| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 53rd | Fair |
| Demographics | 65th | Good |
| Amenities | 43rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1830 Dr Martin Luther King Jr St N, Saint Petersburg, FL, 33704, US |
| Region / Metro | Saint Petersburg |
| Year of Construction | 1974 |
| Units | 43 |
| Transaction Date | --- |
| Transaction Price | $910,000 |
| Buyer | GRAND PLANTATION INC |
| Seller | PLANTATION INN CORP |
1830 Dr Martin Luther King Jr St N Multifamily Investment
Renter demand is supported by a higher neighborhood renter concentration and strong everyday amenities, according to WDSuite’s CRE market data. The property’s inner-suburb location offers steady leasing visibility within Saint Petersburg.
Located in an Inner Suburb of Saint Petersburg, the neighborhood delivers daily convenience more than destination retail. Grocery access and parks are relative strengths — both sit in the top quartile nationally — while cafes and pharmacies are limited. For investors, this mix supports day‑to‑day livability and helps sustain leasing without relying on discretionary traffic.
Neighborhood-level occupancy is currently below the metro median, and should be underwritten with conservative lease-up and renewal timelines. Counterbalancing that, renter-occupied housing accounts for a higher share of units than most Tampa–St. Petersburg–Clearwater neighborhoods (ranked 151 out of 710), which signals depth in the tenant base and potential for stable demand at workforce price points. All occupancy and tenure metrics refer to the neighborhood, not the property.
Within a 3-mile radius, households have increased over the past five years and are projected to expand further alongside a trend toward smaller household sizes. This points to a larger pool of renters and supports occupancy stability over the medium term. Median incomes in the 3-mile area have risen, while neighborhood rent-to-income remains near national norms — a combination that can support rent growth while keeping affordability pressure manageable from a lease retention perspective.
The area’s elevated home values (above the 80th percentile nationally) indicate a high-cost ownership market, which tends to reinforce reliance on multifamily housing and can aid pricing power and lease retention. Average school ratings trend below national medians; for value‑add plays, marketing should emphasize proximity to parks and groceries rather than school quality.
The property’s 1974 vintage is newer than much of the surrounding housing stock, which skews older. Investors should plan for aging-system updates and targeted renovations; in return, thoughtful upgrades can position the asset competitively versus older comparables while capturing durable renter demand.
Safety indicators for the neighborhood are weaker than both metro and national norms. The area ranks 538 out of 710 metro neighborhoods for crime, and national percentiles signal elevated risk relative to U.S. neighborhoods overall. Investors should reflect this in pricing and operating assumptions (security, lighting, and resident engagement), especially for first‑floor units and parking areas.
Recent momentum is mixed: estimated property offense rates have declined year over year, placing the neighborhood in the top quartile for improvement among 710 metro neighborhoods, while violent‑offense measures remain low in national percentile terms. Monitoring trend direction and coordinating with local community initiatives can help manage exposure over the hold period.
Proximity to large employers in electronics manufacturing, financial services, IT distribution, and healthcare supports commuter convenience and broadens the renter pool. Nearby anchors include Jabil Circuit, Raymond James Financial, Tech Data, Wellcare Health Plans, and Cardinal Health.
- Jabil Circuit — electronics manufacturing services (5.39 miles) — HQ
- Raymond James Financial — financial services (6.80 miles) — HQ
- Tech Data — IT distribution (9.57 miles) — HQ
- Wellcare Health Plans — managed care (17.83 miles) — HQ
- Cardinal Health — healthcare distribution (18.72 miles)
This 43‑unit, 1974‑built asset sits in a renter‑oriented pocket of Saint Petersburg where elevated ownership costs and everyday conveniences underpin multifamily demand. Neighborhood occupancy runs below the metro median, but a higher renter‑occupied share and growing 3‑mile household counts point to a durable tenant base and opportunities to drive lease‑by‑lease gains with targeted upgrades. Based on CRE market data from WDSuite, local grocery and park density score in the national top quartile, supporting livability and retention even as school quality trends below median.
From an execution standpoint, the vintage suggests near‑term capital planning for building systems and interiors, creating a practical value‑add path relative to older competing stock. Underwrite security and marketing line items to reflect neighborhood safety conditions, while leveraging proximity to regional employers to support lease-up and renewal velocity.
- Renter concentration and high ownership costs support a deep tenant base and pricing power
- 3‑mile household growth and smaller household sizes bolster long‑run multifamily demand
- 1974 vintage offers clear value‑add potential via systems upgrades and interior modernization
- Key risks: below‑median neighborhood occupancy and weaker safety metrics require prudent underwriting