| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Best |
| Demographics | 57th | Fair |
| Amenities | 23rd | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 10170 Sheila Ct, Wellington, FL, 33414, US |
| Region / Metro | Wellington |
| Year of Construction | 2000 |
| Units | 36 |
| Transaction Date | 2002-08-28 |
| Transaction Price | $47,448,312 |
| Buyer | POLO LAKES APARTMENTS LLC |
| Seller | BAINBRIDGE POLO LAKES LTD PARTNERSHIP |
10170 Sheila Ct Wellington Value-Add Multifamily Opportunity
Neighborhood indicators point to steady renter demand and mid-cycle occupancy, according to WDSuite’s CRE market data. Expect durable leasing fundamentals with room to enhance positioning through targeted upgrades.
Located in Wellington’s Inner Suburb within the West Palm Beach–Boca Raton–Boynton Beach metro, the property sits in a submarket with a balanced amenity mix. Restaurant density trends above national norms while groceries are available at moderate proximity; however, on‑parcel cafes, parks, and pharmacies are limited inside the immediate neighborhood. Investors should underwrite convenience largely via nearby corridors rather than within the block grid.
The average construction vintage in the neighborhood skews newer (early‑2000s), while this asset’s 2000 delivery is slightly older than the local mean—supporting a practical value‑add thesis focused on modernization, common‑area refresh, and systems planning to sustain competitive positioning against newer stock.
Neighborhood housing signals are mixed but investable. Renter concentration is roughly half of occupied housing units at the neighborhood level, indicating a meaningful base of renter-occupied units and depth for leasing. Occupancy in the neighborhood tracks near the national midpoint with positive five‑year momentum, suggesting stable absorption rather than late‑cycle overheating. Median household incomes are elevated for the metro, and estimated rent‑to‑income sits in a comparatively manageable range, which can support retention and measured pricing power. In areas like this, multifamily property research often highlights the role of a high‑cost ownership market in sustaining renter reliance on multifamily housing.
Within a 3‑mile radius, WDSuite data shows modest population growth over the past five years and an increase in household counts, with forecasts calling for further household expansion alongside smaller average household sizes. For investors, that points to a larger tenant base over time and potential demand for a mix of unit types that accommodate downsizing families and professionals.
Safety trends are best viewed comparatively and over time. The neighborhood’s overall safety profile sits modestly above the national midpoint, while its standing within the metro is closer to the middle of the pack among 319 neighborhoods. This suggests conditions that are neither outlier-strong nor unusually challenged for the region.
Recent trend signals diverge: violent‑offense indicators improved year over year and are stronger than many neighborhoods nationwide, while property‑offense indicators align closer to national midrange with a recent uptick. Investors should calibrate underwriting with standard security measures and monitor trend direction as new data is released, using neighborhood‑level metrics rather than block‑level assumptions.
Regional employment is diverse, with finance, food distribution, energy, office retail, and healthcare administration within commuting range—drivers that can support workforce housing demand and lease stability.
- Siegel Financial Group - Northwestern Mutual — financial services (9.8 miles)
- Sysco Southeast Florida — food distribution (10.9 miles)
- NextEra Energy — energy (16.9 miles) — HQ
- Office Depot — office retail HQ operations (17.9 miles) — HQ
- Tenet Healthcare Corporation, Florida Region — healthcare administration (24.4 miles)
This 36‑unit asset, built in 2000, aligns with a practical value‑add plan: interior modernization, common‑area improvements, and selective systems upgrades to compete with early‑2000s neighborhood stock. At the neighborhood level, renter concentration is substantial and occupancy trends hover near the national midpoint with upward five‑year movement, pointing to stable lease‑up and retention rather than volatility. Elevated home values in the area reinforce continued reliance on rentals, and within a 3‑mile radius, population and household growth point to a gradually expanding renter pool.
According to CRE market data from WDSuite, neighborhood rents benchmark in the higher national percentiles while rent‑to‑income sits in a manageable band for this metro, a combination that supports disciplined revenue management. Forward‑looking indicators within 3 miles show household counts rising and average household size declining, which can support absorption across a range of unit mixes. The primary risks are competitive pressure from newer product and standard operating vigilance around property‑offense trends.
- 2000 vintage creates clear value‑add and systems‑planning pathway versus newer neighborhood stock
- Stable neighborhood occupancy and substantial renter-occupied base support leasing durability
- Elevated ownership costs locally reinforce rental demand and potential retention
- 3‑mile forecasts show household growth and smaller household sizes, expanding the renter pool
- Risks: competition from newer assets and monitoring property‑offense trends; underwrite prudent CapEx and security measures