| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 56th | Fair |
| Demographics | 53rd | Fair |
| Amenities | 60th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4701 31st Ave N, Saint Petersburg, FL, 33713, US |
| Region / Metro | Saint Petersburg |
| Year of Construction | 1987 |
| Units | 20 |
| Transaction Date | 2005-08-30 |
| Transaction Price | $13,450,000 |
| Buyer | OAK PARK APTS LLC |
| Seller | PINELLAS 44 LLC |
4701 31st Ave N, Saint Petersburg Multifamily Investment
Neighborhood-level occupancy is elevated and has strengthened over the past five years, supporting steady renter demand near core job nodes, according to WDSuite’s CRE market data. These dynamics point to stable leasing with room for value-add operations rather than outsized growth assumptions.
Located in an inner-suburban pocket of Saint Petersburg, the neighborhood rates B+ (ranked 208 of 710 metro neighborhoods), placing it above the metro median and signaling balanced fundamentals for multifamily. Neighborhood occupancy is about 96% and has improved over the last five years, suggesting durable demand at the submarket level rather than property-specific performance.
Everyday conveniences are a local strength: grocery and pharmacy access rank in high national percentiles, while restaurants are competitive for the metro. Parks and cafes are comparatively limited, which may temper lifestyle appeal but does not typically impede workforce-oriented leasing. Average school ratings trend slightly above national mid-range, a neutral-to-modest positive for family renters.
The property’s 1987 vintage is newer than the neighborhood’s average construction year (1969). That positioning can be competitively favorable versus older stock, though capex planning for systems and common-area refreshes should be considered to sustain rentability against renovated comparables.
Tenure patterns indicate a renter-occupied share near the mid-30% range at the neighborhood level, pointing to a defined but not dominant renter base. For investors, this typically supports demand stability with moderate leasing velocity rather than deep, transient turnover pools.
Within a 3-mile radius, demographics show recent population stability with growth projected, an increase in households, and a gradual reduction in average household size. This combination generally expands the tenant base and supports occupancy stability over time. Median home values sit in a mid-range context for the region; in practice, this supports renter retention by keeping multifamily as a more accessible option relative to ownership without materially constraining move-up potential.
Safety indicators are below national medians for both violent and property offenses at the neighborhood level. Relative to the Tampa–St. Petersburg–Clearwater metro (710 neighborhoods), the neighborhood’s overall crime rank sits in the lower half, indicating investors should underwrite appropriate security measures and operational protocols.
Recent trend data show property offenses declining year over year, an improving signal that aligns with more resilient submarkets. Even with this progress, positioning remains below national benchmarks, so investors commonly budget for lighting, access control, and resident engagement to support retention and asset quality.
Proximity to major corporate offices underpins a steady commuter renter base and supports retention through convenience to employment, including electronics manufacturing, financial services, IT distribution, and healthcare.
- Jabil Circuit — electronics manufacturing (5.0 miles)
- Raymond James Financial — financial services (6.2 miles) — HQ
- Tech Data — IT distribution (8.1 miles) — HQ
- Wellcare Health Plans — healthcare (18.4 miles) — HQ
This 20-unit asset built in 1987 sits in a neighborhood with above-metro-median fundamentals and strengthening neighborhood occupancy, indicating stable demand and pragmatic rent growth expectations. Based on CRE market data from WDSuite, nearby amenities are strong for daily needs, while park and cafe density are lighter, positioning the asset as practical workforce housing rather than lifestyle-driven. The vintage is newer than the area’s average, offering competitive positioning against older stock, though investors should plan for targeted modernization to maintain leasing velocity.
At the neighborhood level, renter concentration is moderate, supporting depth without relying on highly transient demand. Within a 3-mile radius, population is stable with more households projected and smaller household sizes, trends that typically broaden the tenant pool and support occupancy stability. Home values and rent-to-income dynamics suggest manageable affordability pressures for renters, aiding retention and reducing turnover risk, provided management maintains service levels and capex discipline.
- Occupancy strength at the neighborhood level supports stable leasing and measured rent growth
- 1987 vintage offers competitive positioning versus older local stock with targeted value-add potential
- Strong access to groceries, pharmacies, and major employers supports tenant retention and leasing velocity
- Demographic trends within 3 miles point to a larger tenant base and support for occupancy stability
- Risks: below-national safety benchmarks and lighter park/cafe density warrant security planning and focused amenities