| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 56th | Fair |
| Demographics | 53rd | Fair |
| Amenities | 60th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3103 37th St N, Saint Petersburg, FL, 33713, US |
| Region / Metro | Saint Petersburg |
| Year of Construction | 1973 |
| Units | 20 |
| Transaction Date | 2014-05-29 |
| Transaction Price | $1,925,000 |
| Buyer | DEVON MANOR APARTMENT PROPERTIES LLC |
| Seller | DEVON MANOR APARTMENTS LLC |
3103 37th St N Saint Petersburg Value-Add Multifamily
Positioned in an inner-suburb pocket of Saint Petersburg with stable neighborhood occupancy, this 20-unit asset offers value-add potential and durable renter demand, according to WDSuite’s CRE market data. Relative affordability and proximity to major employers support leasing consistency without relying on outsized rent growth assumptions.
The property sits in a B+ rated Inner Suburb neighborhood within the Tampa–St. Petersburg–Clearwater metro (ranked 208 of 710 metro neighborhoods), suggesting competitive positioning among local peers rather than a fringe location. Neighborhood occupancy trends are a strength: performance is above the metro median and in the top quartile nationally, per CRE market data from WDSuite. For investors, this points to steady tenant retention and fewer vacancy-driven surprises.
Daily needs are well covered nearby. Grocery and pharmacy access track in high national percentiles, and restaurants are similarly abundant, supporting resident convenience and lease appeal. Cafés and parks are less concentrated in this immediate area, so marketing should emphasize practicality and connectivity over boutique recreation.
Renter concentration in the neighborhood is meaningfully present (measured as the share of housing units that are renter-occupied), indicating a workable tenant base for multifamily operators. Within a 3-mile radius, households have grown in recent years while average household size has edged lower, expanding the pool of households seeking flexible housing options. Incomes have risen, and rent levels in this area remain in a range that typically supports retention-focused strategies rather than aggressive turnover.
Home values sit around the middle of national comparisons, which can introduce some competition from ownership options. Even so, a high-cost ownership dynamic is not the primary theme here; rather, balanced ownership costs and moderate rent-to-income ratios can support lease stability, particularly for renovated, well-managed units.
Vintage and positioning: Built in 1973, the property is slightly newer than the neighborhood’s average vintage. Operators should still plan for targeted system upgrades and cosmetic improvements to sharpen competitive positioning against renovated stock and capture value-add upside.
Safety indicators for the neighborhood trend below national benchmarks, and the area ranks below the metro median (458 out of 710 metro neighborhoods). Investors should underwrite with prudent security and lighting enhancements and factor in resident communication around safety. A notable positive: property offenses have trended downward over the past year, which, according to WDSuite’s CRE market data, may help sentiment if the trend continues. Overall, frame expectations as workable with standard multifamily risk controls rather than as a core differentiator.
Proximity to diversified employers helps support workforce housing demand and commute convenience, particularly for residents tied to manufacturing, financial services, and technology. Key nearby employers include Jabil Circuit, Raymond James Financial, Tech Data, and Wellcare Health Plans.
- Jabil Circuit — manufacturing & technology (4.6 miles)
- Raymond James Financial — financial services (6.0 miles) — HQ
- Tech Data — technology distribution (8.2 miles) — HQ
- Wellcare Health Plans — healthcare services (18.0 miles) — HQ
This 20-unit, 1973-vintage asset in Saint Petersburg’s inner suburbs benefits from solid neighborhood occupancy and a renter base supported by access to daily amenities and major employers. Based on commercial real estate analysis from WDSuite, the neighborhood’s occupancy performance trends above the metro median and into stronger national percentiles, supporting an underwriting case focused on retention and operational improvements rather than speculative lease-up.
With mid-range home values and moderate rent-to-income dynamics, the submarket is positioned for steady demand, particularly if renovations enhance unit quality. Targeted capital plans—mechanicals, interiors, and curb appeal—can lift competitiveness against renovated comparables while leveraging stable local fundamentals and a broadening 3-mile household base.
- Neighborhood occupancy trends are strong versus metro and competitive nationally, supporting leasing stability.
- 1973 vintage allows focused value-add (systems and interiors) to enhance positioning and rents.
- Access to groceries, pharmacies, restaurants, and nearby corporate employers underpins renter demand.
- Balanced ownership costs and moderate rent-to-income ratios support retention-focused revenue management.
- Risk: Safety metrics trail metro and national benchmarks; consider security investments and communications in underwriting.