| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Fair |
| Demographics | 60th | Fair |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5217 Cedar Lake Rd, Boynton Beach, FL, 33437, US |
| Region / Metro | Boynton Beach |
| Year of Construction | 1990 |
| Units | 88 |
| Transaction Date | --- |
| Transaction Price | $26,850,000 |
| Buyer | EQR-VININGS AT ASHLEY LAKE LLC |
| Seller | ASHLEY LAKE PARK II ASSOC LTD |
5217 Cedar Lake Rd, Boynton Beach FL Multifamily Investment
Neighborhood rent levels trend toward the higher end for the metro while local occupancy runs softer, pointing to selective pricing power with careful leasing execution, according to WDSuite’s CRE market data.
Located in an inner-suburban pocket of Boynton Beach within the West Palm Beach–Boca Raton–Boynton Beach metro, the area shows solid renter demand drivers but mixed operating conditions. Median asking rents in the neighborhood sit above many peer areas (high national percentile), while neighborhood occupancy is comparatively soft. For investors, that combination suggests the need for active leasing and renewals, with potential to hold achieved rents where unit quality and management execution support it.
The property’s 1990 construction is slightly newer than the neighborhood’s average vintage (mid-1980s). That positions the asset to compete against older stock, though systems and interiors may still benefit from targeted modernization to support retention and reduce near-term capital exposure.
Within a 3-mile radius, population and households have expanded over the last five years and are projected to continue growing, indicating a larger tenant base ahead. Forecasts also point to smaller average household sizes, which typically supports demand for rental housing and helps stabilize occupancy over time.
Tenure patterns indicate a modest renter concentration locally (roughly one-fifth of housing units are renter-occupied within 3 miles). In practice, that means a defined but focused renter pool; well-amenitized, professionally managed communities can capture share, while concessions discipline remains important. Elevated home values relative to incomes in the neighborhood context and rising rents support sustained reliance on multifamily housing, but rent-to-income readings imply affordability pressure for some cohorts—an important consideration for renewal strategy and unit mix.
Immediate walkable amenities are limited in the neighborhood, so residents are likely to rely on short drives for daily needs and services. For investors, that dynamic favors on-site features and convenience offerings to bolster leasing and retention.
Safety indicators are mixed when viewed locally versus nationally. The neighborhood sits in a higher-incident tier within the West Palm Beach–Boca Raton–Boynton Beach metro (rank 66 of 319). However, national benchmarking places the area in a stronger safety position than many U.S. neighborhoods, with both property and violent offense rates landing in higher national percentiles (safer relative to the nation). For investors, this split suggests marketing and resident-experience efforts should emphasize on-site security and professional management while recognizing that broader national comparisons are favorable.
Nearby corporate employment includes Office Depot, financial services, food distribution, healthcare administration, and energy utilities. This mix supports renter demand through commute convenience and diversified white- and blue-collar job bases relevant to workforce and mid-market multifamily product.
- Office Depot — corporate offices (8.1 miles) — HQ
- Siegel Financial Group - Northwestern Mutual — financial services (13.7 miles)
- Sysco Southeast Florida — food distribution (17.1 miles)
- Tenet Healthcare Corporation, Florida Region — healthcare administration (17.8 miles)
- NextEra Energy — energy utilities (23.6 miles) — HQ
This Boynton Beach asset offers a balanced, operations-focused thesis: neighborhood rents benchmark high for the metro, while occupancy trends are softer, requiring disciplined leasing and renewal tactics to sustain cash flow. The 1990 vintage is slightly newer than area norms, creating an edge versus older stock; selective upgrades can further strengthen competitive positioning. Within a 3-mile radius, population and household growth—alongside a forecast for smaller household sizes—point to a gradually expanding renter base that can support occupancy stability over the long term, based on CRE market data from WDSuite.
At the same time, rent-to-income readings in the neighborhood signal affordability pressure for some segments, arguing for thoughtful pricing, unit finishes aligned to willingness-to-pay, and retention programs that limit turnover costs. Limited immediate amenities reinforce the value of on-site features and professional management to enhance resident experience and boost lease-up velocity.
- High relative rents locally with room for selective pricing power where quality and management execution support it.
- 1990 vintage offers competitive positioning versus older neighborhood stock; targeted upgrades can drive NOI and retention.
- 3-mile radius shows population and household growth with smaller household sizes, supporting a growing renter base.
- Proximity to diversified employers (corporate, healthcare, logistics) underpins steady leasing demand.
- Risk: Softer neighborhood occupancy and rent-to-income pressure require disciplined concessions, renewals, and expense control.