| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 57th | Fair |
| Demographics | 45th | Fair |
| Amenities | 64th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3491 62nd Ave N, Pinellas Park, FL, 33781, US |
| Region / Metro | Pinellas Park |
| Year of Construction | 1988 |
| Units | 29 |
| Transaction Date | 2015-07-10 |
| Transaction Price | $2,700,000 |
| Buyer | PARK 62 FLORIDA LLC |
| Seller | CAPITOL INVESTMENT PROPERTIES OF FL LLC |
3491 62nd Ave N Pinellas Park Multifamily Investment
Inner-suburban location with amenity density and neighborhood occupancy around the low-90s supports steady renter demand, according to WDSuite’s CRE market data. Moderate rent-to-income dynamics suggest room for disciplined rent growth while preserving retention.
This Pinellas Park address sits in an inner-suburban pocket with strong daily conveniences. Neighborhood amenity access is a notable strength: restaurants and grocery/pharmacy options benchmark in the top quartile nationally, and café density ranks competitive among Tampa–St. Petersburg–Clearwater neighborhoods (rank 28 of 710). Limited nearby parks and formal childcare options are trade-offs to note for family-oriented tenants.
For investors screening multifamily, the neighborhood 7s renter-occupied share is measured at roughly 27% of housing units locally, with about 29% within a 3-mile radius. This indicates a moderate renter base that can support leasing while still facing some competition from ownership. Neighborhood occupancy is approximately 92.1%, above the metro median, which points to stable absorption and supports underwriting for consistent collections.
Household and income trends within a 3-mile radius are constructive for demand: households have grown in recent years and are projected to continue increasing by 2028, while median incomes have risen meaningfully. These trends expand the tenant pool and can bolster rent levels over time. Rising projected rents through 2028 within the 3-mile radius further validate the demand backdrop, based on CRE market data from WDSuite.
Vintage context matters: construction year 1988 is slightly newer than the neighborhood average (1985). That positioning remains competitive versus older stock, though targeted modernization of interiors and systems may still enhance leasing velocity and renewal capture.
Safety indicators in this neighborhood track below the national median, and the area ranks below the metro average on crime (rank 406 of 710). That said, recent data show a notable year-over-year improvement in property offenses, indicating an encouraging directional trend. Investors should calibrate operating practices to the submarket context, while recognizing that improving property-crime momentum can support resident retention and marketing efforts over time.
Proximity to major corporate employers underpins workforce housing demand and supports retention through commute convenience. Nearby anchors include Jabil Circuit, Raymond James Financial, Tech Data, and Wellcare Health Plans.
- Jabil Circuit corporate offices (2.8 miles)
- Jabil Circuit corporate offices (3.4 miles) HQ
- Raymond James Financial corporate offices (4.1 miles) HQ
- Tech Data corporate offices (6.3 miles) HQ
- Wellcare Health Plans corporate offices (16.2 miles) HQ
3491 62nd Ave N is a 29-unit asset with average unit sizes near 604 sf, positioned in an amenity-rich inner suburb where neighborhood occupancy is approximately 92%. According to CRE market data from WDSuite, the surrounding area shows a moderate renter concentration and steady household growth within a 3-mile radius, a combination that supports leasing stability and measured rent initiatives. The 1988 vintage is slightly newer than the neighborhood average, creating a practical value-add path via modernization to sharpen competitiveness against older stock.
Ownership costs in the broader area are not as elevated as coastal gateway markets, which can introduce some competition from for-sale housing; however, rent-to-income levels around 0.14 and continued income gains in the 3-mile radius help sustain demand and retention. Amenity density and access to large employers further reinforce tenancy, while safety metrics warrant prudent on-site management and technology to support resident experience.
- Amenity-dense inner suburb with neighborhood occupancy near 92% supporting steady collections.
- Moderate renter base locally and expanding 3-mile household counts strengthen the tenant pipeline.
- 1988 vintage offers value-add via targeted interior and systems upgrades to out-compete older stock.
- Proximity to major employers supports demand and renewal capture.
- Risks: below-median safety metrics and some competition from ownership; mitigate via operational controls and focused marketing.