| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 76th | Best |
| Demographics | 73rd | Best |
| Amenities | 48th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 401 7th Ave S, Saint Petersburg, FL, 33701, US |
| Region / Metro | Saint Petersburg |
| Year of Construction | 1996 |
| Units | 34 |
| Transaction Date | 2005-11-17 |
| Transaction Price | $77,200 |
| Buyer | DAVIDSON THERESA |
| Seller | WHITTON BETTY |
401 7th Ave S, Saint Petersburg Multifamily Investment
Positioned in Saint Petersburg s urban core, the property benefits from a high renter-occupied presence in the surrounding neighborhood and elevated ownership costs that help sustain multifamily demand, according to WDSuite s CRE market data. Stable renter depth and proximity to employment hubs support ongoing leasing potential at this location.
This Urban Core neighborhood rates A and is competitive among Tampa-St. Petersburg-Clearwater neighborhoods (ranked 68 of 710). Restaurant density is strong (top decile nationally), while daily-needs retail such as groceries and pharmacies is thinner within the neighborhood boundary, suggesting residents may draw on nearby districts for errands. These dynamics typically support urban renter lifestyles and shorter commutes.
Renter-occupied housing is a defining feature here, indicating a deep tenant base and reinforcing multifamily demand. Median home values sit in a high-cost ownership market (upper deciles nationally), which can support lease retention and pricing power for well-managed rentals. Neighborhood median contract rents trend above many U.S. areas, but still under ownership carrying costs for many households a favorable backdrop for sustained rental demand.
Within a 3-mile radius, demographics show a modest population dip historically but an expected expansion ahead, with forecasts pointing to population growth and a meaningful increase in households by 2028. A shrinking average household size in the outlook implies more households relative to residents, which typically enlarges the renter pool and supports occupancy stability.
The asset s 1996 vintage is slightly newer than the local average construction year, offering relative competitiveness versus older stock while still warranting targeted updates for aging systems or light repositioning to capture demand. At the neighborhood level, NOI per unit performance sits in the top quartile nationally and near the top of the metro (ranked 12 of 710), underscoring attractive fundamentals for operators who execute well.
Safety indicators for the neighborhood are weaker than many parts of the Tampa-St. Petersburg-Clearwater metro (crime rank 534 of 710), and the area scores in lower national percentiles for safety. Recent trend data show property offenses moving downward year over year, suggesting some improvement, while violent offense trends have been more mixed. Investors typically account for elevated security measures, monitoring, and resident engagement when underwriting in similar urban-core locations.
Nearby corporate nodes provide a broad employment base that supports renter demand and commute convenience, including Jabil Circuit (electronics manufacturing), Raymond James Financial (financial services), Tech Data (IT distribution), and Cardinal Health (healthcare distribution).
- Jabil Circuit electronics manufacturing (6.8 miles)
- Jabil Circuit electronics manufacturing (7.2 miles) HQ
- Raymond James Financial financial services (8.7 miles) HQ
- Tech Data IT distribution (11.4 miles) HQ
- Cardinal Health healthcare distribution (19.0 miles)
401 7th Ave S offers exposure to Saint Petersburg s urban core with a deep renter base and high-cost ownership market that helps sustain multifamily demand. The property s 1996 vintage is modestly newer than the neighborhood average, positioning it competitively versus older stock while leaving room for targeted renovations to enhance durability and resident appeal. Based on commercial real estate analysis from WDSuite, neighborhood NOI per unit ranks near the top of the metro and in the top quartile nationally, reinforcing the case for disciplined operations.
Within a 3-mile radius, forecasts point to population growth and a sizable increase in households by 2028, implying a larger tenant base and supporting occupancy stability over the medium term. Elevated home values in the immediate area tend to reinforce renter reliance on multifamily housing, while neighborhood rent-to-income levels suggest prudent lease management and renewal strategies will remain important for retention.
- Urban-core location with high renter-occupied housing share supporting tenant depth
- 1996 vintage provides competitive positioning with room for value-add updates
- Strong neighborhood-level NOI positioning (top quartile nationally) per WDSuite data
- 3-mile forecasts indicate population and household growth, supporting leasing stability
- Risk: neighborhood safety ranks below many metro peers, requiring thoughtful security and underwriting