| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 43rd | Poor |
| Demographics | 22nd | Poor |
| Amenities | 64th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1335 Pierce St, Clearwater, FL, 33756, US |
| Region / Metro | Clearwater |
| Year of Construction | 1991 |
| Units | 36 |
| Transaction Date | 2023-01-26 |
| Transaction Price | $7,833,000 |
| Buyer | CREEKSIDE MANOR VOA AFFORDABLE HOUSING LP |
| Seller | PINELLAS COUNTY VOA ELDERLY HOUSING INC |
1335 Pierce St, Clearwater FL Multifamily Investment
Workforce-oriented asset with stable renter demand signals in an inner-suburban Clearwater location, according to WDSuite’s CRE market data. Neighborhood occupancy is softer than metro norms, but a deep renter base supports leasing durability with careful management.
Located in Clearwater’s inner suburbs, the property sits in a neighborhood with strong daily-needs access: grocery and pharmacy density ranks near the top among 710 metro neighborhoods and trends above the national average for amenities. Restaurant options also score competitively, supporting convenience for tenants and broadening the appeal to service and hospitality workers.
Renter concentration in the neighborhood is high relative to the metro (ranked near the top out of 710), indicating a sizable base of renter-occupied housing units that can support multifamily demand. By contrast, overall neighborhood occupancy ranks below the metro median, so operators should plan for proactive leasing and resident retention to maintain stabilized performance.
Within a 3-mile radius, demographics point to incremental population growth and a meaningful increase in households over the next five years, expanding the potential tenant pool. Household incomes in the immediate neighborhood trend below national medians, but the broader 3-mile area shows rising income brackets, which can help support gradual rent growth where affordability remains manageable.
Vintage matters for competitive positioning: built in 1991, the asset is newer than the neighborhood’s average construction year, helping it compete against older stock while still warranting routine modernization of interiors and building systems to protect rentability and control near-term capital exposure.
Safety indicators for the neighborhood track below national averages, with crime performance ranking in the lower tier compared with Tampa–St. Petersburg–Clearwater peers (ranked in the back half among 710 metro neighborhoods). Nationally, the area sits below the midpoint, so investors should underwrite to active onsite management, lighting, and access controls to support resident confidence and retention.
Recent trends show property and violent incident rates that have not yet converged with stronger-performing parts of the metro. While conditions vary block to block, a pragmatic plan for security, community standards, and partnerships with local resources can help mitigate risk and support leasing stability over time.
Proximity to major employers supports workforce housing demand and reasonable commute times, particularly across technology distribution, financial services, electronics manufacturing, and managed care organizations noted below.
- Tech Data — technology distribution (5.6 miles) — HQ
- Raymond James Financial — financial services (8.8 miles) — HQ
- Jabil Circuit — electronics manufacturing (10.6 miles) — HQ
- Wellcare Health Plans — managed care (15.0 miles) — HQ
This 36‑unit property, built in 1991, offers a competitive vintage versus older neighborhood stock, positioning it well for value through light modernization rather than heavy repositioning. The immediate area shows high renter-occupied housing share, providing depth to the tenant base even as neighborhood occupancy trends below the metro median. According to CRE market data from WDSuite, daily-needs amenities and restaurant density are strong locally, supporting resident convenience and lease retention.
Within a 3‑mile radius, modest population growth and a notable increase in households point to a larger renter pool ahead, which can support occupancy stability with disciplined leasing. Unit sizes that skew compact are aligned with workforce renters; operators should balance rent setting with observed rent-to-income ratios to manage affordability pressure and preserve renewal rates.
- Competitive 1991 vintage versus older neighborhood stock, with targeted modernization potential
- High renter concentration locally supports a deep tenant base and leasing velocity
- Strong access to groceries, pharmacies, and restaurants reinforces daily convenience and retention
- 3-mile projections indicate household growth, expanding the prospective renter pool
- Risks: below-metro safety and occupancy ranks call for active management, security investment, and careful rent-to-income monitoring