| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 57th | Fair |
| Demographics | 53rd | Fair |
| Amenities | 51st | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 11240 US Highway 19 N, Clearwater, FL, 33764, US |
| Region / Metro | Clearwater |
| Year of Construction | 2008 |
| Units | 84 |
| Transaction Date | 2005-03-07 |
| Transaction Price | $900,000 |
| Buyer | CLEAR HARBOR LTD |
| Seller | HEALTH CARE REIT INC |
11240 US Hwy 19 N Clearwater 84-Unit Multifamily Investment
Neighborhood occupancy has trended upward with steady renter demand and incomes, according to WDSuite’s CRE market data, supporting durable operations for well-located assets in Clearwater’s inner suburbs. Positioning near major employers further reinforces leasing stability over a full cycle.
The property’s neighborhood is rated B+ and is competitive among the 710 Tampa–St. Petersburg–Clearwater metro neighborhoods, offering a practical balance of demand drivers for multifamily investors. Grocery and pharmacy access sit in higher national percentiles, while restaurants and cafes are solidly mid-to-upper tier. Parks and formal childcare options are limited locally, which may temper appeal for some family renters.
Neighborhood occupancy is around 90% and has improved over the past five years, a positive sign for revenue stability. Median asking rents in the neighborhood track above national medians with solid five-year growth, per WDSuite’s commercial real estate analysis, suggesting sustained pricing power for competitive product.
Within a 3-mile radius, the population grew in recent years and households increased, with projections showing more households even as average household size trends lower. This dynamic can expand the renter pool and support absorption. Roughly one-third of housing units in the 3-mile area are renter-occupied, indicating a meaningful tenant base without overwhelming concentration.
Home values in the neighborhood are near national mid-range levels, which can sustain renter reliance on multifamily where ownership requires larger upfront costs. Average school ratings in the area are below the national average, an item to monitor for family-oriented leasing strategies, while higher educational attainment locally (relative to many areas nationwide) supports a stable income base.
Vintage and competitive positioning: Built in 2008, the asset is materially newer than the neighborhood’s older housing stock (late-1970s average). That edge can aid leasing versus legacy properties, though investors should still plan for mid-life system updates and selective interior refreshes to maintain competitiveness.
Safety outcomes in the neighborhood are slightly below the national median, based on WDSuite’s data. That said, both property and violent offense rates have declined year over year, indicating improvement momentum. Investors should underwrite routine security and lighting measures and consider resident engagement programs that reinforce the positive trend without assuming outsized gains.
Proximity to large corporate employers supports a steady commuter renter base and enhances retention for workforce housing. Nearby anchors include Raymond James Financial, Tech Data, Jabil Circuit, and Wellcare Health Plans.
- Raymond James Financial — corporate offices (2.7 miles) — HQ
- Tech Data — corporate offices (3.0 miles) — HQ
- Jabil Circuit — corporate offices (3.9 miles) — HQ
- Wellcare Health Plans — corporate offices (14.7 miles) — HQ
This 84-unit, 2008-vintage property benefits from a renter base supported by nearby employment corridors and a neighborhood that has maintained roughly 90% occupancy with gradual improvement. Newer construction relative to the area’s older stock should help the asset compete on unit quality and operational reliability, while allowing targeted value-add through interior updates and common-area improvements as systems reach mid-life. According to CRE market data from WDSuite, neighborhood rents sit above national medians with sustained five-year growth, aligning with stable demand fundamentals.
Within a 3-mile radius, recent population growth and a rising household count point to a larger tenant base, even as average household sizes edge down, which can support absorption and lease-up. Local home values near the national mid-range help sustain rental demand, and proximity to multiple corporate headquarters underpins daily traffic and retention. Key risks to underwrite include below-average school ratings, limited park/childcare amenities, and safety metrics that, while improving, remain below national medians.
- 2008 vintage outcompetes older local stock; plan for mid-life system updates and selective renovations
- Neighborhood occupancy around 90% with multi-year improvement supports revenue stability
- Rents above national medians and solid five-year growth, per WDSuite, aid pricing power
- 3-mile household growth and commuter access to major employers broaden the tenant base
- Risks: below-average school ratings, limited parks/childcare, and safety metrics below national median despite recent improvement