| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 71st | Best |
| Demographics | 80th | Best |
| Amenities | 93rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 298 8th St N, Saint Petersburg, FL, 33701, US |
| Region / Metro | Saint Petersburg |
| Year of Construction | 2010 |
| Units | 82 |
| Transaction Date | 2009-07-31 |
| Transaction Price | $1,600,000 |
| Buyer | SP BURLINGTON SENIOR LP |
| Seller | WESTLAKE PARTNERS LLC |
298 8th St N St. Petersburg Multifamily Investment
Stabilized renter demand is supported by an Urban Core location with strong neighborhood amenities, according to WDSuite’s CRE market data. Neighborhood occupancy metrics reference the surrounding area, not this asset, and point to disciplined lease management as a path to durable performance.
Situated in Saint Petersburg’s Urban Core, the property benefits from a high-performing neighborhood context. The area carries an A+ neighborhood rating and ranks 4 out of 710 metro neighborhoods, placing it among the most competitive locations in the Tampa–St. Petersburg–Clearwater metro. Amenity access is a clear strength, with restaurants and parks ranking in the top quartile nationally, supporting lifestyle appeal that helps with leasing and retention.
Local dynamics favor multifamily demand. The share of housing units that are renter-occupied in the neighborhood is 46%, indicating a sizable tenant base for an 82‑unit community. Home values are elevated relative to incomes in this neighborhood, which tends to sustain reliance on rental housing and can support pricing power when managed carefully.
Demographic statistics are aggregated within a 3‑mile radius and show modest recent population growth with an expected increase in households over the next five years, implying a larger tenant base and support for occupancy stability. At the same time, average household size is trending smaller, which typically increases demand for professionally managed apartment units near employment and services.
Vintage matters for competitive positioning. Built in 2010, this asset is newer than much of the surrounding housing stock (which skews 1970s), giving it an advantage against older comparables while still warranting attention to mid‑life systems and common‑area refreshes to maintain performance.
Safety metrics vary within urban cores. In this neighborhood, crime ranks 420 out of 710 metro neighborhoods, indicating conditions below the metro median. Nationally benchmarked indicators sit in lower percentiles, but recent trends show improvement: estimated violent offenses declined year over year, and property offenses posted a notable year‑over‑year decrease. Investors often account for these dynamics through lighting, access controls, and resident engagement to support retention.
These figures reflect neighborhood‑level conditions rather than property‑specific incidents. Comparing trend direction alongside leasing performance helps assess whether operating practices are mitigating risk over time.
The Urban Core location offers access to a diversified employment base that supports renter demand and commute convenience, notably in electronics manufacturing, financial services, IT distribution, and healthcare. The employers listed below anchor regional job growth and can bolster leasing stability.
- Jabil Circuit — electronics manufacturing (6.4 miles) — HQ
- Raymond James Financial — financial services (7.8 miles) — HQ
- Tech Data — IT distribution (10.5 miles) — HQ
- Wellcare Health Plans — healthcare services (18.7 miles) — HQ
This 82‑unit 2010 vintage community is positioned in a top‑ranked Urban Core neighborhood with strong amenity access and a sizable renter base. Elevated ownership costs in the neighborhood reinforce reliance on rental housing, while 3‑mile demographic trends point to household growth and a gradually expanding tenant pool that can support occupancy stability.
Based on commercial real estate analysis using WDSuite’s CRE market data, the neighborhood’s renter-occupied share and amenity depth underpin demand, though investors should plan for disciplined lease management given neighborhood‑level occupancy readings and sensitivity to rent‑to‑income. Mid‑life capital planning focused on systems and common areas can help preserve competitive positioning against older stock.
- Urban Core location ranked among the strongest in a 710‑neighborhood metro, supporting leasing and retention
- 2010 construction offers competitive positioning versus older neighborhood stock with targeted mid‑life upgrades
- Elevated ownership costs in the neighborhood sustain depth of rental demand and pricing power when managed carefully
- 3‑mile forecasts indicate household growth and a larger tenant base, supporting occupancy stability over time
- Risks: neighborhood‑level occupancy and safety readings necessitate vigilant leasing, security, and affordability monitoring