| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Good |
| Demographics | 89th | Best |
| Amenities | 74th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1505 Pass A Grille Way, St Pete Beach, FL, 33706, US |
| Region / Metro | St Pete Beach |
| Year of Construction | 1973 |
| Units | 21 |
| Transaction Date | 2024-04-15 |
| Transaction Price | $6,750,000 |
| Buyer | GHAZNAVI ENTERPRISES INC |
| Seller | MARSH NADIA Y |
1505 Pass A Grille Way, St. Pete Beach Multifamily Investment
Positioned in an amenity-rich, high-cost ownership pocket of St. Pete Beach, this asset benefits from strong renter incomes and steady demand drivers, according to WDSuite’s CRE market data. Investor focus centers on durable leasing from lifestyle proximity, with underwriting attention to local seasonality and neighborhood-level occupancy trends.
St. Pete Beach’s Pass-a-Grille corridor offers coastal lifestyle appeal with hard-to-replicate demand drivers. Neighborhood amenities score competitively: restaurants and parks are in the top quartile nationally, and grocery access is also strong, based on WDSuite’s CRE market data. Within the Tampa–St. Petersburg–Clearwater metro, the neighborhood ranks 19 out of 710 overall (A+), signaling top-tier location fundamentals among metro peers.
Home values sit in the upper end of the national distribution (96th percentile), creating a high-cost ownership market that supports reliance on rentals and can aid pricing power and retention. Median rents benchmark above national norms (84th percentile), while rent-to-income remains around the national midpoint, suggesting manageable affordability pressure for higher-earning renters.
Tenure patterns reflect a predominantly owner-occupied area today, with a relatively low renter-occupied share in the immediate neighborhood. Within a 3-mile radius, demographics show high household incomes and modest population growth in recent years, with forecasts indicating a larger household count and smaller average household size over the next five years. For investors, that points to a gradually expanding tenant base and supports occupancy stability even as population growth remains measured.
Neighborhood-level occupancy metrics currently trail much of the metro (rank 677 of 710), a signal to underwrite seasonality and second-home dynamics common to coastal areas rather than property-specific weakness. Amenity access remains a counterbalance: parks (93rd percentile) and childcare (82nd percentile) strengthen livability for a diverse renter profile compared with many coastal submarkets.
Safety conditions are mixed: violent incidents track near the national midpoint, while property incidents are less favorable, based on CRE market data from WDSuite. Recent momentum shows estimated violent incidents trending down year over year, with property incidents rising, so investors often emphasize lighting, access control, and resident engagement as practical mitigants.
Within the Tampa–St. Petersburg–Clearwater metro (710 neighborhoods), the area is competitive on several quality-of-life measures but should be underwritten with conservative operating assumptions for security and loss prevention. Framing safety at the neighborhood—not property—level avoids overprecision and helps benchmark against regional trends rather than block-by-block variation.
Proximity to major corporate employers supports a stable renter base seeking commute convenience. The nearby employment mix includes electronics manufacturing, financial services, distribution, and healthcare administration, as outlined below.
- Jabil Circuit — electronics manufacturing (13.2 miles) — HQ
- Raymond James Financial — financial services (14.0 miles) — HQ
- Tech Data — IT distribution (15.6 miles) — HQ
- Airgas Store — industrial gases & supplies (22.9 miles)
- Wellcare Health Plans — healthcare administration (26.1 miles) — HQ
The investment case centers on coastal lifestyle demand, high incomes, and strong amenity access that together support durable leasing fundamentals. Home values rank among the highest nationally, reinforcing reliance on rentals and supporting pricing power, while restaurant, park, and grocery access sit in the top quartile nationwide. Within a 3-mile radius, population growth has been modest, but household counts are expected to rise as average household size trends lower—dynamics that can expand the renter pool and help stabilize occupancy. According to CRE market data from WDSuite, neighborhood-level occupancy lags the metro, so underwriting should account for seasonality and second-home effects typical of beach submarkets.
Regionally diverse employment within commuting range—from electronics and IT distribution to financial services and healthcare—adds depth to the tenant base and supports lease retention. Overall, the location’s top-tier metro ranking and high-cost ownership setting provide a favorable backdrop for steady operations, with measured attention to security practices and leasing cadence through shoulder seasons.
- Amenity-rich, coastal location with top-quartile national access to dining, parks, and groceries
- High-cost ownership market sustains rental reliance and supports pricing power
- 3-mile demographics point to rising household counts and a gradually expanding renter pool
- Diverse regional employment (electronics, finance, healthcare, distribution) underpins demand and retention
- Risk: Neighborhood occupancy trends trail the metro; underwrite potential seasonality and emphasize security and loss prevention