| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 54th | Fair |
| Demographics | 34th | Poor |
| Amenities | 39th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3640 49th Ave N, Saint Petersburg, FL, 33714, US |
| Region / Metro | Saint Petersburg |
| Year of Construction | 1973 |
| Units | 102 |
| Transaction Date | 2018-06-04 |
| Transaction Price | $7,800,000 |
| Buyer | Waterside Village Apartments, LLC |
| Seller | 49TH AVENUE APARTMENTS LLC |
3640 49th Ave N Saint Petersburg Multifamily Investment
Neighborhood renter concentration sits in the top quintile nationally, supporting a durable tenant base; according to WDSuite’s CRE market data, elevated ownership costs relative to incomes in the area help sustain rental demand.
Located in an inner-suburban pocket of Saint Petersburg, the property benefits from everyday conveniences nearby. Grocery access performs above many peer areas (around the 69th percentile nationally), while parks and childcare density rank even higher, supporting day-to-day livability for families and working households. Dining and cafe density within the immediate neighborhood is limited, so residents may rely on short drives to adjacent corridors for entertainment and food options.
From an investment standpoint, the renter-occupied share in this neighborhood is high (top-quintile nationally), signaling depth in the tenant base and healthy leasing funnels for workforce-oriented product. Neighborhood occupancy trends sit around the middle of the Tampa–St. Petersburg–Clearwater metro pack, which points to demand that is steady but competitive across nearby submarkets. Median contract rents benchmark near the national mid-range, based on CRE market data from WDSuite, suggesting positioning that can compete on value while managing renewal risk.
Demographic statistics aggregated within a 3-mile radius show population growth over the last five years, alongside a larger household count and gradually smaller average household sizes. This combination typically expands the renter pool and supports occupancy stability, particularly for efficiently sized units like the average 634 square feet found here.
Home values in the neighborhood sit in the lower national ranges by price level, yet the value-to-income ratio is elevated versus many U.S. areas. For investors, that indicates a high-cost ownership market relative to local incomes, which tends to reinforce reliance on multifamily rentals and can support lease retention. At the same time, rent-to-income levels benchmark on the low side nationally, implying lower affordability pressure and some room for disciplined revenue management.
The asset’s 1973 vintage is slightly newer than the neighborhood’s average construction year, which can be competitively advantageous versus older local stock. Investors should still plan for targeted capital projects common to mid-1970s assets (systems, exteriors, and interiors), with potential value-add upside through modernization and unit finish enhancements.
Safety indicators for the neighborhood trail many Tampa–St. Petersburg–Clearwater areas, with the overall crime rank placing below a large share of metro neighborhoods (rank 493 out of 710). Nationally, the area sits below mid-range safety percentiles, which investors should factor into leasing strategy and on-site operations.
Trend signals are mixed: violent offense estimates have improved year over year (improvement sits above the national median), while property offense estimates remain elevated nationally and increased in the latest period. For underwriting, this argues for practical measures such as lighting, access controls, and community engagement to support retention and mitigate risk rather than relying solely on broader trend improvement.
Nearby corporate offices provide a diversified employment base that supports renter demand and commute convenience, led by Jabil Circuit, Raymond James Financial, Tech Data, and Wellcare Health Plans within a commutable radius.
- Jabil Circuit — corporate offices (3.5 miles)
- Jabil Circuit — corporate offices (4.1 miles) — HQ
- Raymond James Financial — corporate offices (4.9 miles) — HQ
- Tech Data — corporate offices (7.1 miles) — HQ
- Wellcare Health Plans — corporate offices (17.0 miles) — HQ
This 102-unit, 1973-vintage asset offers exposure to a renter-heavy neighborhood where elevated ownership costs relative to incomes underpin steady demand. According to multifamily property research from WDSuite, neighborhood rents and occupancy sit near the middle of metro ranges, positioning well for workforce tenants while allowing value-oriented rent strategies.
Within a 3-mile radius, recent population gains, a larger household base, and smaller average household sizes point to incremental renter pool expansion that can support occupancy stability. The mid-1970s construction suggests clear value-add opportunities through modernization and operating improvements, balanced by prudent underwriting around safety and competitive leasing conditions.
- Renter-heavy neighborhood (top-quintile nationally) supports durable leasing pipelines.
- Rents and occupancy near metro mid-range enable competitive positioning for workforce demand.
- 1973 vintage offers value-add potential via systems upgrades and interior modernization.
- 3-mile trends show population and household growth with smaller household sizes, adding depth to the renter base.
- Risks: below-average safety percentiles and limited dining density warrant proactive security and marketing strategies.