| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Good |
| Demographics | 63rd | Fair |
| Amenities | 16th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 300 W Palmetto Park Rd, Boca Raton, FL, 33432, US |
| Region / Metro | Boca Raton |
| Year of Construction | 1972 |
| Units | 53 |
| Transaction Date | 2006-11-03 |
| Transaction Price | $475,000 |
| Buyer | HERITAGE GARDENS LP |
| Seller | PR HERITAGE LLC |
300 W Palmetto Park Rd Boca Raton Multifamily Investment
Positioned in Boca Raton s urban core, the asset benefits from an elevated renter concentration and strong neighborhood revenue performance, according to WDSuite s CRE market data. The location supports durable tenant demand while leaving room for value-add execution.
Situated within Boca Raton s Urban Core, the property s neighborhood shows competitive fundamentals for multifamily investors. Neighborhood-level net operating income per unit sits in the top decile nationally, signaling resilient revenue performance relative to peer locations. While neighborhood occupancy is slightly below the national midpoint, the share of housing units that are renter-occupied is high, indicating a deep tenant base that can support leasing stability.
Access to everyday needs is a local strength: grocery density ranks among the best in the metro (10 of 319 neighborhoods) and scores in the 97th percentile nationally. By contrast, on-neighborhood counts for parks, cafes, restaurants, and pharmacies are limited, suggesting residents rely on nearby corridors for these amenities rather than immediate-block options.
Construction vintage in this area averages mid-1970s. This property s 1972 build points to typical capital planning for older systems and an avenue for targeted renovation, which can improve competitive positioning versus nearby 1970s stock and support rent trade-outs where finishes and common areas are upgraded.
Within a 3-mile radius, demographics indicate population growth and an expanding household base over the past five years, with projections calling for further increases over the next five. Rising median incomes and a forecasted expansion of higher-earning households suggest a larger renter pool entering the market, supporting occupancy stability and pricing power for well-operated assets.
Home values in the neighborhood are elevated relative to national norms (76th percentile), which generally sustains rental demand as many households remain renters longer. At the same time, rent-to-income levels indicate some affordability pressure, warranting attentive lease management and renewal strategies to maintain retention.
Neighborhood safety metrics are slightly above the national average overall (57th percentile), with property crime conditions comparatively favorable (81st percentile nationally). Among 319 metro neighborhoods, the area s crime rank sits near the middle of the pack, indicating performance competitive with broader Boca Raton-West Palm Beach submarkets rather than an outlier in either direction.
Trends are mixed: estimated property offenses declined year over year, while violent offense rates increased over the same period. Investors should monitor these indicators over time but note that the neighborhood s national standing remains on the positive side of average today.
The location benefits from proximity to a diversified employment base that supports renter demand and commute convenience, including Office Depot, Tenet Healthcare, AutoNation, Siegel Financial Group (Northwestern Mutual), and Sysco.
- Office Depot corporate offices (4.2 miles) HQ
- Tenet Healthcare Corporation, Florida Region healthcare administration (12.0 miles)
- AutoNation corporate offices (16.1 miles) HQ
- Siegel Financial Group Northwestern Mutual financial services (25.1 miles)
- Sysco Southeast Florida foodservice distribution (28.9 miles)
This 53-unit, 1972-vintage asset offers a straightforward value-add path in an Urban Core location where neighborhood-level NOI per unit ranks in the top decile nationally and the renter-occupied share is elevated, indicating depth in the tenant base. While neighborhood occupancy trends sit slightly below the national midpoint, everyday retail access is strong via high grocery density, and elevated home values in the area tend to sustain reliance on multifamily housing.
Population and household counts within a 3-mile radius have expanded and are projected to grow further, pointing to a larger renter pool and support for leasing velocity. Based on commercial real estate analysis informed by WDSuite s CRE market data, investors should plan for targeted system upgrades and interior improvements typical of a 1970s structure, while managing affordability pressure to protect retention and cash flow.
- Elevated renter-occupied share supports demand depth and lease-up stability.
- Top-decile neighborhood NOI per unit signals resilient revenue performance.
- 1972 vintage offers clear value-add and capital improvement upside versus older stock.
- Growing 3-mile population and households expand the renter pool and support occupancy.
- Risks: affordability pressure and slightly below-median occupancy require proactive renewal and leasing strategies.