| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Good |
| Demographics | 67th | Best |
| Amenities | 79th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1824 Shore Dr S, South Pasadena, FL, 33707, US |
| Region / Metro | South Pasadena |
| Year of Construction | 1972 |
| Units | 50 |
| Transaction Date | 2014-11-20 |
| Transaction Price | $6,000,000 |
| Buyer | PASADENA BAYSIDE LLC |
| Seller | 1824 & 1846 SHORE DRIVE LLC |
1824 Shore Dr S, South Pasadena FL — 50-Unit Investment Position
Amenity-rich neighborhood dynamics and a high-cost ownership market support renter demand and pricing resilience, according to WDSuite’s CRE market data. Expect steady screening interest from downsizing households and convenience-focused renters across the Tampa–St. Petersburg metro.
Situated in South Pasadena within the Tampa–St. Petersburg–Clearwater metro, the neighborhood rates A+ and ranks 26 out of 710 metro neighborhoods — a top quartile position that signals competitive fundamentals for multifamily investors. Based on CRE market data from WDSuite, local amenity density is a standout, with restaurants, groceries, and pharmacies clustered nearby, reinforcing day-to-day convenience and broad appeal to tenants.
Location quality is bolstered by strong amenity access: neighborhood metrics indicate restaurant and grocery concentrations that are among the highest in the metro, plus park access that supports lifestyle leasing. While formal school ratings are unavailable, the area’s inner-suburb profile offers short commutes across the St. Pete employment corridor, which can aid retention.
Tenure patterns point to a measured renter base: at the neighborhood level, roughly one-quarter of housing units are renter-occupied, indicating a stable but not saturated pool of prospective tenants. Within a 3-mile radius, household counts are projected to increase and average household size to trend smaller, expanding the renter pool and supporting occupancy stability for professionally managed assets.
Affordability dynamics also favor rentals. Elevated home values in the neighborhood, compared with broader markets, tend to sustain reliance on multifamily housing for convenience-oriented and cost-sensitive households. Neighborhood-level rents sit around the national middle, which can help leasing velocity while offering room for operational optimization relative to the metro’s higher-cost ownership options.
Vintage and asset positioning: Built in 1972, the property is slightly older than the neighborhood’s average construction year. Investors should plan for targeted capital projects (building systems, exterior refresh, and interior upgrades) to maintain competitive positioning against newer stock and to capture value-add upside.
Neighborhood safety compares below both the metro median and the national median; the area sits in the lower national percentiles for overall safety. That said, recent trends show a modest year-over-year improvement in violent offenses, while property-related incidents have been elevated and recently increased — a factor to monitor in underwriting and onsite security planning.
Framed against Tampa–St. Petersburg–Clearwater’s 710 neighborhoods, the area’s safety rank places it below the metro median. Nationally, safety percentiles indicate performance below average. Investors should account for these dynamics through practical measures such as lighting, access control, and resident engagement, while recognizing that submarket context and property-level operations can materially influence outcomes over hold periods.
Proximity to major corporate offices across St. Petersburg and Gateway underpins workforce-driven renter demand and convenient commutes for residents, including roles tied to technology, finance, and corporate services. The employers below represent nearby anchors that can support leasing stability.
- Jabil Circuit — corporate offices (9.2 miles)
- Jabil Circuit — corporate offices (9.8 miles) — HQ
- Raymond James Financial — corporate offices (10.3 miles) — HQ
- Tech Data — corporate offices (11.6 miles) — HQ
- Wellcare Health Plans — corporate offices (22.6 miles) — HQ
This 50-unit, 1972-vintage asset benefits from top-quartile neighborhood positioning within the Tampa–St. Petersburg–Clearwater metro and a dense amenity environment that supports tenant convenience and retention. Elevated ownership costs in the immediate area reinforce multifamily demand, while rents sit around the national middle — a combination that can support occupancy stability and measured pricing power with disciplined lease management, based on CRE market data from WDSuite.
Demographic patterns within a 3-mile radius point to an expanding household base and smaller household sizes, which generally increase the pool of renters over time. Given the property’s vintage, targeted CapEx and unit renovations can enhance competitive standing versus newer supply and align interiors and systems to current renter preferences. Investors should underwrite to local safety dynamics and remain attentive to neighborhood-level occupancy softness, balancing these risks with submarket accessibility and employer proximity.
- Top-quartile neighborhood rank within the metro supports durable demand fundamentals
- Amenity-rich location (dining, groceries, parks) enhances leasing velocity and retention
- Elevated ownership costs sustain reliance on rentals; rents near national mid-range aid absorption
- 1972 vintage presents value-add potential via systems upgrades and interior refresh
- Risks: below-median safety metrics and neighborhood occupancy softness warrant prudent underwriting