| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 48th | Poor |
| Demographics | 54th | Good |
| Amenities | 30th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1001 S Prospect Ave, Clearwater, FL, 33756, US |
| Region / Metro | Clearwater |
| Year of Construction | 1972 |
| Units | 28 |
| Transaction Date | --- |
| Transaction Price | $610,000 |
| Buyer | HUTCHESON DAVID D |
| Seller | GRIFTON PROPERTIES LTD |
1001 S Prospect Ave Clearwater Multifamily Investment
The neighborhood shows a high concentration of renter-occupied housing and strong everyday convenience anchored by dense grocery and dining options, according to WDSuite’s CRE market data. For investors, this points to a broad tenant base and service-rich surroundings, even as local occupancy trends warrant attentive leasing strategy.
Located in Clearwater’s inner suburb context within the Tampa–St. Petersburg–Clearwater metro, the property sits in a service-rich pocket: grocery density ranks in the top quartile nationally, while restaurants are also well represented. Park, pharmacy, childcare, and cafe densities are limited in the immediate area, so daily needs are convenient but green space and certain neighborhood amenities may require a slightly wider radius.
The local renter concentration is high relative to the metro, indicating depth in the tenant base and steady multifamily demand. At the same time, neighborhood occupancy sits below the metro median, suggesting some vacancy slack; prudent revenue management and targeted marketing should help sustain lease-up and retention. Median contract rents track above many peer neighborhoods nationally, signaling room for competitive positioning without overreaching on pricing.
Within a 3-mile radius, population and households have been growing and are projected to continue expanding over the next five years, supporting a larger tenant base and potential occupancy stability. Median incomes in the same radius have risen materially and are forecast to grow further, which, together with rent growth projections, implies ongoing demand for quality rental options. Home values in the neighborhood are mid-range for the region; in practice, this tends to reinforce reliance on multifamily rentals rather than rapid movement to ownership, aiding lease retention.
Vintage matters for competitiveness: built in 1972, the asset is older than the neighborhood average construction year of 1985. Investors should plan for capital improvements and consider value-add upgrades to modernize systems and finishes, improving relative positioning against newer stock while managing long-term maintenance risk.
Safety indicators are mixed. Compared with neighborhoods nationwide, the area’s overall safety aligns with the lower third, and within the Tampa–St. Petersburg–Clearwater metro it sits below the median among 710 neighborhoods. Recent trends show violent incidents easing year over year, while property incidents have increased, signaling the need for routine security measures and resident engagement.
Investors should frame safety as a comparative and operational consideration: emphasize lighting, access controls, and partnerships with local community resources to support retention and leasing fundamentals in line with broader regional trends.
The surrounding employment base includes major corporate offices that help support renter demand through commute convenience and a diversified professional workforce. Nearby anchors include Tech Data, Raymond James Financial, Jabil Circuit, and Wellcare Health Plans.
- Tech Data — corporate offices (5.9 miles) — HQ
- Raymond James Financial — corporate offices (9.1 miles) — HQ
- Jabil Circuit — corporate offices (10.8 miles) — HQ
- Wellcare Health Plans — corporate offices (15.9 miles) — HQ
- Cardinal Health — corporate offices (27.0 miles)
This 28-unit asset built in 1972 offers a straightforward value-add play in a renter-heavy neighborhood with strong proximity to daily needs. Neighborhood occupancy trends are softer than the metro’s, but depth in renter-occupied housing and nearby employment anchors support leasing potential. According to CRE market data from WDSuite, amenity access is strongest in grocery and dining, complementing demand drivers as the broader 3-mile area shows ongoing population and household growth that can expand the renter pool.
Given its older vintage relative to the local 1985 average, capital planning should prioritize systems, exterior, and interior upgrades to sharpen competitive standing against newer stock. Local home values are mid-range and rent levels track above many peers nationally, which can sustain pricing power when paired with measured improvements and attentive operations. Key risks include below-median neighborhood occupancy, uneven safety metrics, and below-average school ratings, all of which call for focused asset management.
- Renter-heavy neighborhood supports a broad tenant base and leasing depth
- Service-rich location with strong grocery and dining access aids retention
- 1972 vintage presents clear value-add potential through targeted renovations
- 3-mile growth in population and households underpins demand and occupancy stability
- Risks: below-median neighborhood occupancy, mixed safety indicators, and lower school ratings require active management