| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 54th | Fair |
| Demographics | 71st | Best |
| Amenities | 26th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 610 Pasadena Ave S, Saint Petersburg, FL, 33707, US |
| Region / Metro | Saint Petersburg |
| Year of Construction | 1972 |
| Units | 24 |
| Transaction Date | 2003-12-31 |
| Transaction Price | $96,000 |
| Buyer | HENDRICKS FRED A |
| Seller | HENDRICKS RANDALL J |
610 Pasadena Ave S 24-Unit Apartment Investment
Neighborhood occupancy is steady near the metro median and supported by incomes that keep rents manageable for local tenants, according to WDSuite’s CRE market data. With a 1972 vintage and compact floor plans, the asset leans value-add while benefiting from stable inner-suburban fundamentals.
Located in an Inner Suburb of Saint Petersburg, the neighborhood carries a B- rating and is above the metro median among 710 Tampa–St. Petersburg–Clearwater neighborhoods, based on CRE market data from WDSuite. Neighborhood occupancy is 91.8% and has edged higher over the past five years, pointing to demand stability that supports leasing and retention. Median rents sit mid-market for the metro, helping sustain depth in the renter pool.
Within a 3-mile radius, about one-quarter of housing units are renter-occupied, indicating an owner-leaning area. For investors, that mix suggests a thinner but durable renter base, with demand skewing toward households prioritizing convenience and predictable costs over ownership. This composition can help stabilize occupancy but may require targeted marketing to reach downsizers, singles, and workforce tenants.
Demographic indicators within 3 miles show household counts have inched up and are projected to rise further through 2028, even as average household size trends smaller. That dynamic expands the pool of smaller households and can support absorption for compact units, reinforcing occupancy stability over time. Rising median incomes in the local radius add support for rent growth while keeping pricing power grounded in affordability.
Local amenities are mixed: dining access is competitive nationally, while grocery, parks, and pharmacies are sparser and may require a short drive. Average school ratings sit slightly above the national median, which can aid family-oriented retention. For investors, the amenity profile suggests a car-oriented renter base and underscores the value of on-site convenience features to differentiate versus nearby stock.
Safety indicators for the neighborhood track below national medians, with violent and property offense rates sitting in lower national percentiles compared with neighborhoods nationwide. However, recent year-over-year trends point to meaningful declines in both categories, indicating improving conditions. Investors should underwrite with conservative assumptions while noting the directional improvement and positioning relative to the broader region.
The area draws from a diversified employment base that supports renter demand through commute convenience to major employers including Jabil Circuit, Raymond James Financial, Tech Data, and Wellcare Health Plans.
- Jabil Circuit — electronics manufacturing services (8.3 miles)
- Jabil Circuit — electronics manufacturing services (8.9 miles) — HQ
- Raymond James Financial — financial services (9.4 miles) — HQ
- Tech Data — IT distribution (10.7 miles) — HQ
- Wellcare Health Plans — managed healthcare (21.7 miles) — HQ
Built in 1972, the 24-unit property offers a straightforward value-add path: refresh exteriors and interiors, modernize building systems as needed, and reposition compact layouts to compete against older nearby stock. Neighborhood fundamentals are steady, with occupancy near the metro median and mid-market rents that align with local incomes, according to CRE market data from WDSuite. The owner-leaning housing mix nearby points to a focused but reliable renter base, while rising household counts and smaller average household sizes within 3 miles support ongoing demand for efficient units.
Key underwriting considerations include amenity scarcity in the immediate area, safety metrics that trail national medians despite recent improvement, and limited scale relative to larger assets. Balanced against those risks, the employment base within a 10–22 mile commute and supportive income trends provide a backdrop for stable leasing and measured rent growth under an active management plan.
- 1972 vintage with value-add potential through unit renovations and systems updates
- Steady neighborhood occupancy near metro median supports leasing stability
- Compact unit mix aligns with smaller household trends within a 3-mile radius
- Risks: amenity scarcity, below-median safety scores, and small scale versus larger comps