| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 66th | Good |
| Demographics | 21st | Poor |
| Amenities | 75th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2767 10th Ave N, Palm Springs, FL, 33461, US |
| Region / Metro | Palm Springs |
| Year of Construction | 2003 |
| Units | 24 |
| Transaction Date | 2021-12-21 |
| Transaction Price | $24,098,516 |
| Buyer | 2767 10TH AVENUE FL OWNER LLC |
| Seller | PORTOFINO ASSOCIATES LTD |
2767 10th Ave N Palm Springs Multifamily Investment
Neighborhood occupancy is competitive for the West Palm Beach–Boca Raton–Boynton Beach metro and renter-occupied housing is prevalent, supporting steady leasing fundamentals, according to CRE market data from WDSuite.
Positioned in Palm Springs’ inner-suburban fabric of the West Palm Beach–Boca Raton–Boynton Beach metro, the area offers day-to-day convenience that supports renter retention. Grocery availability is a standout, with density that sits among the metro’s leaders and compares favorably to neighborhoods nationwide. Cafes and restaurants also index well versus national norms, creating lifestyle proximity that can aid leasing and renewals. Park access is limited, which is worth weighing for family-oriented marketing and amenity programming.
Rents in the neighborhood track above the national median while remaining in line with broader metro patterns, and neighborhood occupancy ranks competitive among 319 metro neighborhoods. A high share of housing units are renter-occupied, indicating depth in the tenant base and supporting multifamily demand. Median home values are elevated relative to local incomes, which typically sustains reliance on rental options and can reinforce pricing power in well-managed assets.
Within a 3-mile radius, demographics show recent population and household growth, with forecasts pointing to further increases over the next five years. Rising household incomes in the local radius expand the renter pool for quality product, and projected household gains suggest a larger tenant base that can support occupancy stability. Lease management should still account for rent-to-income pressures typical of South Florida, balancing renewal targets with ongoing demand.
The property’s 2003 vintage is newer than the neighborhood’s average housing stock from the early 1980s, offering relative competitiveness versus older product. Investors can position upgrades selectively to modernize finishes and common areas while planning for mid-life building systems over the hold period.
Safety indicators are mixed when compared across the 319 neighborhoods in the West Palm Beach–Boca Raton–Boynton Beach metro. Overall crime ranks in the lower tier of the metro and sits below the national median, while property and violent offense rates benchmark closer to national middle-to-better quartiles. Short-term changes suggest recent volatility, so underwriting should emphasize security measures, lighting, and resident engagement rather than relying on year-over-year swings.
Nearby employers span financial services, food distribution, corporate headquarters, energy, and healthcare — a diverse base that supports workforce housing demand and commute convenience for residents.
- Siegel Financial Group - Northwestern Mutual — financial services (5.9 miles)
- Sysco Southeast Florida — food distribution (9.6 miles)
- Office Depot — corporate offices (15.6 miles) — HQ
- NextEra Energy — energy corporate offices (16.0 miles) — HQ
- Tenet Healthcare Corporation, Florida Region — healthcare administration (25.4 miles)
This 24-unit asset benefits from a renter-heavy neighborhood, strong daily-needs access, and occupancy that is competitive within the metro — fundamentals that support steady leasing and renewal visibility. The 2003 construction is newer than much of the surrounding stock, offering relative positioning versus older properties while leaving room for targeted value-add through unit and common-area updates. According to CRE market data from WDSuite, local home values and amenity density reinforce renter reliance on multifamily housing, pointing to durable demand through cycles.
Within a 3-mile radius, recent and forecast growth in population, households, and incomes expands the tenant base and underpins long-term absorption. Forward rent expectations are constructive across the radius, though lease strategy should balance pricing with retention given regional rent-to-income pressures and safety variability noted at the neighborhood level.
- Renter-heavy neighborhood and competitive occupancy support stable demand and renewals.
- 2003 vintage offers advantage over older stock with selective modernization upside.
- Strong grocery, cafe, and restaurant density enhances livability and leasing appeal.
- 3-mile growth in households and incomes enlarges the tenant pool over the medium term.
- Risks: safety variability and rent-to-income pressure require disciplined lease and expense management.