| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 64th | Good |
| Demographics | 70th | Best |
| Amenities | 29th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2942 W Bay Dr, Belleair Bluffs, FL, 33770, US |
| Region / Metro | Belleair Bluffs |
| Year of Construction | 1972 |
| Units | 40 |
| Transaction Date | 2023-04-07 |
| Transaction Price | $9,000,000 |
| Buyer | 2942 WEST BAY LLC |
| Seller | MURPHY MICHAEL J LE |
2942 W Bay Dr Belleair Bluffs 40-Unit Multifamily
Ownership-driven neighborhood fundamentals with elevated incomes and home values support steady renter demand, according to WDSuite’s CRE market data, though the renter base is comparatively thin. Expect balanced pricing power where affordability (rent-to-income around the neighborhood level) helps retention while occupancy trends remain middle-of-the-pack.
Belleair Bluffs sits within the Tampa–St. Petersburg–Clearwater metro as an Inner Suburb with a B+ neighborhood rating (ranked 246 among 710 metro neighborhoods). The area is above metro median for overall demographic strength and lands near the middle nationally for housing and occupancy, per commercial real estate analysis from WDSuite. Neighborhood occupancy is in the mid range nationally, which suggests leasing stability but not outsized scarcity.
Renter-occupied housing makes up a smaller share of units in this neighborhood relative to national norms, which implies a shallower renter pool but potential stability for well-located assets that offer convenience and quality. Within a 3-mile radius, household incomes have risen in recent years and are projected to grow further, while median contract rents have also advanced. Forward projections indicate modest population growth and a notable increase in households alongside slightly smaller household sizes, pointing to a larger tenant base for smaller formats and supporting occupancy over time.
Amenity coverage is mixed. Dining access is competitive among metro neighborhoods, with restaurants and cafes relatively dense compared with many areas nationwide. By contrast, the immediate neighborhood footprint shows limited counts of groceries, parks, and pharmacies, so residents likely rely on nearby corridors for daily needs. School rating data is not available in this dataset, so investors should underwrite education quality through local verification when relevant to tenant profile.
Vintage is a consideration: the property’s 1972 construction is slightly older than the local average vintage (1974). That age profile typically calls for targeted capital plans—systems, exteriors, and unit interiors—yet it can also present value-add levers to improve competitive positioning versus older stock nearby.
Safety indicators for the neighborhood are mixed compared with metro peers and national patterns. On a national basis, overall safety sits below the midpoint, while violent offense rates trend comparatively better than property offenses. Recent year-over-year estimates show an uptick in both violent and property offenses, so prudent investors often factor in security measures and tenant screening to support retention.
Relative to the Tampa–St. Petersburg–Clearwater metro, the neighborhood’s crime rank is 428 out of 710 neighborhoods, placing it below the metro median. Nationally, violent offense conditions align closer to the safer half of neighborhoods, while property offense measures sit near the middle. Trend monitoring and collaboration with local property management and law enforcement can help keep exposure manageable.
Nearby corporate anchors provide a diversified white-collar employment base that supports leasing and retention, including Tech Data, Raymond James Financial, Jabil, and Wellcare Health Plans.
- Tech Data — technology distribution (6.9 miles) — HQ
- Raymond James Financial — financial services (9.6 miles) — HQ
- Jabil — manufacturing & engineering (11.2 miles) — HQ
- Wellcare Health Plans — healthcare services (18.4 miles) — HQ
This 40-unit asset at 2942 W Bay Dr benefits from an ownership-heavy neighborhood with strong incomes and elevated home values—conditions that reinforce reliance on quality rentals and can support pricing power. According to CRE market data from WDSuite, neighborhood occupancy sits around the national middle, and rent-to-income levels suggest manageable affordability that can aid retention. The 3-mile radius shows rising household incomes and a projected increase in households alongside slightly smaller household sizes, which supports a broader renter pool for compact unit formats.
Built in 1972, the property is somewhat older than nearby stock on average, which points to targeted capital planning and value-add potential in unit interiors, exteriors, and building systems. Proximity to multiple corporate headquarters across technology, finance, and healthcare provides a stable employment base that can underpin leasing, while the amenity mix favors dining and cafes over daily-goods retailers—worth factoring into marketing and resident-experience strategy.
- Ownership-driven area with strong incomes supports rental demand and pricing discipline
- 1972 vintage offers value-add upside through systems and interior upgrades
- Household growth and smaller household sizes within 3 miles expand the renter pool
- Proximity to major employers (tech, finance, healthcare) supports tenant retention
- Risks: below-median safety ranking in metro, limited daily-goods amenities in footprint, and a thinner renter base