| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 43rd | Poor |
| Demographics | 64th | Good |
| Amenities | 12th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 391 112th Ave N, Saint Petersburg, FL, 33716, US |
| Region / Metro | Saint Petersburg |
| Year of Construction | 2004 |
| Units | 72 |
| Transaction Date | 2003-05-20 |
| Transaction Price | $1,520,000 |
| Buyer | SPT WAH WYNGATE LLC |
| Seller | TWC TWENTY-NINE LTD |
391 112th Ave N, Saint Petersburg Multifamily
Renter demand is supported by a high neighborhood renter-occupied share and proximity to major employers, according to WDSuite’s CRE market data, though neighborhood occupancy trends sit below the metro median. Newer 2004 vintage relative to nearby stock positions the asset competitively for leasing.
Located in an Inner Suburb of the Tampa–St. Petersburg–Clearwater metro, the property sits near established employment corridors that underpin steady multifamily demand. Neighborhood occupancy is measured for the surrounding area, not this property, and currently trails the metro median; however, the neighborhood shows a high renter concentration, indicating a deeper tenant pool for workforce-oriented assets.
Within a 3-mile radius, population has edged higher and households have increased, with projections calling for further household growth through 2028. At the same time, average household size is trending smaller, which typically expands the renter pool and supports occupancy stability for well-managed communities.
The property’s 2004 construction is newer than the neighborhood’s average vintage (measured across the metro’s neighborhoods), which can reduce near-term capital needs while improving competitive positioning versus older stock. Investors may still consider targeted modernization as systems age to support retention and rent trade-outs.
Local amenities are modest at the neighborhood level—few cafes or parks—but restaurant density is competitive versus many U.S. neighborhoods. For investors, the balance of commuter access and nearby corporate campuses is the more meaningful driver of leasing velocity than street-level retail in this pocket.
Neighborhood safety indicators are mixed when framed against different benchmarks. Compared with other neighborhoods in the Tampa–St. Petersburg–Clearwater metro (710 total), the area’s crime rank suggests higher-than-average crime locally. Nationally, however, the neighborhood sits around the middle of the pack, with safety indicators modestly above the national median.
Recent trends are constructive: both violent and property offense estimates have declined sharply over the past year, placing the neighborhood among stronger improvers within the metro. As always, investors should evaluate asset-level security features and block-by-block dynamics during diligence rather than inferring property conditions from area statistics.
Proximity to major corporate campuses supports a broad white-collar and technical employment base, reinforcing renter demand and commute convenience for residents. Nearby anchors include Jabil Circuit, Raymond James Financial, Tech Data, and Wellcare Health Plans.
- Jabil Circuit — electronics manufacturing services (0.8 miles) — HQ
- Raymond James Financial — financial services (2.0 miles) — HQ
- Tech Data — IT distribution (5.2 miles) — HQ
- Wellcare Health Plans — managed care (12.2 miles) — HQ
This 72-unit asset, built in 2004, benefits from a renter-heavy neighborhood and adjacency to major employment nodes, supporting tenant demand and lease retention. The vintage is newer than much of the surrounding stock, which can translate to comparatively lower near-term capital needs while leaving room for targeted value-add to modernize finishes and common areas. Based on commercial real estate analysis from WDSuite, the surrounding neighborhood’s occupancy sits below the metro median, so hands-on leasing and amenity positioning are important, but household growth within a 3-mile radius and shrinking household sizes point to a larger renter base over the next several years.
Unit sizes averaging about 1,036 square feet are larger than typical Class B formats, offering flexibility for roommate and work-from-home demand. Coupled with proximity to anchor employers, the asset is positioned to capture steady renter inflows, with pricing power tied to execution on renovations and resident experience rather than street-level retail density.
- Newer 2004 vintage versus older neighborhood stock supports competitive positioning and moderates near-term capex.
- High renter concentration locally and projected household growth within 3 miles expand the tenant base.
- Proximity to Jabil, Raymond James Financial, and other employers supports leasing velocity and retention.
- Risk: Neighborhood occupancy trends below the metro median require active leasing strategy and thoughtful amenity/value-add execution.