| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 56th | Fair |
| Demographics | 70th | Best |
| Amenities | 45th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 131 41st Ave N, Saint Petersburg, FL, 33703, US |
| Region / Metro | Saint Petersburg |
| Year of Construction | 1975 |
| Units | 32 |
| Transaction Date | 2015-03-10 |
| Transaction Price | $1,450,000 |
| Buyer | THE PEARL ON FIRST LLC |
| Seller | CARR APARTMENTS LLC |
131 41st Ave N, Saint Petersburg FL Multifamily Opportunity
Positioned in an inner-suburb pocket with strong neighborhood incomes and a renter base above the metro median, this 32-unit asset offers value-add potential and steady tenant demand, according to WDSuite’s CRE market data.
Located in Saint Petersburg’s inner suburbs, the area shows balanced livability with clear strengths in daily-needs access. Neighborhood grocery and pharmacy density rank in the top quartile among 710 metro neighborhoods, and restaurant density is also top quartile, supporting convenience and resident retention. Café and park counts are thinner locally, which may modestly temper lifestyle appeal, but core services are close by.
Renter-occupied housing accounts for a meaningful share of units at the neighborhood level (above the metro median by rank), indicating a viable tenant base for multifamily owners. Median contract rents track around the national mid-to-upper range, while the rent-to-income profile suggests manageable affordability for many households — a constructive backdrop for lease renewals and occupancy management.
Within a 3-mile radius, modest population growth alongside a larger increase in households and a gradual shift toward smaller household sizes point to a broader renter pool and ongoing demand for apartment product. Higher neighborhood home values relative to national norms and an elevated value-to-income ratio reflect a high-cost ownership market, which tends to sustain reliance on rental housing and supports pricing power when paired with sound operations.
The property’s 1975 vintage is slightly newer than the neighborhood’s average construction year, yet still older than much of today’s competitive stock — a profile that often benefits from targeted capital plans (exterior, systems, and common-area upgrades) to drive rent lifts and leasing velocity within this amenity-rich corridor.
Safety trends are mixed and warrant pragmatic underwriting. The neighborhood’s overall crime rank sits below the metro median (ranked 230 among 710), and national comparison places the area below the U.S. median for safety. However, recent momentum is constructive: both violent and property offense rates have declined at a faster pace than many neighborhoods nationwide, indicating improving conditions.
In national percentile terms, the area currently performs below average for both violent and property offenses, yet the one-year improvement ranks in the top tier nationally for trend direction. Investors should account for this context by maintaining standard security and lighting programs while recognizing the positive trajectory when evaluating retention and marketing strategies.
Nearby corporate nodes anchor a diverse white-collar employment base that supports renter demand and commute convenience, including Jabil Circuit, Raymond James Financial, Tech Data, and Wellcare Health Plans.
- Jabil Circuit — corporate offices (3.7 miles)
- Jabil Circuit — corporate offices (4.1 miles) — HQ
- Raymond James Financial — financial services (5.6 miles) — HQ
- Tech Data — technology distribution (8.7 miles) — HQ
- Wellcare Health Plans — healthcare plans (16.3 miles) — HQ
This 32-unit property combines a durable employment base and daily-needs accessibility with room to create value through modernization. Based on CRE market data from WDSuite, neighborhood renter concentration sits above the metro median by rank, household growth in the 3-mile radius expands the renter pool, and ownership remains comparatively high-cost — factors that together support steady leasing and measured pricing power. Neighborhood occupancy trends are softer than national leaders, so execution and property-level improvements will be key to capturing demand.
The 1975 vintage is slightly newer than the local average stock but still benefits from focused capital planning. Targeted upgrades to interiors, systems, and amenities can sharpen competitiveness against newer communities while leveraging strong nearby employer nodes and top-quartile access to groceries, pharmacies, and restaurants.
- Expanding 3-mile household base supports a larger tenant pool and occupancy stability.
- High-cost ownership market reinforces reliance on rentals and supports rent positioning.
- 1975 vintage offers clear value-add pathways via targeted renovations and systems updates.
- Proximity to major employers underpins demand from white-collar renters and retention potential.
- Risk: Neighborhood occupancy trails national leaders; returns depend on execution and asset modernization.