| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 54th | Fair |
| Demographics | 34th | Poor |
| Amenities | 39th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3600 49th Ave N, Saint Petersburg, FL, 33714, US |
| Region / Metro | Saint Petersburg |
| Year of Construction | 1976 |
| Units | 102 |
| Transaction Date | 2017-04-27 |
| Transaction Price | $5,700,000 |
| Buyer | Mallah Enterprises |
| Seller | Franklin Street Real |
3600 49th Ave N, St. Petersburg — 1976 Value-Add Multifamily
Neighborhood renter demand and mid-market positioning suggest durable leasing fundamentals, according to WDSuite’s CRE market data, with affordability supporting retention more than outsized rent growth.
Situated in an Inner Suburb of Saint Petersburg within the Tampa–St. Petersburg–Clearwater metro, the neighborhood shows middle-of-the-pack performance overall (ranked 522 among 710 metro neighborhoods). Parks and childcare access stand out as relative strengths — both in the top quartile nationally — while grocery access trends above national averages. Dining and cafe density are limited, pointing to a more residential setting than a retail-driven corridor.
Neighborhood occupancy is 88.7% (neighborhood metric, not the property), indicative of a stable but competitive leasing environment for workforce housing. The share of renter-occupied housing units in the neighborhood is 39.7% (80th percentile nationally for renter concentration), supporting depth of the tenant base for multifamily assets.
The property’s 1976 construction is slightly newer than the neighborhood’s average vintage (1968). For investors, that typically means competitive positioning versus older stock, with potential to drive value through targeted renovations and modernization of systems common to late-1970s buildings.
Within a 3‑mile radius, demographics point to steady population growth over the last five years, a larger household count, and modestly smaller average household sizes. Projections through 2028 indicate further increases in households and incomes, which supports a growing renter pool and occupancy stability. Elevated ownership costs relative to income at the neighborhood level (upper-quartile value-to-income nationally) tend to reinforce reliance on rental housing and can aid lease retention.
Safety conditions are mixed and should be evaluated alongside property-level security and management practices. The neighborhood’s crime rank sits below the metro median (493 of 710 Tampa–St. Petersburg–Clearwater neighborhoods), indicating higher incident rates than many parts of the region.
Compared with neighborhoods nationwide, indicators align below the national median for safety; however, violent incidents have eased year over year (improvement trend), which is a constructive signal to monitor over time. As always, conditions vary by block and evolve; investors typically underwrite mitigation through lighting, access control, and resident engagement.
The area draws from a diversified employment base with strong concentrations in electronics, financial services, IT distribution, and managed care — supporting commuter convenience and multifamily demand for workforce housing near these corridors.
- Jabil Circuit — electronics manufacturing (3.5 miles)
- Jabil Circuit — electronics manufacturing (4.1 miles) — HQ
- Raymond James Financial — financial services (4.9 miles) — HQ
- Tech Data — IT distribution (7.1 miles) — HQ
- Wellcare Health Plans — managed care (17.0 miles) — HQ
This 102‑unit, 1976 vintage asset offers a straightforward value‑add path in a neighborhood with steady renter demand and middle‑market operating profiles. Neighborhood occupancy sits in a stable range and the renter‑occupied share is comparatively high, supporting a deeper tenant base; according to CRE market data from WDSuite, affordability is favorable relative to incomes, which tends to bolster retention even if it moderates near‑term rent push.
Parks and childcare access compare well nationally, while limited restaurant and cafe density underscores a primarily residential context. Within a 3‑mile radius, recent gains in households and incomes — alongside projections for additional household growth and smaller household sizes — point to a gradually expanding renter pool. Given the late‑1970s vintage, investors can target interior upgrades and system modernization to enhance competitiveness against older stock.
- 1976 vintage with clear value‑add potential via interiors and building systems
- Renter‑occupied share supports tenant depth and leasing stability at the neighborhood level
- Household and income growth within 3 miles supports sustained multifamily demand
- Amenity strengths in parks/childcare; residential setting with limited dining may temper premium positioning
- Risk: Safety metrics trail metro and national medians; underwriting should include security and community engagement