| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 60th | Good |
| Demographics | 58th | Good |
| Amenities | 62nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 528 88th Ave N, Saint Petersburg, FL, 33702, US |
| Region / Metro | Saint Petersburg |
| Year of Construction | 1972 |
| Units | 40 |
| Transaction Date | 2019-06-06 |
| Transaction Price | $2,900,000 |
| Buyer | Hudson Gateway LLC |
| Seller | Lg-88 LLC |
528 88th Ave N St. Petersburg Multifamily Investment
Neighborhood renter demand is durable, supported by a high share of renter-occupied units and proximity to major employers, according to WDSuite’s CRE market data. This positions the asset for steady leasing while offering operational upside through targeted renovations.
Located in an Inner Suburb of Saint Petersburg, the neighborhood scores A- and ranks 152 out of 710 metro neighborhoods, placing it above the metro median. Daily-needs access is a strength—grocery and pharmacy density rank competitively in the metro and test in high national percentiles—while cafes and parks are limited locally. For investors, this mix supports day-to-day convenience and resident retention even if lifestyle amenities are more destination-based.
Multifamily fundamentals are solid at the neighborhood level. Neighborhood occupancy has trended upward over the past five years and the area shows a high renter concentration (renter-occupied share of housing units is elevated, ranking near the top of the metro and testing in the 90s nationally). This indicates a deep tenant base and supports leasing stability for workforce-oriented properties.
Within a 3-mile radius, demographics show population and household growth over the last five years, with households expanding faster than population and average household size edging down. That combination typically expands the renter pool and supports occupancy stability and leasing velocity. Income levels have risen meaningfully, and median contract rents have increased from prior periods, suggesting room for disciplined rent management rather than aggressive mark-to-market assumptions.
The property’s 1972 vintage is slightly older than the neighborhood’s average construction year (1977). For investors, that points to potential value-add through unit modernization and systems upgrades, balanced against capital planning needs to stay competitive with newer stock.
Safety indicators are mixed. Neighborhood crime ranks 424 out of 710 metro neighborhoods, indicating conditions that trail the metro median and sit below national averages for safety. However, property-related offenses show a notable year-over-year decline, placing that improvement among the stronger trends nationally. Investors should underwrite security, lighting, and resident engagement measures while recognizing the recent downward trend in property offenses.
Nearby corporate anchors create a broad employment base and short commutes for residents, supporting demand and lease retention for workforce housing. Key employers include Jabil Circuit, Raymond James Financial, Tech Data, and Wellcare Health Plans.
- Jabil Circuit — electronics manufacturing (1.1 miles) — HQ
- Raymond James Financial — financial services (2.8 miles) — HQ
- Tech Data — IT distribution (6.0 miles) — HQ
- Wellcare Health Plans — managed care (13.7 miles) — HQ
This 40-unit, 1972 multifamily asset offers a practical value-add path in a neighborhood that ranks above the metro median and demonstrates steady renter demand. Neighborhood occupancy has improved over the past five years, and a high share of housing units are renter-occupied, signaling depth of tenant base and support for lease-up and renewal efforts. Elevated home values relative to incomes in the area further reinforce reliance on rentals, which can underpin pricing power when paired with thoughtful asset improvements.
Within a 3-mile radius, population and households have grown, with household formation outpacing population growth and average household size trending smaller—dynamics that typically expand the renter pool and support occupancy stability. According to CRE market data from WDSuite, the area’s daily-needs access (strong grocery and pharmacy presence) is a relative advantage, while the property’s older vintage suggests targeted renovations could drive rent and retention without overextending capex.
- High renter-occupied share at the neighborhood level supports leasing depth and renewal stability.
- 1972 vintage presents value-add potential through unit and systems modernization.
- Strong daily-needs access (grocery, pharmacy) aids resident convenience and retention.
- 3-mile population and household growth point to a larger tenant base over time.
- Risk: Safety metrics trail metro medians; underwrite security and operational controls alongside renovations.