| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 30th | Poor |
| Demographics | 38th | Poor |
| Amenities | 31st | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 8147 46th Ave N, Saint Petersburg, FL, 33709, US |
| Region / Metro | Saint Petersburg |
| Year of Construction | 2010 |
| Units | 55 |
| Transaction Date | 2008-02-15 |
| Transaction Price | $1,450,000 |
| Buyer | REDZIC DENIS |
| Seller | SMITH RAYMOND P |
8147 46th Ave N, Saint Petersburg FL Multifamily Investment
2010-vintage, mid-size asset positioned near major employment nodes with a renter base that skews stable; according to WDSuite’s CRE market data, neighborhood fundamentals favor workforce housing over luxury positioning.
Located in an inner-suburban pocket of Saint Petersburg, the property sits amid everyday conveniences and strong commuter access. Neighborhood grocery density ranks near the top of the metro (6th of 710), placing the area in the top quartile nationally for access to essentials, while restaurant options are competitive among Tampa–St. Petersburg–Clearwater neighborhoods (159th of 710; high national percentile). In contrast, cafes, parks, and pharmacies are limited within the immediate neighborhood, suggesting on-site amenities and resident services can be a differentiator.
The neighborhood’s housing stock skews older (average vintage 1970; rank 605 of 710), which sets a 2010 build like this property apart competitively versus much of the local inventory. Neighborhood occupancy trends have improved over the past five years, but overall occupancy remains below the metro median, reinforcing the need for disciplined leasing and retention practices.
Within a 3-mile radius, recent growth has been modest with small increases in population and households, but projections point to a meaningful expansion in both households and incomes over the next five years. That implies a larger tenant base and potential support for rent levels over time, particularly for well-managed, mid-market communities.
Renter-occupied housing accounts for roughly a quarter of units at the neighborhood level, indicating a more owner-heavy context. For investors, this typically translates to a defined but steady renter pool, where proximity to jobs, daily needs, and practical floor plans can sustain demand and limit turnover relative to luxury product.
Safety indicators for the neighborhood track below national norms (around the lower quintile nationally) and below the metro median (rank 573 of 710). Recent data also shows a short-term uptick in property offenses. Investors should underwrite with realistic assumptions and consider property-level measures—access control, lighting, and visible management—to support resident comfort and retention.
Proximity to established employers supports workforce housing demand and commute convenience, including Jabil Circuit, Raymond James Financial, Tech Data, and Wellcare Health Plans.
- Jabil Circuit — electronics manufacturing (6.8 miles)
- Raymond James Financial — financial services (7.1 miles) — HQ
- Tech Data — IT distribution (7.6 miles) — HQ
- Wellcare Health Plans — managed care (19.5 miles) — HQ
This 55-unit, 2010-vintage asset offers relative competitiveness in a neighborhood where much of the housing stock dates to the 1970s. Larger average unit sizes can appeal to households seeking practical space, while nearby grocery and employment access supports day-to-day livability. Based on CRE market data from WDSuite, the neighborhood’s renter concentration is modest, so demand is driven more by workforce proximity and value-oriented positioning than by transient turnover.
Forward-looking 3-mile demographics indicate growth in households and incomes, which can expand the tenant base and support rent levels over time, while the owner-heavy context suggests a focus on retention and service quality. Given limited third-place amenities in the immediate area, on-site improvements and thoughtful operations can help capture and hold share versus older nearby stock.
- 2010 construction competes well against older neighborhood inventory, reducing near-term capex versus legacy stock.
- Workforce demand supported by nearby employers and high neighborhood access to essentials (top-tier grocery density).
- 3-mile projections show household and income growth, expanding the renter pool and supporting occupancy stability.
- Operational upside from on-site amenities and service quality given limited local cafes/parks.
- Risks: below-metro safety standing and a more owner-heavy context require disciplined leasing, security, and retention strategy.