| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 69th | Good |
| Demographics | 46th | Fair |
| Amenities | 56th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1499 NW 15th Ave, Boca Raton, FL, 33486, US |
| Region / Metro | Boca Raton |
| Year of Construction | 1973 |
| Units | 20 |
| Transaction Date | 2005-09-23 |
| Transaction Price | $980,000 |
| Buyer | PALAMAR APARTMENTS LLC |
| Seller | TOWN CENTER PATIO APARTMENTS |
1499 NW 15th Ave Boca Raton 20-Unit Value-Add Multifamily
Renter demand is supported by a high neighborhood renter-occupied share and elevated ownership costs, according to WDSuite’s CRE market data, offering a stable tenant base for a well-run asset. The 1973 vintage points to practical renovation and systems upgrades that can enhance competitiveness versus older local stock.
This inner-suburb location in Boca Raton combines everyday convenience with steady rental demand drivers. Parks, pharmacies, and dining density are strong by national comparison, while cafés and childcare options are thinner, setting realistic expectations for amenity marketing. According to WDSuite’s CRE market data, neighborhood operating income per unit trends land in the top quartile nationally, signaling generally healthy rent roll potential when assets are managed and positioned effectively.
Tenure patterns indicate depth in the tenant base: roughly half of housing units are renter-occupied at the neighborhood level (a high reading in both metro and national terms). For investors, that renter concentration supports leasing velocity and renewals, even as property-level execution remains critical to outperformance.
Within a 3-mile radius, population and household counts have grown and are projected to expand further through 2028, pointing to a larger tenant base over the medium term. Rising household incomes in this radius reinforce demand for renovated units and professionally managed properties, while still requiring attention to rent-to-income thresholds for retention and pricing strategy.
Home values in the neighborhood sit above national norms, creating a high-cost ownership market that tends to sustain reliance on multifamily rentals. That backdrop, paired with neighborhood-level occupancy that has room to tighten relative to stronger metros, suggests opportunity for operators who can balance unit upgrades with disciplined lease management.
Based on WDSuite’s data, safety indicators compare favorably to national norms, with both violent and property offense rates placing in higher national percentiles. At the metro scale, the neighborhood’s overall crime ranking sits around the middle of the pack among 319 West Palm Beach–Boca Raton–Boynton Beach neighborhoods, indicating performance broadly in line with regional averages rather than an outlier in either direction.
For investors, this supports typical Class B workforce positioning: marketable from a safety standpoint against national peers, while local outcomes should still be monitored over time through on-site practices and coordination with property management.
The area draws on a diverse employment base that supports renter demand and commute convenience, led by office, healthcare, and corporate headquarters nearby: Office Depot, Tenet Healthcare, and AutoNation anchor the closest cluster.
- Office Depot — corporate headquarters (2.9 miles) — HQ
- Tenet Healthcare Corporation, Florida Region — healthcare administration (11.0 miles)
- AutoNation — auto retail corporate (16.8 miles) — HQ
- Siegel Financial Group - Northwestern Mutual — financial services (24.3 miles)
Built in 1973, this 20-unit asset offers clear value-add angles—interiors, common areas, and building systems—while competing in a neighborhood with strong renter concentration and elevated ownership costs. According to CRE market data from WDSuite, neighborhood-level NOI per unit trends are solid by national standards, and a growing 3-mile radius population and household base points to continued renter pool expansion and support for occupancy stability.
Execution still matters. Neighborhood occupancy leaves room for improvement versus stronger metros, and rent-to-income readings call for calibrated pricing and renewal strategies. With targeted upgrades and disciplined operations, the asset can position toward the middle-to-upper end of local Class B competition.
- Renter-occupied share is high locally, supporting leasing velocity and renewal depth.
- 1973 vintage enables practical value-add through interior and systems improvements.
- Elevated ownership costs in the area help sustain reliance on multifamily rentals.
- 3-mile radius growth strengthens the tenant base and supports occupancy over time.
- Risks: neighborhood occupancy below top-tier metros and affordability pressure require careful rent and renewal management.