| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 54th | Fair |
| Demographics | 32nd | Poor |
| Amenities | 60th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5323 59th Cir W, Kenneth City, FL, 33709, US |
| Region / Metro | Kenneth City |
| Year of Construction | 1972 |
| Units | 84 |
| Transaction Date | 2018-09-07 |
| Transaction Price | $6,950,000 |
| Buyer | Arena Ng, LLC |
| Seller | Briar HIll I Land Trust Halt, LLC |
5323 59th Cir W, Kenneth City FL Multifamily Investment
Neighborhood occupancy has trended higher in recent years, supporting stable leasing fundamentals according to WDSuite’s CRE market data. The key investor takeaway is steady renter demand rather than outsized rent spikes.
Positioned in the Tampa–St. Petersburg–Clearwater metro, this inner-suburban address offers daily-needs convenience that supports tenant retention. Amenity access is competitive among 710 metro neighborhoods, with strong grocery and restaurant density that benefits workforce and family renters.
Median home values run high relative to neighborhood incomes, which tends to sustain reliance on rentals and can support pricing discipline. At the same time, the local rent-to-income profile indicates manageable affordability pressure, a positive for lease renewals and collections.
Renter-occupied housing represents a meaningful share of units in the neighborhood, indicating depth in the tenant base for mid-scale communities. Based on CRE market data from WDSuite, neighborhood occupancy trends have improved and sit near the metro middle, signaling constructive fundamentals for stabilization.
Childcare and parks rank above the metro median among 710 neighborhoods, adding to livability. Average school ratings are below metro norms, which may limit top-tier family positioning, but proximity to major Pinellas County job centers provides a broad demand draw for multifamily.
Relative to national comparisons, safety indicators track below the median, and the area is below the metro median among 710 Tampa–St. Petersburg–Clearwater neighborhoods. Recent readings show violent offenses declining year over year while property offenses have risen, suggesting investors should emphasize lighting, access controls, and active management.
Underwriting should focus on trend direction and comparative positioning rather than single-year figures. With prudent operations, safety considerations are manageable and typical of workforce submarkets with strong access to employment.
Nearby corporate anchors in electronics manufacturing, financial services, and IT distribution provide commute convenience and help support renter demand and retention for workforce housing. The list below reflects the closest notable employment nodes.
- Jabil Circuit — electronics manufacturing (4.8 miles)
- Jabil Circuit — electronics manufacturing (5.3 miles) — HQ
- Raymond James Financial — financial services (5.5 miles) — HQ
- Tech Data — IT distribution (6.7 miles) — HQ
5323 59th Cir W is an 84-unit, 1972-vintage community in a Pinellas County inner suburb with dependable renter demand and access to major employment nodes. Neighborhood occupancy has improved over the past five years and is near the metro middle; coupled with a meaningful share of renter-occupied housing, this supports steady absorption and collections. According to CRE market data from WDSuite, ownership costs outpace local incomes, which reinforces reliance on multifamily housing and helps sustain pricing power.
Within a 3-mile radius, recent population growth and a larger increase in households point to renter pool expansion, with forward projections indicating further gains alongside rising household incomes. The 1972 vintage creates a clear value-add path via interior updates and targeted systems upgrades to compete against newer stock, while underwriting should account for below-median school ratings and safety metrics that warrant active property management.
- Inner-suburb location with strong daily-needs amenities supports retention.
- Neighborhood occupancy improving and near metro middle, indicating stable demand.
- Elevated ownership costs versus incomes reinforce reliance on rental housing.
- 1972 vintage offers value-add potential through interior and systems modernization.
- Risks: below-median school ratings and safety metrics call for active management and conservative concessions.