| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 69th | Best |
| Demographics | 60th | Good |
| Amenities | 35th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2159 Nursery Rd, Clearwater, FL, 33764, US |
| Region / Metro | Clearwater |
| Year of Construction | 1973 |
| Units | 64 |
| Transaction Date | 2005-10-31 |
| Transaction Price | $8,723,400 |
| Buyer | PENSAM BELLEAIR GARDENS LLC |
| Seller | MARCUS I INC |
2159 Nursery Rd Clearwater Multifamily Investment
Neighborhood occupancy has been strong with stable renter demand, according to WDSuite’s CRE market data, positioning this Clearwater asset for consistent leasing performance. Elevated ownership costs in the area suggest durable reliance on rentals rather than quick shifts to for-sale housing.
Located in an Inner Suburb of Clearwater, the property sits in a neighborhood that has sustained high occupancy and steady renter demand; these metrics reflect neighborhood conditions, not the property itself. Based on commercial real estate analysis from WDSuite, neighborhood occupancy is elevated and the area’s renter-occupied share indicates a meaningful tenant base, supporting lease-up and retention potential.
Local amenities are service-oriented: grocery and pharmacy access compare favorably to many suburban areas, while cafes and parks are less dense. Schools average on the lower side for the metro, which may influence unit mix strategy and tenant targeting more than overall occupancy outcomes.
Home values are comparatively elevated for the income levels, which tends to reinforce reliance on multifamily rentals and can support pricing power when managed alongside rent-to-income considerations. For investors, this typically translates to a wider pool of renters and steadier renewal prospects, provided management maintains competitive finishes and service levels.
The asset’s 1973 vintage is older than the neighborhood’s average construction year, pointing to potential value-add through renovations and targeted capital planning. Within a 3-mile radius, population and household counts have trended upward and are projected to continue growing, expanding the renter pool and supporting occupancy stability over the medium term.
Neighborhood safety indicators are mixed relative to national benchmarks. Overall crime sits below the national midpoint, while violent offense levels are closer to the middle of neighborhoods nationwide with recent year-over-year improvement. These observations describe neighborhood trends, not the property, and should be considered alongside on-site security measures and tenant screening practices common to Clearwater-area assets.
Proximity to several corporate headquarters and major offices supports a stable renter base and commute-friendly appeal. The nearby employment mix includes technology distribution, financial services, electronics manufacturing, and healthcare insurers.
- Tech Data — technology distribution corporate offices (2.9 miles) — HQ
- Raymond James Financial — financial services corporate offices (6.2 miles) — HQ
- Jabil Circuit — electronics manufacturing corporate offices (8.0 miles) — HQ
- Wellcare Health Plans — healthcare insurance corporate offices (13.6 miles) — HQ
This 64-unit Clearwater property benefits from a neighborhood with high occupancy and a renter base supported by a high-cost ownership market. According to CRE market data from WDSuite, neighborhood occupancy trends remain strong, while rent levels relative to incomes suggest manageable affordability pressure that can support retention when paired with disciplined lease management.
Built in 1973, the asset is older than the neighborhood average construction year, creating a clear value-add path through targeted renovations and system updates. Within a 3-mile radius, population and households have increased and are projected to grow further, expanding the tenant pool and helping underpin long-run leasing stability.
- Neighborhood occupancy strength supports stable leasing and renewal potential.
- Elevated for-sale housing costs reinforce reliance on rentals and deepen the renter pool.
- 1973 vintage offers value-add and CapEx-driven upside versus newer competitive stock.
- 3-mile population and household growth support long-term demand and occupancy stability.
- Risk: older systems may require near-term capital; schools and limited park/cafe density may shape tenant mix.