| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 33rd | Poor |
| Demographics | 13th | Poor |
| Amenities | 28th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2675 50th Ave N, Saint Petersburg, FL, 33714, US |
| Region / Metro | Saint Petersburg |
| Year of Construction | 2005 |
| Units | 32 |
| Transaction Date | --- |
| Transaction Price | $650,000 |
| Buyer | CHAF PROPERTIES LLC |
| Seller | CONTEMPORARY HOUSING ALTERNATIVES OF FLO |
2675 50th Ave N, Saint Petersburg Multifamily Opportunity
2005-vintage apartments positioned against older nearby stock suggest competitive leasing potential and more predictable capital planning, according to WDSuite’s CRE market data. Neighborhood renter demand is thinner locally, but proximity to employment and daily conveniences can help sustain occupancy with disciplined operations.
The property sits in an inner-suburb setting of Saint Petersburg with access to daily needs. Grocery options are relatively dense for the area (competitive nationally), while restaurants are accessible; however, cafes, parks, childcare, and pharmacies are sparse immediately nearby. For investors, this mix points to convenience for routine shopping and dining with fewer lifestyle amenities in the immediate blocks.
At the neighborhood level (not the property), occupancy trends are below metro norms and tenure data indicate a lower renter concentration, with roughly three in ten housing units renter-occupied. That implies a narrower immediate renter base and the need for targeted leasing and renewals to support stability. Against that backdrop, a 2005 construction year provides a competitive edge versus much older surrounding stock, while still warranting routine modernization planning for systems and finishes over a hold period.
Within a 3-mile radius, demographics show modest population growth and faster household growth alongside smaller average household sizes. This combination typically expands the renter pool and supports occupancy stability over time. Household incomes in the 3-mile area have trended higher, and median contract rents have risen, which can enable measured pricing power while still requiring attention to affordability thresholds and lease management.
Home values in the neighborhood context are relatively accessible compared with many U.S. markets. That can introduce some competition from entry-level ownership, but it also supports renter retention when positioned with quality, convenience, and professional management. Overall, the location’s livability features and access to jobs underpin a practical, workforce-oriented demand story rather than a lifestyle premium play.
Safety metrics for the neighborhood (not the property) are mixed compared with U.S. neighborhoods overall. Overall safety sits below the national median (national percentile positioning), indicating investors should underwrite to prudent security measures and active property management.
Trend signals are differentiated: violent-offense rates have improved year over year, placing the neighborhood among stronger improvers nationally, while property-offense measures are comparatively elevated with a recent uptick. In short, plan for practical security, lighting, and resident-engagement strategies, and monitor citywide trends and comparable submarkets across the Tampa–St. Petersburg–Clearwater metro for directional context.
Nearby employment anchors span electronics manufacturing, financial services, IT distribution, and healthcare, supporting a diversified renter base and commute-friendly leasing fundamentals. The employers below reflect the closest major nodes likely to influence retention and lease-up dynamics.
- Jabil Circuit — electronics manufacturing (3.7 miles) — HQ
- Raymond James Financial — financial services (4.7 miles) — HQ
- Tech Data — IT distribution (7.2 miles) — HQ
- WellCare Health Plans — managed care (16.6 miles) — HQ
- Cardinal Health — healthcare distribution (19.5 miles)
Built in 2005, this 32-unit asset is materially newer than much of the surrounding housing stock, offering relative competitiveness versus older properties while allowing investors to plan focused, non-invasive upgrades for durability and rent positioning. The immediate neighborhood shows below-metro occupancy and a lower renter concentration, but the broader 3-mile area exhibits household growth, smaller household sizes, and rising incomes that can deepen the tenant base and support steadier leasing performance.
Proximity to major employers across manufacturing, finance, healthcare, and distribution adds commute convenience and helps sustain demand. Measured pricing strategy is warranted given neighborhood affordability dynamics; however, rent levels have been rising locally and, according to CRE market data from WDSuite, the location’s employment access and everyday retail convenience can underpin retention with active management. Key risks include below-median neighborhood safety positioning, property-crime exposure, and potential competition from relatively accessible ownership options.
- 2005 vintage provides competitive positioning versus older local stock with manageable modernization needs
- Diversified nearby employers support workforce demand and commute-friendly leasing
- 3-mile area shows household growth and rising incomes, aiding tenant-base depth and occupancy stability
- Rising local rents create potential for measured rent positioning with attention to affordability
- Risks: below-metro neighborhood occupancy, lower renter concentration, mixed safety signals, and competition from entry-level ownership