| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 56th | Fair |
| Demographics | 70th | Best |
| Amenities | 45th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4400 1st St N, Saint Petersburg, FL, 33703, US |
| Region / Metro | Saint Petersburg |
| Year of Construction | 1975 |
| Units | 31 |
| Transaction Date | 2005-01-20 |
| Transaction Price | $68,900 |
| Buyer | BLACKMON PROPERTIES LLC |
| Seller | HENRY ROSE M |
4400 1st St N, Saint Petersburg Multifamily Investment
Inner Suburb location with steady renter demand and proximity-driven convenience, according to WDSuite’s CRE market data for the surrounding neighborhood. Expect tenant interest supported by local incomes and daily-needs access rather than speculative drivers.
This Inner Suburb pocket of Saint Petersburg offers daily-needs convenience that supports leasing: neighborhood data show strong access to groceries and pharmacies, with restaurants performing well above national norms. By contrast, parks and cafes are limited within the neighborhood footprint, which may place a premium on onsite amenities or nearby private options for residents.
Relative to the Tampa–St. Petersburg–Clearwater metro’s 710 neighborhoods, the area’s overall neighborhood rating sits above the metro median (rank 187 of 710), signaling competitive fundamentals without relying on headline growth narratives. Restaurant density is high on a national basis (95th percentile), while grocery and pharmacy availability also track above national averages, helping underpin daily-life convenience and renter retention.
For investors evaluating tenant depth, unit tenure data indicate a meaningful renter-occupied share at the neighborhood level, supporting stable multifamily demand. Median home values in the neighborhood rank in the upper tiers nationally, indicating a relatively high-cost ownership market; that context typically sustains reliance on multifamily housing and can support pricing power when managed thoughtfully.
Demographic statistics aggregated within a 3-mile radius point to population growth and an increase in households, alongside a gradual reduction in average household size. That combination tends to expand the renter pool over time and supports occupancy stability, particularly for well-managed assets with everyday convenience and commute access.
Neighborhood safety indicators benchmark below national medians overall, based on WDSuite’s comparative crime percentiles. However, recent year-over-year trends show estimated declines in both violent and property offenses, signaling improving momentum rather than deterioration.
Within the Tampa–St. Petersburg–Clearwater metro (710 neighborhoods), the area does not sit among the top quartile for safety, so underwriting should incorporate prudent security measures and leasing assumptions. For stabilized assets, improvements in trend indicators can aid resident retention when paired with visible property-level safety practices.
Nearby corporate employment anchors help support renter demand through commute convenience, particularly in electronics manufacturing, financial services, IT distribution, and healthcare plans. The employers listed below represent notable drivers within practical commuting distance.
- Jabil Circuit — electronics manufacturing (3.9 miles) — HQ
- Raymond James Financial — financial services (5.5 miles) — HQ
- Tech Data — IT distribution (8.5 miles) — HQ
- Wellcare Health Plans — healthcare plans (16.1 miles) — HQ
Built in 1975, the property sits slightly newer than the neighborhood’s average vintage but remains an older asset by modern standards. That positioning often presents value-add potential through targeted renovations and systems upgrades while leveraging strong daily-needs access and a high-cost ownership environment that supports multifamily demand. According to CRE market data from WDSuite, neighborhood fundamentals are competitive in the metro and supported by elevated home values and meaningful renter concentration.
Investor takeaways include a renter base reinforced by commute-accessible employment, national-strength food and daily-needs amenities, and balanced rent-to-income context that can support retention. Offsetting considerations include below-median safety benchmarks and softer neighborhood occupancy relative to national readings, suggesting conservative lease-up and renewal assumptions are warranted.
- 1975 vintage with clear value-add upside via modernization and common-area upgrades
- High national standing for restaurants and strong grocery/pharmacy access supports daily-life convenience and retention
- Renter-occupied share at the neighborhood level indicates depth of tenant base and demand resilience
- Proximity to corporate employers (electronics, finance, IT distribution, healthcare) underpins leasing stability
- Risk: below-national-median safety metrics and softer neighborhood occupancy call for conservative underwriting and visible property-level security