| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 55th | Fair |
| Demographics | 32nd | Poor |
| Amenities | 93rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 8501 52nd St N, Pinellas Park, FL, 33781, US |
| Region / Metro | Pinellas Park |
| Year of Construction | 1983 |
| Units | 68 |
| Transaction Date | 2024-04-02 |
| Transaction Price | $4,863,800 |
| Buyer | PINELLAS PINES APARTMENTS FL LLC |
| Seller | PINELLAS PINES APARTMENTS LLC |
8501 52nd St N Pinellas Park Multifamily Investment
Neighborhood fundamentals indicate steady renter demand and durable occupancy, according to WDSuite’s CRE market data, with a renter-occupied housing base that supports consistent leasing in Pinellas County.
Located in Pinellas Park within the Tampa–St. Petersburg–Clearwater metro, the neighborhood rates A- and ranks 146 out of 710 metro neighborhoods, placing it competitive among Tampa–St. Petersburg–Clearwater neighborhoods. Amenity access is a clear strength, with cafes, groceries, restaurants, and parks scoring in the higher national percentiles, supporting daily convenience and resident retention.
The 1983 vintage is newer than the neighborhood’s typical 1960s stock, offering relative competitiveness versus older assets while warranting targeted modernization of systems and common areas to sustain positioning. Neighborhood occupancy trends have improved over the past five years and sit above the metro median (rank 235 of 710), a constructive indicator for lease stability and cash flow planning.
Renter concentration in the neighborhood is elevated (rank 137 of 710; high national percentile), signaling depth in the tenant base and demand stability for multifamily operators. Within a 3-mile radius, demographics show a largely stable population today with forecasts pointing to population growth and a notable increase in households alongside smaller average household sizes, which supports a larger tenant base and ongoing demand for rental units.
Ownership costs in the neighborhood are relatively high versus incomes (value-to-income ratio in a high national percentile), which tends to reinforce reliance on rental housing and can support pricing power when managed with attention to rent-to-income affordability pressure. Median contract rents have risen in recent years locally, and forward-looking indicators within 3 miles suggest additional rent growth potential, based on CRE market data from WDSuite.
Safety indicators are mixed and should be monitored. The neighborhood’s crime rank is 364 out of 710 metro neighborhoods, roughly around the metro middle, while national comparisons place it below the U.S. median for safety. Recent trend data is modestly constructive, with year-over-year declines in both violent and property offenses, suggesting incremental improvement rather than a step-change.
For underwriting, a conservative approach to security measures and operating expenses is prudent, while noting that comparative positioning can still be competitive within the metro given broader amenity strengths and renter demand. All safety metrics reflect neighborhood-level patterns rather than property-specific conditions.
Proximity to major employers supports commuter convenience and broadens the renter pool, with a concentration of electronics manufacturing, financial services, IT distribution, and managed care within a short drive. The list below highlights nearby anchors that underpin local employment density.
- Jabil Circuit — electronics manufacturing services (3.2 miles)
- Raymond James Financial — financial services (3.4 miles) — HQ
- Jabil Circuit — electronics manufacturing services (3.6 miles) — HQ
- Tech Data — IT distribution (4.7 miles) — HQ
- Wellcare Health Plans — managed care (15.8 miles) — HQ
This 68-unit, 1983-vintage asset benefits from neighborhood fundamentals that favor multifamily: elevated renter concentration, strong amenity access, and an occupancy profile that sits above the metro median. The vintage is newer than much of the surrounding 1960s stock, positioning the property competitively while leaving room for targeted value-add through systems upgrades and common-area improvements.
Within a 3-mile radius, forecasts point to population growth, a sizable increase in households, and smaller household sizes, all supportive of renter pool expansion and occupancy stability. According to CRE market data from WDSuite, neighborhood rent and occupancy trends have strengthened over five years, and a high-cost ownership landscape locally reinforces reliance on rental housing—supporting lease retention and measured pricing power. Key risks include below-national-median safety metrics and the need to balance rent-to-income dynamics in revenue management.
- Above-metro-median neighborhood occupancy supports leasing stability
- 1983 vintage is newer than area norms, with value-add upside via modernization
- Elevated renter-occupied housing share signals depth of tenant demand
- 3-mile forecasts indicate household growth and smaller sizes, expanding the renter pool
- Risks: below-national-median safety metrics and affordability pressure require prudent lease management