| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Good |
| Demographics | 41st | Poor |
| Amenities | 15th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 10101 Mahogany Dr, Boynton Beach, FL, 33436, US |
| Region / Metro | Boynton Beach |
| Year of Construction | 1986 |
| Units | 20 |
| Transaction Date | 2015-02-12 |
| Transaction Price | $36,800,000 |
| Buyer | ADVENIR AT LA COSTA LLC |
| Seller | LA COSTA ACQUISITIONS INC |
10101 Mahogany Dr, Boynton Beach Multifamily Investment
Neighborhood data points to a deep renter base and steady demand drivers, with renter-occupied housing notably prominent in the immediate area, according to CRE market data from WDSuite. While occupancy has softened at the neighborhood level, broader household growth in the 3-mile radius supports long-run leasing stability.
Situated in Boynton Beach’s inner-suburban fabric, the property benefits from a renter-heavy neighborhood profile. The share of housing units that are renter-occupied is high locally (measured for the neighborhood, not this property), indicating a deeper tenant pool and potential support for lease-up and retention. By contrast, neighborhood occupancy trends are below national averages, so disciplined leasing and renewals remain important to stabilize performance.
Local amenity density is limited for retail, grocery, parks, and cafes, yet childcare access is comparatively strong among metro peers. For investors, this mix suggests day-to-day convenience for families even if residents rely on short drives for shopping and dining. Amenity rank sits below the metro median among 319 neighborhoods, but proximity to larger Palm Beach County employment and retail nodes helps offset near-block scarcity.
Homeownership costs in the neighborhood are elevated relative to local incomes (national percentile strength for value-to-income), which tends to sustain renter reliance on multifamily housing and can underpin pricing power when managed carefully. Median contract rents in the neighborhood have risen over the last five years and are projected to continue trending upward, reinforcing revenue potential if affordability is monitored.
Within a 3-mile radius, demographics indicate population growth over the last five years with further expansion expected, alongside a notable increase in households and a gradual shift toward smaller household sizes. These trends point to a larger tenant base and more singles and downsizing households entering the rental market, supporting occupancy durability over time.
Vintage context matters: the average neighborhood construction year is late-1980s, while this asset was built in 1986. The slightly older vintage can create value-add angles through targeted interior updates and systems modernization to remain competitive against similar but newer stock.
Safety indicators are mixed in context. Nationally, the neighborhood compares favorably, ranking in the top decile for lower estimated violent and property offense rates. Metro comparisons tell a different story: within the West Palm Beach–Boca Raton–Boynton Beach area, the neighborhood’s crime rank is near the higher-crime end among 319 neighborhoods, so investors should underwrite to market-appropriate security measures and tenant screening.
Recent trend signals are constructive: estimated violent and property offense rates have declined year over year, indicating improving conditions. As always, safety varies by block and over time; investors should pair these area-level signals with property-level history and current management practices.
Nearby corporate anchors contribute to diversified employment and commuter demand for workforce and professional renters, with convenient drives to headquarters and regional offices including Office Depot, Northwestern Mutual (Siegel Financial Group), Sysco, Tenet Healthcare, NextEra Energy, and AutoNation.
- Office Depot — corporate headquarters (10.0 miles) — HQ
- Siegel Financial Group - Northwestern Mutual — financial services offices (11.5 miles)
- Sysco Southeast Florida — foodservice distribution (15.2 miles)
- Tenet Healthcare Corporation, Florida Region — healthcare administration (20.4 miles)
- NextEra Energy — energy utility headquarters (21.6 miles) — HQ
- AutoNation — corporate headquarters (29.6 miles) — HQ
This 20-unit asset’s positioning in a renter-concentrated neighborhood supports depth of demand, while 3-mile demographic trends point to a growing population, rising household counts, and smaller average household sizes—conditions that generally expand the renter pool and support occupancy stability. Median neighborhood rents have increased over the last five years and are forecast to continue rising; according to WDSuite’s commercial real estate analysis, these gains align with a high-cost ownership landscape locally that helps sustain multifamily demand.
Built in 1986, the property is slightly older than the neighborhood average for vintage, creating value-add potential via targeted interior upgrades and system refreshes to stay competitive. Key underwriting considerations include neighborhood occupancy that trails national benchmarks, limited near-block amenities, and rent-to-income pressures that call for careful lease management and renewal strategies.
- Renter-concentrated neighborhood supports a deeper tenant base and leasing resilience.
- 3-mile radius shows population and household growth with smaller household sizes, expanding the renter pool.
- Upward neighborhood rent trajectory with sustained demand in a high-cost ownership context.
- 1986 vintage offers value-add and modernization angles to enhance competitiveness.
- Risks: below-average neighborhood occupancy, limited immediate amenities, and affordability pressure require proactive leasing and renewals.