| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 39th | Poor |
| Demographics | 51st | Fair |
| Amenities | 53rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3797 37th St S, Saint Petersburg, FL, 33711, US |
| Region / Metro | Saint Petersburg |
| Year of Construction | 1974 |
| Units | 49 |
| Transaction Date | 2008-06-26 |
| Transaction Price | $5,049,000 |
| Buyer | BOCA CIEGA PARTNERS TC LP |
| Seller | BOCA CIEGA APARTMENTS LLC |
3797 37th St S St. Petersburg Value-Add Multifamily
1974 vintage with durable unit sizes positions this 49-unit asset for renovations and operational upside, according to WDSuite’s CRE market data. Neighborhood occupancy figures are measured at the neighborhood level, not the property, and local renter demand is supported by nearby employment and daily conveniences.
Located in Saint Petersburg’s inner-suburb setting, the property benefits from everyday convenience: neighborhood data show above-average access to groceries, pharmacies, cafes, and dining relative to U.S. neighborhoods, supporting resident satisfaction and lease retention. Park and childcare access are limited in the immediate neighborhood, which may focus the resident profile more toward adult households.
Neighborhood occupancy is measured at the neighborhood level and currently trails stronger Tampa–St. Petersburg–Clearwater submarkets, signaling room for differentiated product and professional management to capture share. The renter-occupied share of housing units is moderate (around one-third), indicating a meaningful tenant base while still competing with ownership options. Median home values in the neighborhood are lower than many coastal Florida locations, which can create competition from entry-level ownership; pricing and upgrade strategy should emphasize convenience, finishes, and professional service to sustain demand.
Property vintage is slightly older than the neighborhood average (1974 vs. mid-1970s), suggesting targeted capital planning—exterior, common areas, and in-unit systems—to enhance competitiveness against both newer product and refreshed peers. Average unit sizes near 936 sq. ft. can support value-add scopes (in-unit laundry, premium surfaces) that improve tenant mix without sacrificing functionality.
Within a 3-mile radius, demographics indicate a stable adult-weighted population today and projections for a larger household count over the next five years, pointing to a potential expansion of the renter pool and support for occupancy stability. Median household incomes have risen in recent years and are projected to grow further, and neighborhood rents are also projected to increase, per commercial real estate analysis from WDSuite; together these trends imply continued demand with a need for careful affordability management to support retention.
Neighborhood safety indicators compare less favorably to national benchmarks, with crime measures below the national median. However, WDSuite’s data show year-over-year declines in both property and violent offense rates, placing these improvements among stronger national movers. For investors, this points to a market where safety trends are improving but ongoing monitoring and property-level security practices remain prudent.
At the metro level (710 neighborhoods in Tampa–St. Petersburg–Clearwater), the neighborhood sits around the middle of the pack on crime. Investors should underwrite enhanced lighting, access control, and resident engagement to support leasing and retention while tracking whether the recent improvement trend persists.
Nearby corporate anchors provide a diverse employment base and commuter convenience that supports renter demand, including electronics manufacturing, financial services, IT distribution, and managed care. The employers below are listed by proximity.
- Jabil Circuit — electronics manufacturing (8.9 miles)
- Jabil Circuit — electronics manufacturing (9.4 miles) — HQ
- Raymond James Financial — financial services (10.5 miles) — HQ
- Tech Data — IT distribution (12.7 miles) — HQ
- Wellcare Health Plans — managed care (22.2 miles) — HQ
3797 37th St S offers a classic 1974-vintage, 49-unit footprint with larger average floorplans that lend themselves to a practical value-add program. Based on CRE market data from WDSuite, the immediate neighborhood shows solid access to daily amenities and proximity to major employers, while neighborhood-level occupancy sits below stronger submarkets—creating opportunity for renovated, professionally managed units to capture share.
Within a 3-mile radius, projections show growth in household counts and income, implying a larger tenant base and support for rent levels so long as affordability is managed. Lower neighborhood home values relative to many Florida coastal areas suggest some competition from ownership; pairing thoughtful upgrades with service quality can sustain pricing power and retention. Safety trends are improving but remain a diligence item, warranting prudent security measures and underwriting discipline.
- Value-add upside: 1974 vintage and large unit sizes support in-unit and common-area renovations.
- Demand drivers: amenity access and proximity to major employers aid leasing and retention.
- Renter pool expansion: 3-mile projections indicate more households and rising incomes supporting occupancy stability.
- Pricing strategy: balance rent growth with affordability to mitigate retention risk amid ownership competition.
- Risks: neighborhood safety ranks below national median and occupancy lags stronger submarkets—plan for security and conservative lease-up assumptions.