| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 65th | Good |
| Demographics | 34th | Poor |
| Amenities | 33rd | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 8215 Belvedere Rd, West Palm Beach, FL, 33411, US |
| Region / Metro | West Palm Beach |
| Year of Construction | 2002 |
| Units | 20 |
| Transaction Date | 2021-12-21 |
| Transaction Price | $31,500,000 |
| Buyer | SREIT COLONY PARK LLC |
| Seller | FF COLONY PARK LLC |
8215 Belvedere Rd, West Palm Beach 20-Unit Multifamily
Neighborhood fundamentals point to a deep renter pool and steady leasing conditions, and according to WDSuite s CRE market data, local rents trend above national norms while occupancy in the area remains comparatively stable.
Situated in an Inner Suburb of West Palm Beach, the property benefits from a renter-driven neighborhood profile. The share of housing units that are renter-occupied is high locally, indicating depth of tenant demand and potential leasing resilience. Neighborhood occupancy ranks above the metro median (rank 147 of 319), though performance sits below the national midrange, suggesting room for operational upside through asset-level management.
Within a 3-mile radius, demographics show population growth and a notable increase in households, expanding the prospective renter base over the next several years. Forecasts also point to additional household gains and smaller average household sizes, which can translate into more renters entering the market and support occupancy stability. These trends are based on CRE market data from WDSuite and are relevant for investors assessing tenant pipeline and renewal prospects.
Ownership costs in the neighborhood are elevated relative to incomes (value-to-income ranks in the upper national range), which tends to sustain reliance on rental housing and can support pricing power for well-positioned assets. At the same time, rent-to-income ratios are high locally, introducing affordability pressure that may require disciplined lease management and renewal strategies.
Local amenities are mixed: grocery and pharmacy access track solidly relative to peers (both above the national midrange), while parks and cafes are limited in the immediate area. Average school ratings are on the lower end within the metro, which may modestly narrow appeal for family-focused renters but has less impact on workforce-oriented demand. The building s 2002 vintage is newer than the neighborhood average (1989), supporting competitive positioning versus older stock while still warranting periodic system updates or targeted refreshes for retention.
Safety indicators for the neighborhood are mixed compared with the West Palm Beach Boca Raton Boynton Beach metro. Overall crime ranks in the lower half of metro neighborhoods (rank 247 of 319), placing the area below metro average on safety, while national positioning is closer to midrange. Violent offense measures sit around the national middle, and property offenses have shown a recent year-over-year uptick, which investors may want to monitor as part of ongoing asset and security planning.
Proximity to a diversified employment base supports renter demand and retention, with nearby roles spanning financial services, food distribution, energy, office supplies, and healthcare administration.
- Siegel Financial Group - Northwestern Mutual financial services (6.8 miles)
- Sysco Southeast Florida food distribution (7.4 miles)
- NextEra Energy energy & corporate offices (13.4 miles) HQ
- Office Depot office supplies & corporate services (20.1 miles) HQ
- Tenet Healthcare Corporation, Florida Region healthcare administration (27.6 miles)
This 20-unit, 2002-vintage asset aligns with a renter-concentrated neighborhood that ranks above the metro median for occupancy. According to CRE market data from WDSuite, rents in the area skew above national norms while neighborhood occupancy performance sits below the national middle, indicating a market where disciplined operations and targeted upgrades can drive outperformance versus older competing stock.
Within a 3-mile radius, recent population growth and a notable increase in households point to a larger tenant base and support for leasing stability. Elevated ownership costs relative to income sustain reliance on rentals, while high rent-to-income ratios underscore the need for proactive renewal strategies and value-focused amenity positioning. The 2002 construction offers relative competitiveness versus older local inventory, with capital planning focused on system maintenance and selective modernization to enhance retention.
- Renter concentration supports depth of demand and leasing stability.
- Above-metro-median neighborhood occupancy with potential to capture operational upside.
- 2002 vintage provides competitive positioning versus older stock with targeted refresh potential.
- 3-mile household growth expands the renter pool, supporting retention and lease-up.
- Risks: elevated rent-to-income and mid-pack safety require careful lease management and security planning.