| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 54th | Fair |
| Demographics | 65th | Good |
| Amenities | 52nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5700 22nd St N, Saint Petersburg, FL, 33714, US |
| Region / Metro | Saint Petersburg |
| Year of Construction | 2002 |
| Units | 32 |
| Transaction Date | 2019-02-14 |
| Transaction Price | $48,850,000 |
| Buyer | 29SC CALAIS 2 LP |
| Seller | VR CALAIS PARK HOLDINGS LP |
5700 22nd St N Saint Petersburg Multifamily Opportunity
Positioned in an inner-suburb pocket of Saint Petersburg, this 32-unit asset benefits from renter demand supported by nearby employment hubs and a neighborhood that has shown improving occupancy trends, according to WDSuite’s CRE market data. The 2002 construction is competitive versus older local stock, helping performance and reducing near-term functional obsolescence risk.
The property sits in a B+ rated neighborhood that is competitive among Tampa-St. Petersburg-Clearwater neighborhoods (ranked 193 out of 710). Local fundamentals indicate steady renter demand: neighborhood occupancy has improved over the past five years, and median asking rents track on the higher end nationally, per WDSuite’s CRE market data.
2002 vintage stands newer than the area’s typical 1970s housing stock. That positioning generally enhances leasing competitiveness against older assets while still calling for routine system updates as the property ages. The renter-occupied share in the immediate neighborhood is lower than in many urban cores, which can temper depth locally; however, the broader 3-mile radius shows a growing household base and income gains, supporting a larger tenant pool for multifamily.
Amenities are balanced for daily needs: grocery and parks density rate above national norms, and childcare access is strong, while pharmacy and café coverage are thinner. Average school ratings sit near the metro middle. These dynamics favor workforce renters prioritizing commute convenience and essentials over lifestyle retail concentration.
Home values in the neighborhood are relatively moderate in the national context. That ownership landscape can introduce some competition from entry-level buying, but rent-to-income ratios in the area indicate manageable affordability pressure for renters, which can support retention and occupancy stability.
Safety indicators for the neighborhood trend below national averages, based on nationwide percentiles. Even so, recent year-over-year data from WDSuite points to declining rates for both property and violent offenses, indicating an improving trajectory rather than deterioration.
Within the Tampa-St. Petersburg-Clearwater metro, the area presents a mixed profile: not among the metro’s safest clusters, yet showing directional improvement that investors can monitor as part of ongoing asset and leasing risk management.
Proximity to established employers underpins renter demand and lease retention potential, with nearby anchors in electronics manufacturing, financial services, IT distribution, and managed care that draw and sustain a diverse workforce.
- Jabil Circuit — electronics manufacturing (2.6 miles)
- Raymond James Financial — financial services (4.2 miles) — HQ
- Tech Data — IT distribution (6.9 miles) — HQ
- Wellcare Health Plans — managed care (16.0 miles) — HQ
5700 22nd St N offers newer construction relative to much of the surrounding housing stock, supporting leasing competitiveness in a neighborhood that has trended toward stronger occupancy. The nearby employment base and balanced amenity mix point to durable renter demand, while rent levels performing high nationally and a modest rent-to-income profile suggest pricing power with measured retention risk, based on CRE market data from WDSuite.
Built in 2002, the asset can benefit from targeted modernization rather than heavy repositioning, aligning with value preservation and selective value-add. Investors should account for a renter base that is reinforced by 3-mile household growth and income gains, while monitoring local safety trends and the relatively lower renter concentration immediately around the property.
- Newer 2002 vintage versus older neighborhood stock supports leasing competitiveness
- Neighborhood occupancy trending upward and rents strong nationally aid income stability
- Diverse nearby employers bolster workforce renter demand and lease retention
- Manageable rent-to-income dynamics support pricing power with measured retention risk
- Key risks: below-national safety profile and lower immediate renter concentration