| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 29th | Poor |
| Demographics | 36th | Poor |
| Amenities | 79th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5651 58th Way N, Kenneth City, FL, 33709, US |
| Region / Metro | Kenneth City |
| Year of Construction | 1974 |
| Units | 98 |
| Transaction Date | 2019-09-27 |
| Transaction Price | $17,600,000 |
| Buyer | KC FLATS LLC |
| Seller | ASHFORD BAYSIDE LLC |
5651 58th Way N Kenneth City 98-Unit Multifamily
Amenity-dense inner suburb with projected 3-mile household growth supports renter demand, according to WDSuite’s CRE market data.
This inner-suburban pocket of Kenneth City carries a B- neighborhood rating and benefits from strong daily-needs access. Neighborhood amenity density is competitive, with cafes, grocery, restaurants, childcare, and pharmacies all comparing favorably at the national level (several categories are in the top quartile nationally), according to CRE market data from WDSuite. Limited park coverage locally suggests residents rely more on private or nearby municipal options for recreation.
Rents in the neighborhood trend mid-range versus national benchmarks, while median home values are lower than many coastal Florida areas. For multifamily investors, the combination indicates a broader pool of households seeking rentals for convenience and cost certainty, with balanced pricing power rather than outsized premiums. Lease management should account for affordability pressure in select cohorts, but rent-to-income levels appear manageable in context, supporting retention efforts.
Demographic figures are aggregated within a 3-mile radius. Recent years show modest population growth and an increase in households, with further gains projected by 2028. A growing household base alongside a slight decline in average household size points to a larger tenant pool and steady leasing prospects for well-positioned properties.
Tenure data within 3 miles indicates a meaningful share of housing units are renter-occupied, providing depth to the tenant base while still competing with a substantial owner-occupied segment. For investors, that mix supports demand for professionally managed apartments near services and employment, particularly where properties deliver convenience and value relative to ownership alternatives.
Vintage context: the property was built in 1974, near the neighborhood’s typical construction year. That positioning suggests potential value-add through targeted renovations and system upgrades to remain competitive against refreshed stock, with capex planning focused on interiors, common areas, and efficiency improvements.
Safety indicators for the neighborhood compare below national averages, and the area ranks below the metro median among 710 Tampa–St. Petersburg–Clearwater neighborhoods. Recent data also show a year-over-year uptick in property offenses. Trends can vary block to block, so investors typically evaluate security measures, lighting, and visibility, and consider how on-site management can support resident experience.
From an underwriting perspective, positioning the asset with practical safety enhancements and community engagement can help sustain leasing and retention relative to nearby submarkets with stronger comparative safety metrics.
Proximity to major employers underpins local renter demand and commute convenience, led by manufacturing, financial services, technology distribution, and healthcare organizations located within a short drive.
- Jabil Circuit — manufacturing (4.5 miles)
- Jabil Circuit — manufacturing (5.1 miles) — HQ
- Raymond James Financial — financial services (5.2 miles) — HQ
- Tech Data — technology distribution (6.5 miles) — HQ
- Wellcare Health Plans — healthcare (17.6 miles) — HQ
5651 58th Way N offers scale at 98 units in a neighborhood with strong day-to-day amenities and a growing 3-mile household base. According to CRE market data from WDSuite, the area’s amenity access is competitive nationally, supporting renter appeal, while lower relative home values in the immediate neighborhood sustain reliance on multifamily options. Built in 1974, the asset sits near local vintage norms, creating a clear value-add path through targeted renovations and operating improvements.
Investors should note that neighborhood safety indicators trend below metro and national benchmarks and that occupancy at the neighborhood level has softened in recent years. Execution emphasis on curb appeal, security, and proactive leasing can help differentiate, while proximity to regional employers supports demand for well-managed, convenient housing.
- Scale and location: 98 units near strong daily-needs amenities support leasing velocity.
- Value-add potential: 1974 construction enables targeted renovations to drive rent and retention.
- Demand drivers: 3-mile household growth and access to major employers underpin a stable tenant base.
- Affordability context: lower neighborhood home values reinforce multifamily relevance versus ownership.
- Key risk: below-average safety and softer neighborhood occupancy require disciplined operations and marketing.