| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 52nd | Fair |
| Demographics | 35th | Poor |
| Amenities | 71st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 6450 78th Ave N, Pinellas Park, FL, 33781, US |
| Region / Metro | Pinellas Park |
| Year of Construction | 1978 |
| Units | 21 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
6450 78th Ave N Pinellas Park Value-Add Multifamily
1978 vintage with proximity to major employers positions this asset for operational upside as renter demand strengthens; according to WDSuite’s CRE market data, neighborhood occupancy is currently below the metro median, emphasizing the importance of active leasing and value-focused renovations.
The property sits in a Suburban neighborhood of the Tampa–St. Petersburg–Clearwater metro that rates a B and ranks 295 out of 710 metro neighborhoods, indicating competitive positioning among Tampa–St. Petersburg–Clearwater neighborhoods. Amenity access is a relative strength: restaurants and cafes are above national medians (restaurants near the top quartile nationally), and grocery and pharmacy density also compare favorably, supporting daily-life convenience that can aid leasing.
Construction in the immediate area skews slightly newer on average (1984), while this asset was built in 1978. For investors, the older vintage points to targeted capital expenditure planning and potential value‑add through unit/interior modernization to stay competitive with 1980s-era stock.
Neighborhood occupancy is 81.8% (measured for the neighborhood, not this property) and ranks 576 of 710, below the metro median. Renter-occupied share is about one-quarter of units (25.5%), suggesting a moderate renter concentration; this supports a viable tenant base, though operators should plan for consistent marketing and resident retention initiatives to sustain occupancy.
Within a 3-mile radius, demographics show a stable base today with forecasts pointing to growth by 2028: population and households are expected to increase, expanding the renter pool and supporting lease-up and renewal prospects. Median contract rents in this 3-mile area have risen over the past five years and are forecast to continue advancing, while projected income gains point to improved ability to absorb rent growth. Together, these trends indicate constructive demand for multifamily, with pricing decisions best calibrated to maintain retention under evolving affordability conditions.
Ownership costs in the neighborhood sit on the higher side relative to incomes by national comparison (value-to-income ratio in the higher national percentiles), which can reinforce reliance on rental options and support sustained demand for well-managed multifamily. Park access is limited locally, so on-site amenities and nearby private recreation can be differentiators in leasing.
Safety indicators are mixed. The neighborhood’s crime rank is 159 out of 710 metro neighborhoods, signaling higher incidence relative to many parts of the metro, while national comparison sits near the middle of the pack. Encouragingly, estimated property offense rates show a meaningful year-over-year decline, placing the improvement measure in a high national percentile, whereas violent offense measures remain closer to national mid-range.
For underwriting, this points to a pragmatic approach: emphasize property-level security features and community engagement, monitor local trends over time, and price risk appropriately relative to comparable Tampa–St. Petersburg–Clearwater submarkets.
Nearby corporate anchors provide a diversified employment base that supports renter demand and commute convenience, notably Jabil Circuit, Raymond James Financial, Tech Data, and Wellcare Health Plans.
- Jabil Circuit — corporate offices (4.6 miles)
- Raymond James Financial — financial services (4.7 miles) — HQ
- Jabil Circuit — corporate offices (5.1 miles) — HQ
- Tech Data — technology distribution (5.3 miles) — HQ
- Wellcare Health Plans — healthcare services (17.0 miles) — HQ
This 21‑unit, 1978‑built asset in Pinellas Park offers a pragmatic value‑add thesis: slightly older vintage versus nearby 1980s stock suggests selective renovations can enhance competitiveness, while strong amenity access and proximity to major employers support leasing fundamentals. Neighborhood occupancy is currently below the metro median, but 3‑mile forecasts point to population and household growth, expanding the tenant base and supporting long‑run absorption. According to CRE market data from WDSuite, amenity density compares favorably to national medians, which can help sustain demand when paired with hands‑on operations.
Within a 3‑mile radius, contract rents have trended upward and are projected to continue rising alongside income growth, which can support pricing power if operators manage affordability pressure and retention. With a moderate renter concentration in the neighborhood, consistent marketing and service quality should remain priorities to stabilize occupancy and mitigate lease risk.
- Value‑add potential from 1978 vintage via targeted interior and common‑area improvements
- Favorable amenity access and proximity to major employers support leasing and retention
- 3‑mile forecasts indicate renter pool expansion, aiding absorption and long‑term demand
- Pricing power possible as rents and incomes trend upward with careful lease management
- Risks: below‑median neighborhood occupancy, mixed safety signals, and limited park access require active operations