| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 39th | Poor |
| Demographics | 51st | Fair |
| Amenities | 53rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3401 37th St S, Saint Petersburg, FL, 33711, US |
| Region / Metro | Saint Petersburg |
| Year of Construction | 1974 |
| Units | 60 |
| Transaction Date | 2005-01-11 |
| Transaction Price | $6,100,000 |
| Buyer | BOCA CIEGA PARTNERS TC LP |
| Seller | BOCA CIEGA APARTMENTS LLC |
3401 37th St S, Saint Petersburg Multifamily Investment
St. Petersburg’s inner-suburb location provides steady renter demand supported by nearby employment centers, while neighborhood occupancy and affordability trends warrant disciplined lease management, according to WDSuite’s commercial real estate analysis.
Located in an Inner Suburb of Saint Petersburg, the neighborhood carries a B- rating and ranks 391 out of 710 metro neighborhoods. Amenity access is practical for everyday needs, with grocery and pharmacy density testing well above national norms, while cafes and restaurants are reasonably represented. Parks and formal childcare options are limited within the neighborhood footprint, so onsite and nearby private amenities can influence leasing appeal.
Rents in the neighborhood benchmark in the top quartile nationally, while the neighborhood occupancy rate ranks 619 out of 710 in the metro, signaling below-metro-median housing occupancy. For multifamily owners, that points to careful lease-up and renewal strategies to sustain occupancy. The share of renter-occupied housing units sits at 31.2% (competitive among Tampa-St. Petersburg-Clearwater neighborhoods), indicating a moderate renter base that can support multifamily absorption without relying solely on in-migration.
Within a 3-mile radius, recent population trends were flat to slightly negative, but WDSuite data indicate forward-looking growth with a projected increase in households and a smaller average household size. That shift typically expands the renter pool and can support occupancy stability for well-positioned properties. Median household income in the 3-mile area has risen, and forecast rent levels also advance, reinforcing revenue potential if paired with prudent underwriting.
The property’s 1974 vintage is slightly older than the neighborhood’s average construction year (1976). Investors should plan for targeted capital projects—systems, interiors, or common areas—to sharpen competitive positioning against newer and renovated stock, creating value-add or modernization upside where ROI pencils.
Home values in the neighborhood are relatively low versus national benchmarks. That means ownership can be more attainable locally, which may create some competition with rentals. Conversely, strong employment access and day-to-day amenity coverage can reinforce renter reliance on multifamily housing when properties offer quality finishes, conveniences, and professional management.
Neighborhood safety trends are mixed. Compared with neighborhoods nationwide, the area sits below average on safety metrics, but estimated violent and property offense rates have declined year over year, according to CRE market data from WDSuite. Within the Tampa-St. Petersburg-Clearwater metro, the neighborhood’s crime rank is toward the lower half (327 out of 710), indicating safety outcomes that are not among the metro’s leaders, yet recent downward trends suggest conditions have been improving.
For investors, this calls for standard operational measures—good lighting, access control, and resident engagement—paired with value-oriented amenities that support retention.
Proximity to major corporate offices supports a broad commuter tenant base and can aid leasing stability. Key nodes include electronics manufacturing, financial services, technology distribution, and managed healthcare offices noted below.
- Jabil Circuit — electronics manufacturing offices (9.3 miles) — HQ
- Raymond James Financial — financial services (10.4 miles) — HQ
- Tech Data — technology distribution (12.5 miles) — HQ
- Wellcare Health Plans — managed healthcare (22.0 miles) — HQ
- Cardinal Health — healthcare distribution (22.3 miles)
This 60-unit, 1974-vintage asset in Saint Petersburg’s inner suburbs benefits from day-to-day amenity access and proximity to major employers, with a renter base that is competitive among metro neighborhoods. Neighborhood occupancy trends sit below the metro median, so execution hinges on disciplined leasing and resident retention. Within a 3-mile radius, forecasts point to population growth, rising incomes, and a larger household count alongside smaller household sizes—signals that typically expand the renter pool and support steady absorption. According to CRE market data from WDSuite, rents benchmark strong nationally, which can translate to revenue durability when paired with right-sized value-add and service quality.
The 1974 vintage suggests targeted capex—mechanical systems, unit interiors, and common-area upgrades—can unlock value and improve competitive standing versus newer or renovated comparables. While relatively accessible home values may create competition from entry-level ownership, employment access and convenience retail help sustain renter demand. Affordability pressure indicators imply the need for measured rent growth and proactive renewal strategies.
- Inner-suburb location with strong everyday amenities and major employers supporting a durable commuter tenant base
- 1974 vintage offers value-add potential through systems, interiors, and common-area upgrades
- 3-mile forecasts show rising households and smaller household sizes, expanding the renter pool
- Strong rent positioning nationally; disciplined leasing needed given below-metro occupancy
- Risks: relatively accessible ownership options, affordability pressure, and safety trends require careful operations