| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 65th | Best |
| Demographics | 85th | Best |
| Amenities | 40th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 8701 4th St N, Saint Petersburg, FL, 33702, US |
| Region / Metro | Saint Petersburg |
| Year of Construction | 1973 |
| Units | 42 |
| Transaction Date | 2013-12-02 |
| Transaction Price | $1,700,000 |
| Buyer | SUNLIT COVE APARTMENTS INC |
| Seller | A T R & J CORPORATION |
8701 4th St N Saint Petersburg Multifamily Investment
Positioned near major employment hubs and a high-cost ownership market, this asset benefits from steady renter demand and improving neighborhood occupancy, according to WDSuite s CRE market data.
The property sits in a suburban pocket of Saint Petersburg rated A and ranked 101 out of 710 metro neighborhoods competitive among Tampa St. Petersburg Clearwater locations. Grocery and park access trend above national averages (both in the upper percentiles), supporting daily convenience, while fewer cafes and pharmacies nearby suggest residents rely on clustered retail nodes along primary corridors.
Neighborhood occupancy is measured at the neighborhood level not the property and has trended upward over the past five years, supporting leasing stability. Median contract rents in the neighborhood track above the national midpoint, and the rent-to-income ratio indicates manageable affordability pressure a positive for retention and measured pricing power.
Within a 3-mile radius, demographics point to a growing and diversifying tenant base: population and households have expanded in recent years, with households rising faster than population, which often reflects smaller household sizes and more renters entering the market. Forward-looking estimates also show additional household growth by 2028, reinforcing depth of demand for multifamily. Renter-occupied share within 3 miles is roughly balanced with owners, supporting a broad tenant pool, while neighborhood-level renter concentration is lower a consideration for demand capture that can be offset by proximity to job centers.
The property s 1973 vintage is older than the neighborhood s typical 1980 construction year. Investors should anticipate capital planning for building systems and interiors, with potential value-add and modernization upside to improve competitive positioning versus newer stock. At the neighborhood level, NOI per unit trends in the top decile nationally, based on CRE market data from WDSuite, indicating strong operating performance among peer assets in this area.
Safety indicators are mixed when viewed across geographies. Within the Tampa St. Petersburg Clearwater metro, the neighborhood s crime rank is 541 out of 710, indicating performance above the metro median. Nationally, the neighborhood sits in lower safety percentiles, so investors should underwrite with prudent security and lighting considerations. Property-related offenses in the neighborhood have declined year over year, which is a constructive directional signal, though conditions can vary by block and over time.
Proximity to large corporate employers underpins workforce housing demand and commute convenience, supporting leasing and retention. Key nearby hubs include Jabil Circuit, Raymond James Financial, Tech Data, and Wellcare Health Plans.
- Jabil Circuit electronics manufacturing (1.2 miles) HQ
- Raymond James Financial financial services (2.96 miles) HQ
- Tech Data technology distribution (6.20 miles) HQ
- Wellcare Health Plans managed care (13.61 miles) HQ
This 42-unit, 1973-vintage asset is positioned near established job centers with neighborhood fundamentals that support steady renter demand. Neighborhood occupancy has improved over the past five years, and a high-cost ownership market nearby helps sustain reliance on rentals, aiding retention and measured pricing power. Within a 3-mile radius, recent population growth and a faster rise in household counts point to a larger tenant base and continued leasing depth.
Older construction creates scope for value-add through systems upgrades and interior modernization, while proximity to anchor employers supports year-round occupancy stability. According to CRE market data from WDSuite, the neighborhood ranks competitively in the metro with strong NOI per unit performance among peers, though investors should underwrite for mixed safety readings and selective amenity gaps.
- Workforce demand drivers: multiple corporate HQs within commuting distance support tenant depth and retention.
- Neighborhood occupancy trend has improved over five years, reinforcing leasing stability at the submarket level.
- 1973 vintage offers value-add potential through modernization to enhance competitive positioning.
- High-cost ownership context supports rental reliance and measured pricing power.
- Risks: mixed national safety standing and limited nearby amenities (e.g., pharmacies/cafes) warrant conservative underwriting and asset-level improvements.