| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 63rd | Good |
| Demographics | 25th | Poor |
| Amenities | 69th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 6570 66th Ave N, Pinellas Park, FL, 33781, US |
| Region / Metro | Pinellas Park |
| Year of Construction | 1972 |
| Units | 24 |
| Transaction Date | 2004-10-11 |
| Transaction Price | $1,500,000 |
| Buyer | DEITZER LLC |
| Seller | CHITARATH ALEX |
6570 66th Ave N Pinellas Park Multifamily Investment
Neighborhood occupancy remains steady and competitive among Tampa–St. Petersburg–Clearwater submarkets, supporting income durability for a 24-unit asset, according to WDSuite’s CRE market data. Renter demand is reinforced by a balanced renter-occupied share and everyday conveniences nearby.
Positioned in an Inner Suburb of the Tampa–St. Petersburg–Clearwater metro, the neighborhood earns a B rating and ranks 294 of 710 — above the metro median. Daily needs are well served: grocery access sits in the top tier nationally (around the 90th percentile), with restaurants, cafes, and pharmacies also testing above national medians. Park access is limited within the neighborhood, which places greater weight on on-site open space and nearby private amenities for resident appeal.
Multifamily fundamentals are constructive. Neighborhood occupancy is competitive among 710 metro neighborhoods and rates as top quartile nationally, signaling stable leasing conditions rather than lease-up risk. The share of housing units that are renter-occupied is roughly one-third, indicating a defined tenant base without oversaturation; for investors, that balance can support steady demand while limiting volatility tied to hyper-transient pockets.
Home values are elevated versus incomes by national standards (upper-percentile value-to-income metrics), which tends to sustain reliance on rental housing and can aid pricing power and retention for well-managed assets. Median rent levels and a neighborhood rent-to-income profile near national midrange suggest manageable affordability pressure, offering room for disciplined rent growth and lease stability.
Within a 3-mile radius, demographics indicate a broadly stable population base with rising incomes and a projected increase in households through the mid‑term, pointing to a larger tenant pool over time. For a 1972-vintage property, this backdrop supports value-add positioning and modernization to compete against newer stock, while everyday amenity access helps underpin leasing velocity.
Safety trends are mixed but improving. Relative to the 710 neighborhoods in the Tampa–St. Petersburg–Clearwater metro, this area’s crime rank indicates higher incidence than many peers; however, national comparisons sit modestly above average, and recent year-over-year declines in both property and violent offenses suggest momentum in the right direction. Investors should underwrite with standard security and lighting enhancements typical for inner-suburban assets while monitoring continued trend improvement.
Proximity to major corporate offices supports commuter convenience and renter retention, with concentrations in financial services, electronics, IT distribution, and healthcare reflected below.
- Raymond James Financial — financial services (5.3 miles) — HQ
- Jabil Circuit — electronics manufacturing (5.5 miles) — HQ
- Tech Data — IT distribution (6.0 miles) — HQ
- Wellcare Health Plans — healthcare (17.6 miles) — HQ
This 24‑unit, 1972‑vintage asset in Pinellas Park benefits from neighborhood occupancy that is competitive within the metro and top quartile nationally, supporting cash flow stability. Elevated ownership costs in the area help sustain renter reliance, while a rent-to-income profile near the national midrange supports retention and measured rent growth. Based on commercial real estate analysis grounded in WDSuite’s CRE market data, the surrounding 3‑mile area shows steady population with rising incomes and a projected increase in households, pointing to gradual renter pool expansion.
The vintage suggests near- to mid‑term capital planning and value‑add opportunities—modernizing interiors and systems to outperform older local stock—while proximity to major corporate offices underpins steady leasing from commuters. Limited park access in the immediate neighborhood makes on-site amenities and curb appeal particularly important for differentiation.
- Occupancy is competitive in-metro and top quartile nationally, supporting income stability.
- Elevated ownership costs reinforce multifamily demand and pricing power for well-run assets.
- 1972 vintage offers value-add potential through targeted renovations and system upgrades.
- Nearby corporate employers (finance, electronics, IT, healthcare) bolster commuter demand.
- Risks: older systems require capex; limited park access; safety is better nationally than metro but warrants routine management focus.