| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 43rd | Poor |
| Demographics | 56th | Good |
| Amenities | 31st | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5600 22nd Ave N, Saint Petersburg, FL, 33710, US |
| Region / Metro | Saint Petersburg |
| Year of Construction | 1972 |
| Units | 26 |
| Transaction Date | 2005-05-06 |
| Transaction Price | $2,700,000 |
| Buyer | HENDRICKS ROGER S |
| Seller | PALM VILLA APARTMENTS LLC |
5600 22nd Ave N Saint Petersburg Multifamily Investment
Neighborhood data points to steady renter demand supported by smaller household sizes and projected household growth, according to WDSuite’s CRE market data. This location offers a pragmatic value-add angle focused on unit modernization and operational execution rather than outsized rent assumptions.
Set within an inner-suburban pocket of Saint Petersburg, the immediate area skews residential with limited retail density in walking distance. Childcare and pharmacies are relatively convenient — both sit in the top quartile nationally — while cafes, groceries, parks, and restaurants are sparse nearby, per WDSuite’s neighborhood data. For investors, that mix generally aligns with day-to-day needs but suggests residents rely on short drives for broader amenities.
Neighborhood occupancy is below the metro median (rank 602 of 710), which makes leasing strategy and tenant retention planning important. Median contract rents in the neighborhood test in the upper half nationally, while the rent-to-income ratio trends in lower national percentiles, a combination that can support renewals without acute affordability pressure. Home values are near the national midpoint, indicating a balanced ownership market that neither sharply pulls renters into ownership nor suppresses rental demand.
Within a 3-mile radius, population has been broadly stable in recent years while households increased, reflecting smaller household sizes. Forecasts point to a larger household base over the next five years and continued downsizing, which typically expands the renter pool and supports occupancy stability at well-run assets. Renter-occupied housing comprises roughly over a quarter of units within this radius, providing a meaningful, though not dominant, tenant base for multifamily.
The property’s 1972 vintage is slightly newer than the local housing stock average and lends itself to a focused value-add program. Modernizing interiors and addressing aging systems can improve competitive positioning versus older neighborhood inventory while maintaining a rent profile that remains defensible for working households.
Safety indicators in this neighborhood trend below national averages (crime national percentile in the 30s) and sit below the metro median (rank 390 of 710), so prudent on-site management and lighting, access control, and resident screening are important. That said, property crime has been improving year over year, with a notable downward shift recently, according to WDSuite’s data.
Investors should benchmark security measures to competitive Saint Petersburg assets and monitor trendlines rather than any single-year reading. Emphasizing visibility, maintenance, and community engagement typically supports retention and reduces non-revenue downtime.
Nearby corporate employment is diversified across electronics manufacturing, financial services, IT distribution, and healthcare — a mix that supports renter demand through commute convenience and professional wage profiles. Key nearby employers include Jabil Circuit, Raymond James Financial, Tech Data, and Wellcare Health Plans.
- Jabil Circuit — electronics manufacturing (5.9 miles)
- Jabil Circuit — electronics manufacturing (6.5 miles) — HQ
- Raymond James Financial — financial services (7.1 miles) — HQ
- Tech Data — IT distribution (8.7 miles) — HQ
- Wellcare Health Plans — managed care (19.3 miles) — HQ
This 26-unit, 1972-vintage asset offers a practical value-add path in an inner-suburban location where households are growing within a 3-mile radius and average household size is trending down. While neighborhood occupancy ranks below the metro median, rent-to-income readings are comparatively modest, suggesting room for operational improvements and targeted renovations to drive retention rather than relying on outsized rent growth. According to CRE market data from WDSuite, neighborhood rents sit in the upper half nationally while ownership costs remain near the national midpoint — dynamics that can sustain a stable renter base for well-managed properties.
Larger floorplans position the asset to capture downsizing households and renters seeking more space than typical garden units. Focused capital planning to address vintage-related systems and interior updates should improve competitive standing against older stock, with leasing stabilized through management execution, security best practices, and consistent resident services.
- Inner-suburban location with household growth nearby, supporting a broader renter pool over time
- 1972 vintage offers clear value-add via systems upgrades and interior modernization
- Rent-to-income levels indicate pricing headroom for renewals with disciplined lease management
- Proximity to diverse employers supports demand from professional tenants
- Risk: neighborhood occupancy and safety trend below metro/national norms, requiring strong management and security practices