| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 53rd | Fair |
| Demographics | 41st | Fair |
| Amenities | 28th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3301 6th St S, Saint Petersburg, FL, 33705, US |
| Region / Metro | Saint Petersburg |
| Year of Construction | 1987 |
| Units | 20 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
3301 6th St S St. Petersburg 20-Unit Multifamily
Neighborhood occupancy has improved over the past five years while renter demand within a 3-mile radius is substantial, according to WDSuite’s CRE market data. This positioning supports durable leasing for a smaller asset where pricing power hinges on local fundamentals, not luxury appeal.
The property sits in an inner-suburb pocket of Saint Petersburg where neighborhood-level rents benchmark above the national median (78th percentile) and have risen meaningfully over five years. At the same time, neighborhood occupancy has trended upward but remains below the metro median, so underwriting should prioritize leasing execution and concessions discipline rather than outsized rent growth assumptions.
Within a 3-mile radius, the share of housing units that are renter-occupied is approximately one-half, indicating a deep tenant base for workforce and mid-market product. Population has been roughly flat recently, but forecasts point to material population and household growth by 2028, which supports a larger tenant base and occupancy stability for multifamily. Median household incomes in the 3-mile area have advanced, and projected gains further expand the renter pool; investors should read this as support for steady absorption rather than a license for aggressive rent steps.
Local livability features skew toward outdoor and dining access: parks density ranks in the top quartile nationally, and restaurants per square mile are also top quartile. Daily retail within the immediate neighborhood footprint is thinner (limited grocery, pharmacy, and café counts), so residents may rely on short drives for errands—relevant for lease marketing and tenant retention. Average school ratings are below national norms, which may have modest implications for family-driven demand.
Home values in the neighborhood sit near national mid-range with a value-to-income profile indicating a high-cost ownership market relative to local incomes. That context typically sustains reliance on multifamily housing and can aid lease retention, while the area’s rent-to-income profile suggests manageable affordability pressure—useful for renewal strategies and minimizing turnover risk.
Relative to national comparisons, the neighborhood scores weaker on safety; however, both violent and property offense rates have declined year over year, signaling an improving trend rather than deterioration. Within the metro, this area compares below average on safety, so investors should incorporate prudent security, lighting, and resident-engagement measures into operating plans while noting the positive direction of recent data.
Proximity to diversified corporate employers supports renter demand through commute convenience and a broad professional workforce, including electronics manufacturing, financial services, and technology distribution represented below.
- Jabil Circuit — electronics manufacturing (8.4 miles)
- Jabil Circuit — electronics manufacturing (8.9 miles) — HQ
- Raymond James Financial — financial services (10.3 miles) — HQ
- Tech Data — technology distribution (13.0 miles) — HQ
- Cardinal Health — healthcare distribution (19.9 miles)
3301 6th St S offers 20 units in a renter-heavy trade area where neighborhood rents outperform national medians and 3-mile household and income projections indicate a growing tenant base. While neighborhood occupancy remains below the metro median, the five-year upward trend, combined with top-quartile access to parks and dining and proximity to major employers, supports a case for steady leasing with disciplined management. According to CRE market data from WDSuite, ownership costs in the area are relatively elevated versus incomes, which tends to sustain multifamily demand and bolster renewal potential.
Key underwriting considerations include below-average school ratings, thinner daily retail within the immediate neighborhood, and safety metrics that trail metro and national benchmarks—partly offset by recent improvement trends. Overall, the thesis favors reliable occupancy and value-add through targeted unit and common-area improvements calibrated to workforce renters rather than luxury premiums.
- Renter depth within 3 miles and rising incomes support demand and absorption
- Neighborhood rents rank above national medians, aiding pricing power with prudent execution
- Top-quartile parks and strong dining access enhance livability and retention potential
- Proximity to major employers underpins a stable commuter tenant base
- Risks: below-metro safety and school ratings; limited nearby daily retail; occupancy below metro median