| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 56th | Fair |
| Demographics | 70th | Best |
| Amenities | 45th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 120 47th Ave N, Saint Petersburg, FL, 33703, US |
| Region / Metro | Saint Petersburg |
| Year of Construction | 1974 |
| Units | 62 |
| Transaction Date | 2022-02-15 |
| Transaction Price | $14,900,000 |
| Buyer | NORDICA BAY LLC |
| Seller | CASA DE LA ROSA LLC |
120 47th Ave N Saint Petersburg Multifamily Investment
Positioned in an inner-suburb pocket of Saint Petersburg with steady renter demand and a competitive neighborhood rating, this 62-unit asset offers income stability potential supported by nearby employment nodes, according to WDSuite s commercial real estate analysis.
This inner-suburb location in Saint Petersburg is competitive among Tampa St. Petersburg Clearwater neighborhoods (B+ rating; rank 187 out of 710), with day-to-day convenience anchored by strong grocery and pharmacy access. Nationally, grocery and pharmacy density sit in the higher percentiles, while restaurant options rank in the top quartile; parks and cafe/childcare density are comparatively limited. These dynamics point to solid daily-living convenience with fewer recreational green spaces in the immediate area.
Neighborhood rents sit modestly above national norms and have eased over the past five years, creating a value-positioning angle for lease-up and renewals. The neighborhood occupancy level is below national averages, which suggests closer attention to leasing velocity and marketing execution; however, the renter concentration around one-third of housing units indicates a meaningful tenant base for multifamily demand.
Within a 3-mile radius, population and household counts have grown in recent years and are projected to continue rising, supporting a larger tenant base and occupancy stability. Median incomes have advanced, and rent-to-income levels remain manageable, which can aid renewal capture and limit turnover risk. Elevated home values relative to incomes signal a high-cost ownership market, which typically sustains reliance on multifamily housing and supports pricing power when operations are well managed, based on CRE market data from WDSuite.
Taken together, strong retail conveniences, proximity to major employment, and rising 3-mile household incomes contribute to durable demand drivers, while the below-national occupancy and limited park/cafe density are factors for operators to underwrite with appropriate leasing and amenity strategies.
Safety indicators for the neighborhood track below national norms, reflecting higher estimated offense rates compared with many U.S. neighborhoods. At the same time, year-over-year trend data shows meaningful declines in both violent and property offense estimates, signaling recent improvement momentum.
Relative positioning within the Tampa St. Petersburg Clearwater metro should be evaluated alongside property-level security, lighting, and access controls; investors commonly pair these measures with resident engagement to support retention and leasing stability over time.
Nearby corporate employment clusters help support weekday traffic and renter demand, with notable concentrations in electronics manufacturing, financial services, IT distribution, managed care, and healthcare logistics.
- Jabil Circuit electronics manufacturing (3.7 miles) HQ
- Raymond James Financial financial services (5.3 miles) HQ
- Tech Data IT distribution (8.4 miles) HQ
- Wellcare Health Plans managed care (16.0 miles) HQ
- Cardinal Health healthcare logistics (17.5 miles)
The property s inner-suburban setting offers balanced renter demand drivers: strong access to groceries and pharmacies, a deep nearby employment base, and a high-cost ownership environment that helps sustain reliance on rentals. Neighborhood rents have moderated in recent years, which can support absorption and renewals, while the 3-mile area s population and households are expanding, contributing to a growing renter pool. According to CRE market data from WDSuite, neighborhood occupancy trends sit below national levels, making disciplined leasing and amenity execution central to performance.
Key considerations include underwriting to conservative lease-up and renewal assumptions given metro-relative occupancy, incorporating security and lighting plans responsive to local safety context, and leveraging proximity to major employers to strengthen tenant retention.
- Inner-suburban location with strong daily conveniences and access to major employers supports durable renter demand
- Rents have eased versus prior years, aiding lease-up and renewal capture while preserving revenue integrity
- High-cost ownership market reinforces reliance on multifamily housing and can support pricing power
- Expanding 3-mile population and household base contributes to a larger tenant pool and occupancy stability
- Risk: Neighborhood occupancy is below national norms; success depends on targeted marketing, amenity strategy, and resident retention