| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 70th | Best |
| Demographics | 82nd | Best |
| Amenities | 56th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 510 Lavers Cir, Delray Beach, FL, 33444, US |
| Region / Metro | Delray Beach |
| Year of Construction | 1996 |
| Units | 20 |
| Transaction Date | 2015-03-23 |
| Transaction Price | $40,500,000 |
| Buyer | TRPF ATLANTIC AT EAST DELARAY LLC |
| Seller | PS VININGS OWNERS LLC |
510 Lavers Cir Delray Beach Multifamily Investment
Balanced renter demand supported by high household incomes and a high-cost ownership market, according to WDSuite’s CRE market data. Recent leasing trends warrant disciplined asset management, but location fundamentals and amenity access underpin long-term appeal.
Located in Delray Beach’s inner suburb, the property benefits from neighborhood fundamentals that are competitive among West Palm Beach–Boca Raton–Boynton Beach submarkets. Grocery, pharmacy, parks, and restaurant density rank in the upper half to top quartile nationally, supporting daily convenience and livability for residents. Cafe and childcare density are thinner, which may limit certain lifestyle conveniences, but the broader amenity set still supports leasing.
The area skews toward higher incomes and elevated home values compared with national benchmarks, which generally sustains rental demand and supports pricing power within market norms. With the share of housing units that are renter-occupied in the neighborhood sitting in the above-median range locally, the tenant base is meaningful while not overly concentrated, aiding stability for a 20-unit asset.
Within a 3-mile radius, population and households have expanded over the last five years, and WDSuite’s data indicates household counts are projected to continue rising even as average household size trends lower. For multifamily owners, that implies a larger tenant base over time, diversified by age cohorts, and supports occupancy management through cycles.
Vintage matters: the asset was built in 1996, newer than the neighborhood’s late-1980s average. That positioning can be competitively advantageous versus older stock, though investors should still underwrite ongoing system updates or common-area modernization to meet current renter preferences.
Rents in the neighborhood have grown over the past five years and are projected to continue increasing, while rent-to-income levels appear manageable relative to local incomes. Taken together, these dynamics suggest potential for steady lease retention while allowing for measured rent optimization.
Neighborhood safety indicators are mixed. On current levels, the area compares favorably to many U.S. neighborhoods — violent and property offense rates sit above the national median for safety (violent around the upper third nationally and property in the top quartile). However, recent-year volatility shows upticks in reported offense rates, so prudent security measures and resident engagement remain advisable.
Compared with other neighborhoods in the West Palm Beach–Boca Raton–Boynton Beach metro (319 total), the crime profile is mid-pack, reinforcing a need for standard risk controls without signaling outsized exposure. Investors should view safety as manageable with routine monitoring rather than a defining constraint.
Nearby anchor employers provide a diverse employment base that supports renter demand and commute convenience, led by corporate offices in retail, healthcare, financial services, automotive, and food distribution.
- Office Depot — retail corporate HQ (3.5 miles) — HQ
- Tenet Healthcare Corporation, Florida Region — healthcare administration (15.5 miles)
- Siegel Financial Group - Northwestern Mutual — financial services (19.1 miles)
- AutoNation — automotive retail corporate (22.2 miles) — HQ
- Sysco Southeast Florida — food distribution offices (22.9 miles)
510 Lavers Cir offers exposure to a high-income, amenity-rich pocket of Delray Beach where elevated home values help sustain multifamily demand. Neighborhood rents have trended upward and remain supported by rent-to-income levels that indicate manageable affordability pressure, while proximity to multiple corporate employers underpins leasing depth. According to commercial real estate analysis from WDSuite, local amenity density and neighborhood NOI performance are competitive, supporting a thesis of steady operations with room for targeted value creation.
Built in 1996, the property is newer than much of the area’s late-1980s stock, which can enhance competitive positioning against older assets. Investors should still budget for selective system upgrades and common-area refreshes to align with current renter expectations and to mitigate any leasing softness observed in parts of the metro.
- High-income, amenity-rich neighborhood supports tenant retention and measured rent growth
- Newer 1996 vintage versus local average offers competitive positioning with modest capex needs
- Proximity to regional employers provides a diverse renter pipeline and leasing stability
- Neighborhood NOI performance is competitive within the metro, per WDSuite data
- Risk: recent safety volatility and pockets of leasing softness call for active management and prudent underwriting