| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 76th | Best |
| Demographics | 81st | Best |
| Amenities | 82nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 325 NE 2nd St, Delray Beach, FL, 33444, US |
| Region / Metro | Delray Beach |
| Year of Construction | 2004 |
| Units | 83 |
| Transaction Date | 2008-09-01 |
| Transaction Price | $19,100,000 |
| Buyer | Pineapple Grove Acquisition LLC |
| Seller | Pineapple Grove Village, LLC |
325 NE 2nd St Delray Beach Multifamily Investment
Neighborhood fundamentals point to durable renter demand supported by strong amenities and elevated ownership costs, according to WDSuite’s CRE market data. Focused operations can capitalize on demand drivers while managing occupancy and positioning.
Delray Beach Inner Suburb 05 neighborhood ranks among the metro s leaders for daily needs and lifestyle access. Restaurants and grocery/pharmacy density are standout strengths (competitive among West Palm Beach-Boca Raton-Boynton Beach neighborhoods and top quartile nationally), supporting leasing appeal and retention for renters who prioritize walkable conveniences.
Housing metrics signal an investable profile. Elevated home values and a high value-to-income relationship at the neighborhood level tilt households toward renting, which can support pricing power and lease retention for well-positioned assets. Median asking rents in the neighborhood sit near the top of national peers, reinforcing the need for quality finishes and service levels to sustain absorption.
Tenure patterns indicate depth in the tenant base: approximately two-fifths of neighborhood housing units are renter-occupied, providing a meaningful pool of prospective residents without overexposure to transient demand. At the same time, neighborhood occupancy has trailed national norms recently, underscoring the importance of targeted marketing and competitive amenities to maintain stability.
Within a 3-mile radius, households have increased in recent years and are projected to expand further alongside rising incomes, even as average household size trends smaller. This combination points to a larger tenant base and continued demand for professionally managed rentals, a view supported by commercial real estate analysis from WDSuite s data across comparable coastal Florida submarkets.
Safety indicators for the neighborhood compare favorably in a regional and national context. Overall, the area is competitive among West Palm Beach-Boca Raton-Boynton Beach neighborhoods, and national percentiles place local safety measures in the upper tiers versus neighborhoods across the U.S., which supports renter confidence and lease retention.
Recent trend signals are mixed: violent offense estimates ticked up modestly year over year while property offenses were essentially flat. Investors typically account for these dynamics through lighting, access control, and resident engagement strategies, while monitoring citywide trends as part of ongoing risk management.
The nearby employment base blends headquarters and regional offices, supporting commuter convenience and renter demand from office, healthcare, distribution, and automotive sectors. Specifically, the area draws from Office Depot, Northwestern Mutual s Siegel Financial Group, Tenet Healthcare s Florida Region, Sysco Southeast Florida, and AutoNation.
- Office Depot office supplies corporate operations (5.3 miles) HQ
- Siegel Financial Group Northwestern Mutual financial services (17.0 miles)
- Tenet Healthcare Corporation, Florida Region healthcare administration (17.2 miles)
- Sysco Southeast Florida foodservice distribution (20.9 miles)
- AutoNation automotive retail corporate operations (24.2 miles) HQ
Built in 2004, the property offers a newer vintage than the neighborhood average, which generally enhances competitive positioning versus older stock while still leaving room for selective modernization. Large average floorplans can appeal to downsizers and remote workers seeking space, aligning with strong neighborhood incomes and lifestyle amenities. Based on CRE market data from WDSuite, elevated ownership costs in the area continue to reinforce reliance on professionally managed rentals, though recent neighborhood occupancy softness means execution on amenities and leasing strategy matters.
Within a 3-mile radius, households have grown and are projected to expand further, while household sizes trend smaller and incomes rise patterns that support renter pool expansion, absorption, and renewal probability for well-operated assets. Amenity density including restaurants, groceries, and pharmacies is a notable advantage for resident satisfaction and day-to-day convenience.
- 2004 vintage offers relative competitiveness versus older local stock with potential for targeted value-add.
- Elevated home values and income growth support rental demand and pricing power for quality units.
- High amenity density (dining, grocery, pharmacy) supports leasing velocity and retention.
- 3-mile household growth and smaller household sizes point to a larger tenant base over time.
- Risk: neighborhood occupancy has lagged national norms; success depends on positioning, management, and competitive offerings.