| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 71st | Best |
| Demographics | 80th | Best |
| Amenities | 93rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 121 3rd Ave N, Saint Petersburg, FL, 33701, US |
| Region / Metro | Saint Petersburg |
| Year of Construction | 1972 |
| Units | 25 |
| Transaction Date | 2003-07-09 |
| Transaction Price | $1,150,000 |
| Buyer | SOULE THOMAS W |
| Seller | WYNDHAM APTS LLC |
121 3rd Ave N Saint Petersburg Multifamily Value-Add
Positioned in an A+ urban core, the property benefits from deep renter demand supported by elevated ownership costs and dense amenities, according to WDSuite’s CRE market data. Neighborhood occupancy refers to the surrounding area, not this asset, and points to leasing strategies that prioritize retention and renewal management.
This Urban Core location ranks 4th of 710 metro neighborhoods (A+ rating), signaling strong fundamentals for walkable living and amenity access. Dining and recreation are standouts: restaurant density is top quartile nationally and parks access also sits in the top quartile, supporting daily convenience and lifestyle appeal that helps sustain renter interest.
Amenity depth is broad-based. Cafés rank competitively within Tampa–St. Petersburg–Clearwater (13th of 710), grocery access is competitive among metro neighborhoods (196th of 710), and childcare availability scores in the top quartile nationally. These services underpin live-work convenience and help widen the tenant pool for smaller assets like this 25‑unit property.
Neighborhood occupancy is lower than the metro median (measured for the neighborhood, not the property), which suggests a need for disciplined leasing and renewal execution. Counterbalancing that, approximately 46% of housing units in the neighborhood are renter-occupied (above the national median), indicating a sizable renter base that supports demand depth for multifamily.
Within a 3-mile radius, recent trends show modest population growth with an increase in households and smaller average household sizes. Forward-looking projections indicate additional population growth and a larger household count by 2028, which typically supports a larger tenant base and steadier occupancy. With elevated neighborhood home values (top percentile nationally) and a low rent-to-income ratio relative to many markets, the ownership landscape reinforces renter reliance on multifamily housing while providing room for pricing power and retention management.
Safety conditions in the surrounding neighborhood track below both national and metro averages, based on WDSuite’s data. The neighborhood’s crime ranking sits below the metro median (420th of 710), placing it in a weaker relative position for safety compared with many Tampa–St. Petersburg–Clearwater areas. Nationally, the neighborhood falls below the median for safety.
Recent momentum, however, shows improvement: estimated property offenses declined year over year and violent offense estimates also trended down. Investors should factor security measures and resident communication into operating plans while recognizing that downward trends can support perception and retention over time.
Proximity to major employers supports a steady renter base seeking commute convenience, particularly in electronics manufacturing, financial services, technology distribution, and managed care—industries represented within roughly 6–19 miles.
- Jabil Circuit — electronics manufacturing (6.0 miles)
- Raymond James Financial — financial services (7.9 miles) — HQ
- Tech Data — technology distribution (10.8 miles) — HQ
- Wellcare Health Plans — managed care (18.5 miles) — HQ
121 3rd Ave N offers a boutique, 25‑unit footprint in an A+ Urban Core setting with top-tier amenities and strong renter concentration. The 1972 vintage is slightly older than the neighborhood average, pointing to potential value‑add and capital planning opportunities that can sharpen competitive positioning against newer stock. Elevated neighborhood home values and a comparatively low rent‑to‑income profile suggest durable renter reliance on multifamily, while increased households within a 3‑mile radius support a larger tenant base and occupancy stability over the medium term. According to CRE market data from WDSuite, neighborhood occupancy trends are softer, so disciplined leasing and renewal strategies remain important.
Overall, the location’s amenity density, access to major employment nodes, and growing nearby household counts underpin demand. Investors should balance these strengths against lower neighborhood safety rankings and tighter leasing conditions, using targeted upgrades and resident experience to support retention and pricing power.
- A+ Urban Core location with top-quartile amenity access and strong renter concentration
- 1972 vintage offers value-add and modernization potential to enhance competitiveness
- Elevated ownership costs reinforce multifamily demand and support retention strategies
- 3-mile population and household growth expand the tenant base and support occupancy
- Risks: below-median neighborhood safety and softer neighborhood occupancy require proactive leasing and security planning