household expansion, and rent gains that can aid occupancy stability.
- Elevated ownership costs versus incomes sustain reliance on rentals, supporting long-term demand depth.
- Risks: below-metro neighborhood occupancy, affordability pressure, and safety metrics require active leasing and property management.