| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 56th | Fair |
| Demographics | 40th | Fair |
| Amenities | 41st | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 221 Lake Ave NE, Largo, FL, 33771, US |
| Region / Metro | Largo |
| Year of Construction | 1977 |
| Units | 74 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
221 Lake Ave NE, Largo Multifamily Investment Opportunity
Neighborhood rental demand is supported by a high-cost ownership market and proximity to major employers, according to WDSuite’s CRE market data, while current neighborhood occupancy should be underwritten with disciplined leasing plans.
Largo’s Inner Suburb setting offers everyday conveniences that matter to renters: restaurant density rates in the higher national percentiles and grocery access also tests strong, while parks, pharmacies, and cafes are comparatively limited. Taken together, this mix supports daily needs and commute convenience without relying on destination retail. These indicators are measured for the neighborhood, not the property.
Neighborhood occupancy stands at 83.7%, which is below many U.S. areas and suggests investors should emphasize leasing execution and retention to stabilize performance. The renter-occupied share is modest at 27.3% of housing units, indicating a diversified tenure base; for multifamily, that typically points to a defined but competitive renter pool rather than saturation. Median contract rents in the area sit above the national midpoint, while rent-to-income levels are around the national middle, framing manageable affordability pressure and supporting renewal potential.
Within a 3-mile radius, demographic data shows slight population contraction over the prior period but a projected increase in households over the next five years, implying a larger tenant base and support for occupancy stability. Household sizes are trending smaller, which typically sustains demand for multifamily units. Income levels have been rising in the near-term projections, which can underpin rent growth where value is demonstrated.
Home values test above the national midpoint and the value-to-income relationship trends in higher national percentiles, signaling a high-cost ownership market. For investors, that generally reinforces renter reliance on multifamily housing and can aid lease retention, provided unit quality and service meet expectations. These dynamics, based on commercial real estate analysis from WDSuite, position the area as serviceable workforce housing with selective pricing power.
Safety indicators for the neighborhood are mixed compared with both metro and national benchmarks. Overall crime ranks below the metro median (451 out of 710 metro neighborhoods), indicating safety metrics that trail stronger subareas. Nationally, property offense levels trend in favorable percentiles, while violent offense levels are closer to the national middle; however, recent year-over-year changes suggest volatility that investors should monitor. Interpreting these signals at the neighborhood level supports underwriting that prioritizes lighting, access control, and resident engagement to sustain retention.
The area’s employment base features nearby corporate offices that support renter demand through short commutes and diversified white-collar jobs. Notable employers include Tech Data, Raymond James Financial, Jabil Circuit, and Wellcare Health Plans.
- Tech Data — corporate offices (3.9 miles) — HQ
- Raymond James Financial — corporate offices (6.8 miles) — HQ
- Jabil Circuit — corporate offices (8.4 miles) — HQ
- Wellcare Health Plans — corporate offices (15.6 miles) — HQ
This 74-unit, 1977-vintage asset fits a value-add profile in an Inner Suburb location where grocery and restaurant access rate well nationally, while parks and cafes are limited. The neighborhood’s renter base is present but not dominant, and homeownership costs trend high relative to incomes, which generally sustains rental demand and supports renewal capture when product is kept competitive.
Underwriting should account for neighborhood occupancy below stronger benchmarks, but forward-looking household growth within a 3-mile radius and rising incomes point to a gradually expanding renter pool. Capital plans targeting selective renovations and operational discipline can position the property to compete effectively against older stock, according to CRE market data from WDSuite.
- High-cost ownership market reinforces renter reliance, aiding retention potential
- 1977 vintage supports value-add and modernization strategies to improve competitiveness
- Nearby corporate employers provide a stable commuter tenant base
- Forecast household growth within 3 miles supports occupancy stability over time
- Risk: Neighborhood occupancy trails stronger subareas; leasing execution and amenity upgrades are key