| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 81st | Best |
| Demographics | 65th | Good |
| Amenities | 58th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 205 Katherine Blvd, Palm Harbor, FL, 34684, US |
| Region / Metro | Palm Harbor |
| Year of Construction | 1997 |
| Units | 32 |
| Transaction Date | 2010-07-21 |
| Transaction Price | $11,250,000 |
| Buyer | WRH BOOT RANCH LLLP |
| Seller | FHFC III INC |
205 Katherine Blvd, Palm Harbor FL Multifamily Investment
Neighborhood fundamentals point to steady renter demand and above-median occupancy, according to WDSuite’s CRE market data, with a deep pool of renter-occupied housing supporting leasing stability.
Palm Harbor’s Inner Suburb location ranks 46 out of 710 metro neighborhoods (A rating), placing it in the top tier locally for overall livability and investment fundamentals. The neighborhood’s occupancy trends are above the national median, and renter-occupied housing is prevalent, indicating a sizable tenant base that can support steady leasing.
Retail and daily-needs access are a relative strength: cafes and pharmacies are high-density by national comparison, and restaurants and grocery options are also well represented. The trade-off is limited nearby parks and childcare facilities within the neighborhood. For investors, this mix suggests convenience-driven appeal for adults and downsizing households, with fewer family-centric amenities inside the immediate area.
Within a 3-mile radius, demographics show a stable to slightly contracting population alongside flat household counts and smaller average household sizes. Forecasts point to a larger number of households by 2028 even as total population edges lower, implying more, smaller households and a potentially broader renter pool that can support occupancy and renewal rates.
Home values in the neighborhood are elevated relative to income levels and rank high versus national peers, which tends to reinforce reliance on rental housing. Median asking rents are also comparatively high nationally, so asset management should emphasize affordability positioning and retention to sustain pricing power without increasing turnover.
Safety indicators are mixed in a regional context. The neighborhood’s overall crime rank sits below the midpoint among 710 Tampa–St. Petersburg–Clearwater neighborhoods, and national comparisons place it below the median for safety. Recent year-over-year estimates point to an uptick in both violent and property offenses, so underwriting should include conservative assumptions around security measures and loss mitigation.
For investors, these patterns argue for practical risk controls—lighting, access management, and resident engagement—rather than assuming tailwinds from improving crime trends. Compare insurance, security, and make-ready assumptions against similar Inner Suburb assets across the metro to keep operating plans aligned with local norms.
The location is within commuting distance of major employment hubs in healthcare, technology distribution, and financial services—supporting workforce renter demand and lease retention for professionals working nearby. Employers highlighted below reflect the core drivers accessible from the neighborhood.
- Wellcare Health Plans — healthcare (10.15 miles) — HQ
- Tech Data — IT distribution (10.33 miles) — HQ
- Raymond James — financial services (12.72 miles)
- Raymond James Financial — financial services (12.75 miles) — HQ
- Jabil Circuit — electronics manufacturing (14.31 miles) — HQ
This 32-unit, mid-1990s asset benefits from a renter-heavy neighborhood, strong daily-needs access, and above-median occupancy that supports stable cash flow. Elevated for-sale housing costs in the area sustain renter reliance on multifamily, while household trends within a 3-mile radius point to more, smaller households over time—expanding the addressable renter base even as population growth remains subdued. According to CRE market data from WDSuite, neighborhood-level rents sit high in national context, so positioning and retention strategy are central to preserving performance.
Built in 1997, the property is positioned for targeted modernization—cosmetic upgrades and selective systems refresh can help compete against newer stock without the heavy CapEx typical of older vintages. Operational focus should balance pricing power with affordability management to limit turnover in a market where rent-to-income ratios run high.
- Renter-occupied housing concentration supports a deep tenant base and occupancy stability.
- Strong access to cafes, groceries, pharmacies, and major employers enhances leasing appeal.
- 1997 vintage offers value-add potential through targeted unit and common-area updates.
- Elevated home values locally reinforce multifamily demand and retention opportunities.
- Risks: nationally high rent levels and mixed safety trends call for careful affordability and security planning.