| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Good |
| Demographics | 67th | Best |
| Amenities | 79th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 6810 Park St S, South Pasadena, FL, 33707, US |
| Region / Metro | South Pasadena |
| Year of Construction | 1972 |
| Units | 22 |
| Transaction Date | 2022-05-25 |
| Transaction Price | $4,600,000 |
| Buyer | PARK STREET OWNER LP |
| Seller | PARK ST GARDEN APARTMENTS LLC |
6810 Park St S South Pasadena 22-Unit Multifamily
Neighborhood fundamentals point to steady renter demand supported by a high-cost ownership market and small-household dynamics, according to WDSuite’s CRE market data. Investors should focus on occupancy stability and lease management in a submarket where renter concentration is moderate but amenities are strong.
Located in South Pasadena within the Tampa–St. Petersburg–Clearwater metro, the neighborhood rates A+ and ranks 26th of 710, making it competitive among metro neighborhoods. Amenity access is a standout: grocery, restaurant, and pharmacy density are all in the top national percentiles, which supports resident convenience and helps leasing and retention. Cafés are also plentiful relative to most areas nationwide, while childcare options are limited — an operational consideration for targeting tenant profiles.
Median home values sit at elevated levels compared to national norms, reinforcing renter reliance on multifamily housing and supporting pricing power when paired with disciplined leasing. Median contract rents in the neighborhood are above the national midpoint and have grown over the last five years, yet the rent-to-income ratio remains moderate — a constructive setup for retention rather than pushing maximum rents at turn.
The neighborhood’s renter-occupied share is in the low-to-mid range, indicating a moderate renter base. For investors, that translates to stable but competitive demand, where thoughtful unit mix and amenities help capture share. Average household size in the neighborhood is notably small, which typically favors efficient floor plans; the property’s smaller average unit size aligns with demand for studios and one-bedrooms.
Within a 3-mile radius, households have increased despite a modest population dip, signaling smaller household sizes and ongoing demand for rental housing. Projections show further household growth alongside rising incomes and rents by 2028, which should expand the tenant base and support occupancy stability over time. These directional trends, based on CRE market data from WDSuite, favor investor strategies focused on durable cash flow rather than outsized short-term growth.
Safety metrics are mixed relative to national benchmarks. Overall crime sits below the national median (national percentile in the low 30s), indicating safety is weaker than average nationally. Violent offense rates are also below the national midpoint but have improved year over year, while property offense measures are below average with a recent uptick. For investors, this suggests emphasizing lighting, access controls, and resident engagement to support retention and asset performance.
At the metro level (710 neighborhoods), the area’s safety profile places it below top-tier peers but within a broad middle cohort. Trend monitoring matters: maintaining security best practices and coordinating with professional management can help counterbalance property-crime variability and sustain leasing outcomes.
Nearby corporate anchors provide a diversified employment base that supports renter demand and commute convenience, particularly for professionals in electronics manufacturing, finance, and healthcare. The list below focuses on large, regionally significant employers within a practical commute shed.
- Jabil Circuit — electronics manufacturing (9.0 miles) — HQ
- Raymond James Financial — financial services (9.5 miles) — HQ
- Tech Data — IT distribution (10.8 miles) — HQ
- Wellcare Health Plans — managed care (21.8 miles) — HQ
- Cardinal Health — healthcare distribution (24.3 miles)
This 1972 vintage, 22-unit asset aligns with a neighborhood that combines top-tier amenity access with a high-cost ownership landscape, reinforcing depth of renter demand. Small average household sizes locally support the property’s efficient unit mix, and median rents have risen over five years while rent-to-income levels remain manageable — a backdrop conducive to steady occupancy and measured rent growth, based on CRE market data from WDSuite.
Value-add potential centers on targeted interior updates and operational upgrades that position the asset competitively against older stock across the metro. Demographic data within a 3-mile radius indicates household growth alongside rising incomes and projected rent increases by 2028, expanding the tenant base and supporting cash-flow durability. Execution risks include below-average safety metrics nationally and the need for proactive leasing in a neighborhood with moderate renter concentration.
- High-cost ownership market supports multifamily retention and pricing discipline
- Amenity-rich location aids leasing velocity and resident satisfaction
- 1972 vintage offers value-add through selective renovations and systems upgrades
- 3-mile household growth and rising incomes expand the renter pool
- Risk: below-average national safety readings and property-crime variability require active management