| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Fair |
| Demographics | 60th | Fair |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 10010 Boynton Place Cir, Boynton Beach, FL, 33437, US |
| Region / Metro | Boynton Beach |
| Year of Construction | 1989 |
| Units | 24 |
| Transaction Date | 2016-01-29 |
| Transaction Price | $26,688,000 |
| Buyer | HERON POINTE RESIDENTIAL PARTNERS LLC |
| Seller | ERP OPERATING LIMITED PARTNERSHIP |
10010 Boynton Place Cir 24-Unit Boynton Beach Investment
Neighborhood occupancy is currently soft, but 3-mile household growth and rising incomes point to a deeper tenant base, according to WDSuite’s CRE market data. Investors may find near-term leasing and value-add upside as demand trends strengthen in this inner-suburban pocket.
Positioned in Boynton Beach’s inner-suburban fabric, the property sits in a largely auto-oriented area with limited walkable retail and services immediately nearby. For investors, that typically supports drive-to convenience living rather than a high-amenity, pedestrian environment.
The neighborhood’s renter-occupied share is measured at the neighborhood level (not the property) and indicates a modest renter concentration, suggesting a defined but not saturated pool of multifamily demand. Median contract rents in the neighborhood trend high versus national norms, while the local occupancy (also measured for the neighborhood) currently trails national averages—conditions that can create room for hands-on leasing execution and targeted renovations.
Within a 3-mile radius, recent population growth and an increase in households have expanded the local renter pool, with forecasts pointing to additional household gains and a higher renter share by the mid-term outlook. That dynamic supports tenant-base depth and can aid renewal capture and occupancy stability as new households form and more residents rely on rental options.
Home values in the area are elevated relative to incomes, reinforcing reliance on rental housing and supporting pricing power for well-managed assets. For investors, this ownership-cost backdrop can bolster multifamily demand, though it warrants attentive lease management where rent-to-income ratios signal affordability pressure.
Safety indicators benchmark favorably versus national comparisons, landing roughly in the top quartile nationwide on multiple measures. Recent trends show property offenses easing year over year, while violent offense measures remain comparatively low in national context. Within the West Palm Beach–Boca Raton–Boynton Beach metro, conditions can vary by neighborhood; investors should underwrite to submarket norms and confirm on-the-ground patterns over time.
Proximity to regional employers underpins workforce housing demand and commute convenience, with a mix of corporate headquarters and operations across retail services, energy, healthcare, distribution, and financial services.
- Office Depot — retail/office HQ operations (8.5 miles) — HQ
- Siegel Financial Group - Northwestern Mutual — financial services (13.4 miles)
- Sysco Southeast Florida — foodservice distribution (16.8 miles)
- Tenet Healthcare Corporation, Florida Region — healthcare administration (18.0 miles)
- NextEra Energy — energy/utilities (23.3 miles) — HQ
Built in 1989, this 24-unit asset is slightly newer than the neighborhood average, positioning it competitively against older stock while leaving room for targeted modernization to drive rent premiums. Neighborhood occupancy is currently below broader norms, but 3-mile trends show population growth and a projected increase in households, which can support leasing velocity and retention as the renter pool expands. Based on commercial real estate analysis from WDSuite, local rents benchmark high relative to national levels, and elevated ownership costs in the area reinforce renter reliance on multifamily housing.
Investor focus should center on pragmatic value-add—interior updates, common-area improvements, and operational execution—to capture spreads where neighborhood rents and income profiles support it. Underwriting should also account for affordability pressure signals (rent-to-income) and the amenity-light setting, with marketing geared to convenience-driven suburban renters.
- 1989 vintage offers modernization upside and competitive positioning versus older nearby stock
- Household growth and rising incomes within 3 miles support a larger tenant base and occupancy stability
- High relative rents and a high-cost ownership market can sustain multifamily demand with disciplined leasing
- Operational playbook: targeted renovations plus hands-on leasing to capitalize on soft neighborhood occupancy
- Risks: amenity-light setting and rent-to-income pressure require careful pricing, retention, and expense control