| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 54th | Fair |
| Demographics | 34th | Poor |
| Amenities | 39th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4201 49th St N, Saint Petersburg, FL, 33709, US |
| Region / Metro | Saint Petersburg |
| Year of Construction | 1984 |
| Units | 90 |
| Transaction Date | 2019-04-30 |
| Transaction Price | $10,725,000 |
| Buyer | Michaelson Real Estate Group |
| Seller | New Towne Serenity Creek, LLC |
4201 49th St N St. Petersburg Multifamily Investment
Positioned in an inner-suburb corridor with a stable renter base and employment access, this 1984 asset offers operational upside where neighborhood occupancy trends in the high‑80s, according to WDSuite’s CRE market data. The vintage supports a pragmatic value‑add program while maintaining competitive positioning against older local stock.
The property sits in an Inner Suburb pocket of Saint Petersburg that is competitive among Tampa–St. Petersburg–Clearwater neighborhoods, with a neighborhood rating of C (ranked 522 out of 710). Neighborhood occupancy is about 88.7% (rank 400 of 710), indicating performance modestly below the metro median but generally stable over the past five years. Renter-occupied housing accounts for roughly 39.7% of units (rank 150 of 710), placing the area in the top quartile for renter concentration within the metro — a positive signal for multifamily demand depth and leasing liquidity.
Livability drivers are mixed. Grocery access scores above national norms (69th percentile), and parks coverage is strong (83rd percentile), supporting day‑to‑day convenience and resident retention. Cafe and restaurant density is limited in the immediate blocks (both at the bottom of national percentiles), suggesting residents may rely on nearby commercial corridors for dining. School rating averages are not available in this dataset and are therefore not evaluated here.
Ownership economics point to sustained rental reliance. Median home values sit below national medians but the value‑to‑income ratio ranks in the top quartile nationally, indicating a relatively high‑cost ownership market compared with local incomes — conditions that tend to reinforce multifamily demand and lease retention. At the same time, the neighborhood rent‑to‑income ratio is low by national comparison, which supports occupancy stability and renewals but may temper near‑term pricing power.
Vintage dynamics matter: neighborhood housing skews older (average year 1968; rank 622 of 710). A 1984 asset competes favorably against this backdrop, while still offering room for targeted modernization of interiors and building systems for rent and NOI lift. Demographic statistics aggregated within a 3‑mile radius show modest population growth recently and a projected increase in households alongside smaller household sizes by 2028 — trends that typically expand the renter pool and support steady absorption, based on commercial real estate analysis from WDSuite.
Safety indicators for the neighborhood trail national benchmarks, with overall crime measures around the lower national percentiles. Within the Tampa–St. Petersburg–Clearwater metro, crime ranks 493 out of 710 neighborhoods, positioning it below the metro median. Violent‑offense indicators are also below national medians but have improved year over year, while property‑offense measures remain comparatively elevated.
For investors, this suggests underwriting that factors in security posture and tenant‑experience improvements, while acknowledging the recent directional improvement in violent‑offense trends. Comparisons should be made against peer neighborhoods rather than block‑level assumptions.
Nearby corporate anchors in electronics manufacturing, financial services, IT distribution, and managed care support a broad commuter tenant base and help stabilize leasing through varied economic cycles. The following employers are within commuting distance and contribute to workforce housing demand.
- Jabil Circuit — electronics manufacturing (4.5 miles)
- Jabil Circuit — electronics manufacturing (5.1 miles) — HQ
- Raymond James Financial — financial services (5.6 miles) — HQ
- Tech Data — IT distribution (7.4 miles) — HQ
- Wellcare Health Plans — managed care (17.9 miles) — HQ
This 90‑unit, 1984 vintage property offers a balanced value‑add and operational execution thesis in a renter‑supported inner‑suburb location. Neighborhood occupancy in the high‑80s and top‑quartile renter concentration within the metro indicate a durable tenant base and consistent leasing velocity, while the asset’s newer‑than‑average vintage versus local stock provides a competitive baseline with clear modernization upside. According to CRE market data from WDSuite, ownership costs relative to incomes are elevated in the area, which tends to sustain multifamily reliance even as rents remain manageable against local earnings.
Demographic statistics aggregated within a 3‑mile radius point to modest population growth and a projected increase in households with smaller household sizes by 2028, which generally expands the renter pool and supports occupancy stability. Amenity access is adequate for groceries and parks, and proximity to diversified employers underpins workforce demand, though limited immediate dining/retail density and below‑median safety metrics warrant prudent asset management and underwriting.
- Renter-supported submarket with high‑80s neighborhood occupancy and top‑quartile renter concentration in the metro
- 1984 vintage is competitive versus older local stock and suitable for targeted renovations to drive NOI
- Ownership costs relatively high versus incomes, reinforcing multifamily demand and lease retention
- 3‑mile data indicate household growth and smaller household sizes, supporting renter pool expansion
- Risks: below‑median safety metrics, limited immediate dining/retail density, and low rent‑to‑income ratios that may moderate pricing power