| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 48th | Poor |
| Demographics | 47th | Fair |
| Amenities | 75th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 111 SW Madison Cir N, Saint Petersburg, FL, 33703, US |
| Region / Metro | Saint Petersburg |
| Year of Construction | 1974 |
| Units | 21 |
| Transaction Date | 2017-11-14 |
| Transaction Price | $1,300,000 |
| Buyer | 111 SW MADISON LLC |
| Seller | BAY PROPERTIES ONE LLC |
111 SW Madison Cir N Saint Petersburg Value-Add Multifamily
Neighborhood fundamentals point to stable renter demand with occupancy around the high-80s and moderate renter concentration, according to WDSuite’s CRE market data. Elevated ownership costs in the metro context help support leasing durability, though managing affordability and retention remains important.
111 SW Madison Cir N is positioned in an Inner Suburb pocket of Saint Petersburg that is competitive among Tampa-St. Petersburg-Clearwater neighborhoods (196 of 710). The immediate area offers strong daily-life convenience: pharmacies are dense (near the top nationally), and restaurant and grocery options are well-represented. Park access is limited nearby, which may modestly reduce lifestyle appeal for some residents, but the urban amenity mix helps offset that.
For investors, neighborhood-level occupancy is approximately 89% with a steady five-year trend, supporting baseline leasing stability. Median contract rents in the neighborhood sit in the low-$1,100s and have risen over the past five years, while the rent-to-income ratio near 0.26 suggests some affordability pressure that calls for thoughtful lease management and renewal strategies. Within a 3-mile radius, median contract rent is around the low-$1,200s with forward projections indicating continued growth, which can underpin revenue but also warrants attention to pricing and concessions.
Tenure patterns indicate a moderate renter base: the neighborhood shows roughly 29% renter-occupied units, and within 3 miles renters account for about 32% of occupied housing. This mix supports a meaningful tenant pool without over-concentration, which can aid absorption for smaller assets. Home values relative to incomes rank high for the metro and are elevated nationally, a dynamic that tends to reinforce reliance on multifamily rentals and can support retention when lease positioning is calibrated to local incomes.
The property’s 1974 vintage is slightly older than the neighborhood average stock (around 1970). That age profile suggests potential value-add through common-area and in-unit updates and the need to plan for systems maintenance, while competing effectively against older, unrenovated inventory.
Safety indicators in this neighborhood trail national averages, and the area ranks below the metro median (crime rank 481 out of 710). That said, recent trends show improvement in property-related incidents year over year, which is a constructive signal to monitor. Investors should underwrite with conservative assumptions on security measures and operating protocols, and track neighborhood trendlines alongside citywide efforts.
Proximity to established corporate employers supports a diversified renter base and commute convenience at the submarket level. Notable nearby employers include Jabil Circuit, Raymond James Financial, Tech Data, Wellcare Health Plans, and Cardinal Health.
- Jabil Circuit — electronics manufacturing (2.5 miles)
- Raymond James Financial — financial services (4.5 miles) — HQ
- Tech Data — IT distribution (7.5 miles) — HQ
- Wellcare Health Plans — healthcare services (15.3 miles) — HQ
- Cardinal Health — healthcare distribution (17.5 miles)
This 21-unit, 1974-vintage asset aligns with a renter base supported by steady neighborhood occupancy and a balanced tenure mix. Within a 3-mile radius, modest population growth, an increase in households, and rising incomes point to a larger tenant base over time. Elevated ownership costs relative to incomes at the neighborhood level tend to sustain demand for rental housing, while amenity access (pharmacies, groceries, and restaurants) enhances livability and leasing appeal.
Based on CRE market data from WDSuite, the submarket’s rent growth trajectory and occupancy stability support a case for durable cash flow, provided leasing is managed with attention to affordability pressure and renewal strategy. The property’s older vintage suggests value-add potential through selective renovations and systems updates to improve competitive positioning versus nearby older stock. Key risks include below-average safety metrics and neighborhood NOI per unit that trails national norms, warranting conservative underwriting.
- Renter demand supported by steady neighborhood occupancy and a meaningful, diversified tenant pool within 3 miles
- 1974 vintage offers value-add pathways via targeted interior and systems upgrades
- Elevated ownership costs reinforce rental reliance, aiding retention when pricing aligns with incomes
- Amenity access (pharmacies, groceries, restaurants) supports livability and leasing velocity
- Risks: lower safety rankings and below-national NOI per unit; underwrite security and expenses conservatively