| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 71st | Best |
| Demographics | 80th | Best |
| Amenities | 93rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1050 3rd Ave N, Saint Petersburg, FL, 33705, US |
| Region / Metro | Saint Petersburg |
| Year of Construction | 1981 |
| Units | 82 |
| Transaction Date | 2005-12-12 |
| Transaction Price | $3,800,000 |
| Buyer | AMERICAN OPPORTUNITY FOR HOUSING JAMES P |
| Seller | THE HOUSING AUTHORITY OF THE CITY OF ST |
1050 3rd Ave N, Saint Petersburg 82-Unit Multifamily
Positioned in Saint Petersburg s urban core, the asset benefits from strong renter demand supported by a high-cost ownership market and dense amenities, according to WDSuite s CRE market data. Expect steady leasing interest from a broad tenant base, with pricing power influenced by neighborhood fundamentals rather than one-off catalysts.
Located in the Urban Core of Saint Petersburg, the property sits in a top-tier neighborhood (ranked 4th out of 710 metro neighborhoods) with an A+ overall rating, per commercial real estate analysis from WDSuite. The area is richly amenitized: restaurants and parks are in the top national percentiles, with cafes and childcare also scoring well, supporting resident convenience and sustained in-migration appeal.
Home values in the neighborhood are elevated relative to most U.S. areas, which tends to sustain reliance on rental housing and supports multifamily demand depth. Investors also benefit from a renter-occupied housing share that is competitive among Tampa 3St. Petersburg 3Clearwater neighborhoods (46% renter-occupied; above metro median by rank), indicating a sizable tenant pool rather than a purely ownership-driven market.
Demographic statistics aggregated within a 3-mile radius indicate recent stability with projections for population growth and a notable increase in households by 2028, expanding the renter pool. Average household size is trending smaller, which can bolster demand for one- and two-bedroom layouts and supports occupancy stability over time.
Neighborhood occupancy has trended upward over the last five years but remains below the metro median by rank, implying leasing may be competitive in certain seasons. However, NOI per-unit performance for the neighborhood ranks above many peers nationally, suggesting operators have historically achieved healthy revenue relative to operating costs where execution is disciplined and product is positioned correctly.
Safety indicators for the neighborhood are below national averages, and the area ranks below the metro median (crime rank 420 out of 710). While current levels reflect a higher incidence of reported offenses than many U.S. neighborhoods, recent trends show improvement, including year-over-year declines in both property and violent offense estimates. Investors should underwrite with realistic security and operating assumptions while recognizing the directional improvement noted in WDSuite s data.
Nearby corporate offices provide a diversified employment base that supports renter demand and commute convenience for residents. The list below highlights major employers with regional headquarters and large office footprints that are most likely to influence leasing and retention in this submarket.
- Jabil Circuit corporate offices (5.96 miles)
- Jabil Circuit corporate offices (6.42 miles) HQ
- Raymond James Financial corporate offices (7.80 miles) HQ
- Tech Data corporate offices (10.50 miles) HQ
- Wellcare Health Plans corporate offices (18.82 miles) HQ
The property built in 1981 is somewhat newer than the neighborhood s average vintage, providing relative competitiveness versus older nearby stock while leaving room for modernization of building systems and common areas. The location s dense amenity base and high-cost ownership landscape reinforce renter reliance on multifamily housing, supporting demand depth and lease retention. According to CRE market data from WDSuite, neighborhood occupancy has improved over the past five years even as it remains below the metro median by rank, which places a premium on effective leasing and product differentiation.
Within a 3-mile radius, demographics point to continued population growth and a meaningful increase in households by 2028, expanding the tenant base as household sizes trend smaller. Large average unit sizes at the asset can position it well for renters seeking more space in an urban setting, with pricing ultimately anchored by neighborhood incomes and willingness to pay.
- Newer-than-average 1981 vintage offers competitive positioning with potential modernization upside
- High-cost ownership market supports sustained renter demand and lease retention
- Dense amenity environment and proximity to major employers aid leasing velocity
- 3-mile projections indicate population and household growth, expanding the tenant base
- Risk: neighborhood safety ranks below metro median and occupancy is competitive, requiring active management