| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 29th | Poor |
| Demographics | 36th | Poor |
| Amenities | 79th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5870 56th Ave N, Kenneth City, FL, 33709, US |
| Region / Metro | Kenneth City |
| Year of Construction | 1972 |
| Units | 91 |
| Transaction Date | 2019-09-27 |
| Transaction Price | $17,600,000 |
| Buyer | KC FLATS LLC |
| Seller | ASHFORD BAYSIDE LLC |
5870 56th Ave N Kenneth City Value-Add Multifamily
Neighborhood signals point to steady renter demand supported by amenity density and projected household growth, according to WDSuite s CRE market data. Metrics cited reflect neighborhood trends, not the property s own occupancy or performance.
Located in an Inner Suburb of the Tampa St. Petersburg Clearwater metro, the area around 5870 56th Ave N offers everyday convenience with strong retail and services density. Amenity access is competitive among Tampa St. Petersburg Clearwater neighborhoods (ranked 22 out of 710) and falls in the top quartile nationally, with especially dense grocery, restaurant, and pharmacy presence. Park access is limited locally, which may modestly temper lifestyle appeal for residents prioritizing green space.
Neighborhood occupancy (area-wide, not property-specific) has trended weaker compared with metro and national norms, signaling the need for disciplined leasing and retention strategies. At the same time, the 3-mile radius shows a sizable and diversifying tenant base with renter-occupied housing near three in ten units and forecast growth in households alongside smaller average household sizes — factors that typically support multifamily absorption and leasing velocity over time.
Home values in the immediate neighborhood sit below national medians, and ownership carries a higher share of housing stock. For investors, this suggests a market where ownership is relatively accessible, creating some competition with for-rent product; however, a meaningful renter cohort remains, and rental pricing power ties closely to quality, finishes, and proximity to services.
Demographic statistics are aggregated within a 3-mile radius and indicate modest recent population growth with a projected increase over the next five years, rising household incomes, and a shrinking household size. These trends point to a larger renter pool over time and support for occupancy stability and renewals when product is positioned correctly.
Safety conditions compare less favorably to national benchmarks (national safety percentile sits below mid-pack) and are below the metro s better-performing neighborhoods (crime rank 495 out of 710). Recent data suggest property-related incidents have risen year over year locally. Investors should underwrite with prudent security measures and tenant screening, and benchmark premiums against nearby competitive assets rather than isolated block-level assumptions.
Proximity to established corporate employers supports a stable commuter tenant base and helps retention by shortening daily travel times. Notable nearby employers include Jabil Circuit, Raymond James Financial, and Tech Data.
- Jabil Circuit — corporate offices (4.6 miles)
- Jabil Circuit — corporate offices (5.1 miles) — HQ
- Raymond James Financial — financial services (5.3 miles) — HQ
- Tech Data — technology distribution (6.6 miles) — HQ
- Wellcare Health Plans — healthcare services (17.7 miles) — HQ
Built in 1972, this 91-unit property offers classic value-add potential: exterior and common-area upgrades, unit renovations, and systems modernization can enhance competitiveness against newer stock while targeting durable rent premiums. Based on CRE market data from WDSuite, neighborhood-level occupancy runs softer than metro averages, so the business plan should emphasize leasing execution, tenant retention, and product differentiation to sustain cash flow.
Investor fundamentals are supported by amenity density, projected growth in households within a 3-mile radius, and rising incomes that expand the qualified renter pool. With ownership relatively accessible nearby, well-executed renovations and convenience to employment nodes can position the asset to capture renters seeking quality finishes and shorter commutes.
- 1972 vintage presents clear value-add and systems-upgrade pathways to drive NOI
- Amenity-rich Inner Suburb location supports leasing and renewals
- 3-mile projections show population and household growth, broadening the renter base
- Employer proximity (Jabil, Raymond James, Tech Data) underpins workforce housing demand
- Risks: neighborhood occupancy and safety trends warrant conservative underwriting and active management