| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 53rd | Fair |
| Demographics | 65th | Good |
| Amenities | 43rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1501 16th St N, Saint Petersburg, FL, 33704, US |
| Region / Metro | Saint Petersburg |
| Year of Construction | 1973 |
| Units | 30 |
| Transaction Date | 2018-01-15 |
| Transaction Price | $2,250,000 |
| Buyer | Parker House Apartments LLC |
| Seller | Park Shore Investments |
1501 16th St N Saint Petersburg Multifamily Investment
Positioned in an inner-suburb pocket of St. Petersburg, this 30-unit asset taps into a renter base supported by strong household incomes and a high-cost ownership market, according to WDSuite’s CRE market data. Neighborhood occupancy and school quality are mixed, but steady demand drivers and access to daily amenities support durable leasing fundamentals.
The property sits within an Inner Suburb neighborhood rated B and ranked 277 out of 710 in the Tampa–St. Petersburg–Clearwater metro, placing it above the metro median. Daily-needs access is a relative strength: grocery density ranks 180 of 710 (high nationally), and park access ranks 47 of 710 (top decile nationwide), while cafes and pharmacies are thinner, which moderates lifestyle convenience. School quality trends below metro norms, with average ratings sitting in the lower national percentiles, an important consideration for family-oriented renter segments.
Rents in the neighborhood are mid-tier by national standards, while ownership costs are elevated for the region (home values in higher national percentiles and a value-to-income ratio in the low-80s nationally). This high-cost ownership context typically sustains renter reliance on multifamily housing and supports pricing power and retention when paired with sound operations. Neighborhood occupancy is below national medians, so investors should underwrite to leasing efficiency and asset-specific positioning rather than relying solely on submarket momentum.
Tenure patterns point to a meaningful renter base: the share of renter-occupied housing units is above the national median (upper percentiles), indicating depth for demand and a broader pool of prospects for a 30-unit community. Vintage matters here as well: the building’s 1973 construction is newer than much of the surrounding housing stock (average vintage skews mid-century), offering relative competitiveness versus older properties while still warranting targeted capital planning for systems and common-area updates.
Within a 3-mile radius, demographics show recent population growth and an increase in households, with median incomes rising and forecast to continue improving. Projections indicate more households and smaller average household sizes through 2028, which typically expands the renter pool and supports occupancy stability. These dynamics, combined with steady rent levels, align with multifamily property research that emphasizes the role of income growth and household formation in sustaining demand.
Safety trends are mixed and warrant underwriting attention. The neighborhood ranks 538 out of 710 metro neighborhoods on crime, indicating below-metro-average safety and placing it in lower national percentiles. Recent data show property offenses trending down year over year, while violent offenses have increased over the same period. For investors, prudent measures include budgeting for security, insurance, and resident-experience initiatives that can support retention.
Proximity to established corporate employers underpins a stable commuter renter base and supports retention through commute convenience. The nearby employment mix spans electronics manufacturing, financial services, IT distribution, and managed care.
- Jabil Circuit — electronics manufacturing (5.6 miles) — HQ
- Raymond James Financial — financial services (6.9 miles) — HQ
- Tech Data — IT distribution (9.6 miles) — HQ
- Wellcare Health Plans — managed care (18.1 miles) — HQ
This 30-unit, 1973-vintage asset offers relative competitiveness versus older neighborhood stock while leaving room for targeted value-add to enhance curb appeal, unit finishes, and systems. The location benefits from strong grocery and park access and a renter-occupied share above national medians, reinforcing depth of demand. While neighborhood occupancy trails national levels, income growth and a high-cost ownership landscape support leasing durability and measured pricing power when operations are executed well.
Based on commercial real estate analysis from WDSuite, neighborhood rents sit mid-range nationally and ownership costs remain elevated, which helps sustain multifamily demand even as school quality and safety metrics are mixed. Underwriting that incorporates security, insurance, and selective capex should capture the upside from household growth within the 3-mile radius and proximity to major employers.
- 1973 vintage offers value-add potential while competing well against older neighborhood stock
- High-cost ownership market supports renter reliance and pricing power with sound operations
- 3-mile household growth and strong employer base bolster demand and retention
- Amenity fundamentals (grocery, parks) offset thinner cafe/pharmacy density
- Risks: below-metro-average safety and school ratings; neighborhood occupancy trails national levels