| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 60th | Good |
| Demographics | 32nd | Poor |
| Amenities | 86th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 15 N Fernwood Ave, Clearwater, FL, 33765, US |
| Region / Metro | Clearwater |
| Year of Construction | 1972 |
| Units | 44 |
| Transaction Date | 2004-06-15 |
| Transaction Price | $2,145,000 |
| Buyer | SERCIU DUMITRU |
| Seller | BEDNARSKI JERRY A |
15 N Fernwood Ave Clearwater Multifamily Investment
Amenity-rich inner suburb with a steady renter base and value-add potential; according to WDSuite’s CRE market data, neighborhood rents and ownership costs support durable multifamily demand even as asset vintage calls for targeted upgrades.
Situated in Clearwater’s inner suburbs, the area around 15 N Fernwood Ave rates A- among 710 metro neighborhoods and is competitive among Tampa-St. Petersburg-Clearwater neighborhoods for access to daily needs. Grocery, parks, and restaurant density track in the top quartile nationally, supporting convenience-driven leasing and retention for workforce and service-sector renters.
Neighborhood-level occupancy trends sit below the metro median (ranked 439 of 710), so operators should emphasize leasing execution and renewals. At the same time, a meaningful share of housing units are renter-occupied (about two-fifths, above the metro median), indicating depth in the tenant base and diversified demand across unit types.
Within a 3-mile radius, demographics point to a larger tenant base over time: population and households have grown over the past five years and are projected to continue expanding, with household sizes edging slightly smaller. Rising household incomes and contract rents in the same radius reinforce potential for rent growth management while supporting occupancy stability when paired with thoughtful pricing and renewal strategies, based on CRE market data from WDSuite.
Home values in the neighborhood are elevated relative to local incomes (value-to-income ranks in the upper national percentiles), which can reinforce renter reliance on multifamily housing and support lease retention. School ratings in the immediate neighborhood trend low versus peers, which may modestly influence unit mix appeal for family renters but tends to have limited impact on demand for studios and smaller formats typical of urban-inflected suburban stock.
Safety conditions should be evaluated carefully. The neighborhood’s crime profile is below metro average (ranked 579 out of 710 metro neighborhoods) and falls in lower national percentiles for both violent and property offenses, indicating comparatively higher incident levels than many U.S. neighborhoods. Year-over-year estimates show increases in both violent (+44.9%) and property (+35.0%) offense rates. Investors should underwrite with prudent security, lighting, and access-control plans and reflect these factors in loss assumptions and insurance budgeting.
Nearby corporate anchors provide a broad white-collar employment base that supports renter demand and commute convenience, notably Tech Data, Raymond James Financial, Jabil, and Wellcare Health Plans.
- Tech Data — technology distribution (3.8 miles) — HQ
- Raymond James Financial — financial services (7.0 miles) — HQ
- Jabil Circuit — electronics manufacturing (8.7 miles) — HQ
- Wellcare Health Plans — managed care (12.4 miles) — HQ
This 44-unit asset, built in 1972, is older than the neighborhood average vintage. That positioning can support a value-add thesis: targeted systems upgrades and interior refreshes can improve competitive standing against newer stock while capturing demand supported by strong amenity access and an entrenched renter-occupied share. According to CRE market data from WDSuite, neighborhood home values are high relative to incomes, which tends to sustain multifamily demand and lease retention when pricing is managed effectively.
Investor underwriting should recognize mixed signals: neighborhood occupancy ranks below the metro median, but a sizable renter base and 3-mile demographic trends show ongoing population and household growth with rising incomes, supporting long-run tenant depth. Affordability pressures (rent-to-income on the higher side) argue for disciplined renewal strategies, while local safety metrics suggest incorporating proactive security measures and appropriate expense and loss assumptions.
- 1972 vintage offers value-add potential through unit and systems modernization
- Amenity-rich location with top-quartile national access to groceries, parks, and restaurants supports leasing
- 3-mile population and household growth with rising incomes point to a larger tenant base over time
- Elevated ownership costs relative to income reinforce renter reliance and lease retention
- Risks: below-metro occupancy rank, affordability pressure, and safety trends require active management and conservative underwriting