| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 76th | Best |
| Demographics | 84th | Best |
| Amenities | 42nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 11901 118th Ave N, Saint Petersburg, FL, 33716, US |
| Region / Metro | Saint Petersburg |
| Year of Construction | 2013 |
| Units | 96 |
| Transaction Date | 2019-05-20 |
| Transaction Price | $49,350,000 |
| Buyer | UDR PRESERVE AT GATEWAY LLC |
| Seller | GS TPRF III GATEWAY LP |
11901 118th Ave N, Saint Petersburg Multifamily near Corporate Hubs
Neighborhood renter-occupied share is elevated and occupancy has trended up, supporting stable demand, according to WDSuite’s CRE market data. Positioned in an inner-suburban pocket of the Tampa–St. Petersburg metro, the asset benefits from workforce accessibility and a deep tenant base at the neighborhood level.
This inner-suburban neighborhood of Saint Petersburg rates A and ranks 102 of 710 metro neighborhoods, signaling performance that is competitive among Tampa–St. Petersburg–Clearwater sub-areas. Demographics score in the top quartile nationally, while housing metrics sit above the national median, per commercial real estate analysis from WDSuite at the neighborhood level (not the property).
Livability is serviceable with pharmacies and groceries accessible, though broader amenity density is moderate relative to metro hotspots. School rating data is not available in this dataset. The neighborhood s median home values are elevated versus national norms, which tends to reinforce reliance on multifamily rentals and can support lease retention and pricing power for well-positioned assets.
For investors, the key near-term demand signals are: a high share of renter-occupied housing units (deep neighborhood renter concentration) and an occupancy rate near the metro middle that has improved over the past five years. Median contract rents in the surrounding area have risen and are projected to continue growing, while the rent-to-income profile indicates manageable affordability pressure that can aid retention.
Construction vintage in the neighborhood skews earlier; the local average build year is 1996. With a 2013 completion, this property is newer than the neighborhood average, offering relative competitiveness versus older stock while still warranting routine system updates and selective modernization to sustain positioning.
Within a 3-mile radius, population has grown modestly with a more notable increase in total households and a decline in average household size. This combination typically expands the renter pool and supports occupancy stability and leasing velocity for well-amenitized multifamily properties.
Safety indicators at the neighborhood level are mixed. Relative to U.S. neighborhoods, overall crime sits below the national median for safety (national percentile in the high 30s), and within the metro the area tracks around the middle of the pack (ranked near the metro median among 710 neighborhoods). Investors should underwrite with conservative assumptions and emphasize on-site security and maintenance standards.
Violent incident rates benchmark weaker than national norms (low national percentile), and property crime benchmarks even weaker; however, the most recent year shows a substantial improvement in estimated property offenses, with one of the stronger year-over-year declines compared with U.S. neighborhoods. The directional trend is constructive, but prudent risk management remains appropriate.
The immediate area is anchored by major corporate offices that draw a large professional workforce, supporting renter demand and commute convenience for residents. Key nearby employers include advanced manufacturing, financial services, and technology distributors.
- Jabil Circuit — advanced manufacturing HQ (0.9 miles) — HQ
- Raymond James Financial — financial services HQ (1.2 miles) — HQ
- Tech Data — technology distribution HQ (4.4 miles) — HQ
- Wellcare Health Plans — healthcare services HQ (12.2 miles) — HQ
Built in 2013 with 96 units averaging over 1,100 square feet, the property offers larger floorplans and a newer vintage relative to the neighborhood s older stock. At the neighborhood level, renter concentration is high and occupancy has improved in recent years, which supports demand depth and leasing stability. Within a 3-mile radius, modest population growth coupled with a larger increase in households and smaller household sizes points to a growing renter pool and steady absorption potential.
Neighborhood home values trend high versus national norms, reinforcing reliance on multifamily housing and supporting pricing power where operations and amenities are competitive. According to CRE market data from WDSuite, local rents have risen and are projected to continue rising, while the rent-to-income profile suggests manageable affordability pressure that can aid retention. Key watch items include moderate amenity density and safety benchmarks that trail national medians, warranting conservative underwriting and operational focus.
- 2013 vintage is newer than local average, offering competitive positioning with selective modernization upside.
- High neighborhood renter-occupied share and improving occupancy support demand depth and lease stability.
- Household growth within 3 miles and smaller household sizes expand the renter pool and support absorption.
- Elevated home values in the area reinforce renter reliance, supporting pricing power for well-run assets.
- Risks: moderate amenity density and below-median national safety benchmarks warrant conservative underwriting and on-site management focus.