| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 60th | Good |
| Demographics | 58th | Good |
| Amenities | 62nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 9101 Dr Martin Luther King Jr St N, Saint Petersburg, FL, 33702, US |
| Region / Metro | Saint Petersburg |
| Year of Construction | 1986 |
| Units | 20 |
| Transaction Date | 2007-06-04 |
| Transaction Price | $2,300,000 |
| Buyer | ST PETERSBURG HOUSING AUTHORITY |
| Seller | GFR HYDE PARK INC |
9101 Dr Martin Luther King Jr St N Saint Petersburg Multifamily
Inner-suburb location with a deep renter base and improving neighborhood occupancy supports stable leasing, according to WDSuite’s CRE market data.
Located in Saint Petersburg’s inner suburb, the neighborhood ranks 152 out of 710 metro neighborhoods (A- rating), indicating competitive positioning within the Tampa–St. Petersburg–Clearwater area. Grocery and pharmacy access are strong relative to the metro and nationally, while parks and cafés are limited, so daily convenience is solid but green-space and third-place options are thinner than in top amenity corridors.
Neighborhood housing signals point to resilient renter demand: renter-occupied share is 59.0% of housing units (top quartile among 710 metro neighborhoods), which generally supports a larger tenant base and steadier absorption for multifamily. Neighborhood occupancy is measured for the neighborhood and not the property; it has trended upward over the last five years, reinforcing leasing stability through cycles.
Within a 3-mile radius, population grew over the last five years and households expanded at a faster pace, with projections calling for further household growth and smaller average household sizes. This dynamic typically broadens the renter pool and supports ongoing demand for smaller formats, aiding occupancy and lease-up predictability for well-located assets.
Ownership costs in the area are elevated versus local incomes (value-to-income is in the higher national percentiles), which tends to sustain reliance on multifamily rentals and can bolster pricing power. Median contract rents sit above national medians but remain balanced enough to manage retention with prudent lease management, based on CRE market data from WDSuite.
Safety outcomes are mixed and should be monitored as part of risk underwriting. The neighborhood scores below the metro median on crime (ranked 424 out of 710 metro neighborhoods), and sits below average nationally. However, property offenses show a sharp year-over-year decline, placing the improvement trend in a high national bracket, which is a constructive signal if sustained.
Investors should focus on submarket trendlines and property-level measures rather than block-level assumptions, recognizing that conditions can vary within short distances and evolve over time.
Proximity to major corporate offices underpins workforce housing demand and commute convenience for residents, led by Jabil Circuit, Raymond James Financial, Tech Data, and Wellcare Health Plans.
- Jabil Circuit — corporate offices (0.5 miles)
- Jabil Circuit — corporate offices (0.8 miles) — HQ
- Raymond James Financial — corporate offices (2.5 miles) — HQ
- Tech Data — corporate offices (5.7 miles) — HQ
- Wellcare Health Plans — corporate offices (13.6 miles) — HQ
This 1986-vintage, inner-suburb asset benefits from a renter-heavy neighborhood, steady neighborhood occupancy gains, and strong proximity to major employment nodes. The vintage is newer than the local average stock, offering relative competitiveness versus older properties, while leaving room for targeted system updates and value-add scope to enhance durability and rents over time.
Household growth within a 3-mile radius and elevated ownership costs support a sustained tenant base, while nearby corporate offices help underpin weekday demand and lease retention. According to CRE market data from WDSuite, median rents and occupancy in the neighborhood support a balanced outlook, though investors should account for safety trend monitoring and modest amenity gaps (parks and cafés) when planning leasing strategy and capital programs.
- Renter-occupied concentration supports a deeper tenant pool and steadier absorption
- 1986 vintage offers competitive positioning vs. older stock with value-add potential
- Household growth within 3 miles and major employers nearby aid occupancy stability
- Risks: below-metro-average safety and limited parks/cafés require proactive management