| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 66th | Good |
| Demographics | 25th | Poor |
| Amenities | 58th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4819 Wedgewood Way, West Palm Beach, FL, 33417, US |
| Region / Metro | West Palm Beach |
| Year of Construction | 1979 |
| Units | 32 |
| Transaction Date | 2009-06-19 |
| Transaction Price | $200,000 |
| Buyer | SP PRESERVATION II LLC |
| Seller | --- |
4819 Wedgewood Way, West Palm Beach Multifamily Investment
Inner-suburban location with a deep renter base and steady neighborhood occupancy supports durable cash flow potential, according to WDSuite's CRE market data. Rising household incomes in the area further underpin demand while leaving room for targeted value-add execution.
Located in West Palm Beach's inner suburbs, the property sits in a neighborhood that is competitive among 319 metro neighborhoods on occupancy, with performance near the national middle. A very high share of housing units are renter-occupied in this neighborhood, signaling a sizable tenant base that can support leasing stability.
Daily needs are well served by strong grocery and dining density (both high relative to national peers), while parks, pharmacies, and cafes are limited in the immediate area. Childcare availability is comparatively strong, which can bolster family-oriented renter demand. Local school rating data is not available in this dataset, so investors may wish to underwrite with conservative assumptions for school-driven demand.
Home values in the neighborhood are elevated relative to local incomes, which tends to sustain reliance on multifamily housing and can aid lease retention. At the same time, rent-to-income levels trend toward the lower end nationally, suggesting manageable affordability pressure that can support renewal rates and measured rent growth.
Within a 3-mile radius, population and household counts have been growing and are projected to continue increasing, while average household size trends smaller. This mix points to a larger and more diverse renter pool over time, supporting occupancy stability and demand for a range of unit types, based on commercial real estate analysis from WDSuite.
Neighborhood safety indicators track around the national middle overall, with violent offense metrics modestly better than national norms and property offense levels near average. Within the West Palm Beach-Boca Raton-Boynton Beach metro (319 neighborhoods), the area's rank places it closer to the metro midpoint rather than the top tier.
Recent trends are mixed: estimated property offenses show a notable year-over-year improvement, while violent offense estimates have ticked up over the same period. Investors should underwrite to current conditions and monitor trend direction as part of ongoing asset management.
Nearby employers span financial services, food distribution, energy, office supplies, and healthcare administration, supporting a broad workforce draw and commute convenience for renters. The list below includes Siegel Financial Group - Northwestern Mutual, Sysco Southeast Florida, NextEra Energy, Office Depot, and Tenet Healthcare's Florida region office.
- Siegel Financial Group - Northwestern Mutual — financial services (3.3 miles)
- Sysco Southeast Florida — food distribution (4.9 miles)
- NextEra Energy — energy (11.4 miles) — HQ
- Office Depot — office supplies (20.5 miles) — HQ
- Tenet Healthcare Corporation, Florida Region — healthcare administration (29.3 miles)
Built in 1979 with 32 units, the property offers a classic value-add profile in a renter-heavy neighborhood that is competitive on occupancy within the metro and near the national middle. Elevated ownership costs locally support continued renter reliance, while rent-to-income levels trend on the lower side nationally, a combination that can aid retention and measured rent growth.
Within a 3-mile radius, recent and projected increases in population and households, alongside smaller average household sizes, point to a larger tenant base and diversified demand across unit types. According to CRE market data from WDSuite, grocery and restaurant access is strong, though limited parks and pharmacies in the immediate area are worth noting for amenity-sensitive renters.
- Renter-heavy neighborhood supports depth of tenant demand and leasing stability.
- 1979 vintage presents clear value-add and capital planning opportunities to enhance competitiveness.
- Strong grocery and dining access aligns with workforce renter needs and supports retention.
- 3-mile growth in population and households expands the renter pool, supporting occupancy over time.
- Risks: amenity gaps (parks/pharmacies), mixed safety trend signals, and potential competition from ownership as incomes rise.