| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 81st | Best |
| Demographics | 65th | Good |
| Amenities | 58th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1400 Seagull Dr, Palm Harbor, FL, 34685, US |
| Region / Metro | Palm Harbor |
| Year of Construction | 1996 |
| Units | 24 |
| Transaction Date | --- |
| Transaction Price | $12,096,000 |
| Buyer | EGRETS APTS INC |
| Seller | SPANOS CORP |
1400 Seagull Dr Palm Harbor Multifamily Opportunity
Neighborhood fundamentals point to steady renter demand and solid occupancy, according to WDSuite s CRE market data, with the area performing above national norms on amenities and overall livability. These are neighborhood-level indicators rather than property-specific metrics, offering context for income stability and leasing velocity.
The property sits in an inner-suburban pocket of Palm Harbor ranked 46 out of 710 Tampa St. Petersburg Clearwater neighborhoods, indicating performance that is competitive among metro peers and above the metro median. According to CRE market data from WDSuite, neighborhood occupancy is solid and slightly above national norms, and overall livability trends support consistent renter interest at this location.
Amenity access is a local strength: cafe and pharmacy density place the neighborhood in high national percentiles, while restaurants are also well represented. Park and childcare options are lighter immediately nearby, so green-space and daycare access may rely more on broader area offerings rather than the immediate block.
Renter demand signals are mixed but investable. At the neighborhood level, the share of housing units that are renter-occupied is high versus national benchmarks, supporting a deeper tenant base and potential leasing stability. Within a 3-mile radius, households skew more owner-oriented and the renter-occupied share is closer to roughly one-quarter, which can temper turnover risk but may require targeted marketing toward qualified renters.
Pricing context supports the rental thesis. Elevated home values relative to incomes in the neighborhood indicate a high-cost ownership market, which generally sustains reliance on multifamily housing and can aid lease retention. That said, rent-to-income ratios are elevated locally, so operators should calibrate renewals and concessions with an eye on affordability pressure and retention management.
Demographic data aggregated within a 3-mile radius shows recent population softness but a projected increase in total households over the next five years alongside smaller average household sizes. This shift typically expands the renter pool and can support occupancy stability, provided product positioning and unit mix match the needs of smaller households and higher-income segments.
Safety metrics for the neighborhood track somewhat below national averages and sit below the metro median among 710 Tampa St. Petersburg Clearwater neighborhoods, based on WDSuite s data. Recent year-over-year readings indicate a modest uptick in both property and violent offenses, so investors should underwrite with prudent security and operational considerations rather than assuming continued improvement.
In practical terms, this translates to emphasizing visibility, lighting, and resident engagement, and benchmarking insurance and security expenses to peers with similar profiles. Comparative positioning within the metro still supports workforce and professional renter demand, but risk-adjusted planning is warranted.
Proximity to major employers supports commute convenience and renter capture, particularly in healthcare, technology distribution, financial services, and advanced manufacturing. The employers below are key drivers of nearby white-collar and specialized jobs that can underpin leasing and retention.
- Wellcare Health Plans healthcare (9.9 miles) HQ
- Tech Data IT distribution (10.3 miles) HQ
- Raymond James Financial financial services (12.7 miles) HQ
- Jabil Circuit electronics manufacturing (14.2 miles) HQ
This 24-unit asset benefits from a neighborhood that ranks well within the Tampa St. Petersburg Clearwater metro, with amenity density and a solid occupancy backdrop. Elevated ownership costs relative to income reinforce reliance on rentals, while a projected rise in households within 3 miles suggests a larger tenant base even as average household size trends lower. Based on commercial real estate analysis from WDSuite, local rent-to-income levels warrant attentive lease management, but the combination of employer access and neighborhood standing provides a credible foundation for long-term cash flow.
Operationally, the thesis centers on sustaining occupancy through product positioning for smaller households and higher-income renters, calibrating renewals to manage affordability pressure, and leveraging proximity to healthcare, financial services, and advanced manufacturing employment nodes for steady leasing.
- Competitive neighborhood rank within the metro supports durable renter demand and occupancy stability.
- High ownership costs versus incomes sustain reliance on multifamily, aiding retention and pricing power.
- Household growth within 3 miles and smaller household sizes expand the prospective renter pool.
- Access to nearby HQ employers in healthcare, finance, and tech distribution supports leasing velocity.
- Risk: Elevated rent-to-income levels and below-median safety require disciplined renewal and security strategy.