| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 53rd | Fair |
| Demographics | 65th | Good |
| Amenities | 43rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1501 16th St N, St Petersburg, FL, 33704, US |
| Region / Metro | St Petersburg |
| Year of Construction | 1973 |
| Units | 30 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1501 16th St N St Petersburg Value-Add Multifamily
Renter demand is supported by a higher neighborhood renter-occupied share and elevated ownership costs, according to WDSuite’s CRE market data, positioning this 1973, 30-unit asset for pragmatic value-add execution. Neighborhood occupancy trends are softer than national norms, so underwriting should emphasize leasing strategy and retention management.
Neighborhood context and livability
The property sits in an inner-suburb location of St. Petersburg with a B neighborhood rating that is above the metro median among 710 Tampa–St. Petersburg–Clearwater neighborhoods, based on CRE market data from WDSuite. Daily needs are supported by stronger park and grocery access (parks and grocers measure well above national averages), while restaurant density is competitive; cafés, childcare, and pharmacies are less prevalent locally.
For investors, the tenure mix matters: a higher share of housing units are renter-occupied (top quartile among 710 metro neighborhoods), signaling depth in the tenant base and potential leasing velocity for multifamily units. By contrast, neighborhood occupancy runs below national norms, so stabilization plans should prioritize turnover management and active marketing to sustain occupancy.
Home values are elevated relative to local incomes (high national percentile for value-to-income), which generally sustains reliance on rental housing and can support pricing power for well-maintained units. Median contract rents in the neighborhood have risen over the last five years, but rent-to-income levels remain manageable, suggesting room for disciplined rent optimization without overextending affordability.
Demographic statistics aggregated within a 3-mile radius point to recent population growth and an increase in households, with projections indicating further household expansion. This widening renter pool supports occupancy stability for professionally managed assets, though smaller average household sizes suggest unit mix and amenity programming should favor singles and couples alongside smaller families.
Safety context
Within the Tampa–St. Petersburg–Clearwater metro, the neighborhood ranks below the median for safety (538 out of 710), and it sits in a lower national safety percentile compared with neighborhoods nationwide. Investors should underwrite with conservative assumptions on security, lighting, and resident screening to support retention.
Trend-wise, estimated property offenses show a meaningful year-over-year decrease, indicating improvement momentum even as overall levels remain elevated. Using WDSuite’s data as context, this suggests risk management and on-site stewardship can play an outsized role in resident experience and leasing outcomes.
Proximity to major corporate employers supports commuter convenience and a steady renter pipeline, notably in financial services, electronics manufacturing, IT distribution, and managed care. Nearby anchors include Jabil, Raymond James Financial, Tech Data, and Wellcare Health Plans.
- Jabil Circuit — electronics manufacturing services (5.6 miles) — HQ
- Raymond James Financial — financial services (6.9 miles) — HQ
- Tech Data — IT distribution (9.6 miles) — HQ
- Wellcare Health Plans — managed care (18.2 miles) — HQ
Why invest here
Built in 1973, the asset is newer than much of the surrounding housing stock, offering competitive positioning versus older buildings while still presenting classic value-add levers through interior upgrades and systems modernization. Elevated home values in the neighborhood reinforce reliance on rental housing, and the renter-occupied share is comparatively high for the metro, supporting a deeper tenant base and potential pricing power for well-run assets.
Balancing those strengths, neighborhood occupancy trends run below national norms and safety ranks below the metro median, warranting conservative lease-up assumptions and attention to resident experience. According to WDSuite’s commercial real estate analysis, household growth within a 3-mile radius and rising neighborhood rents point to durable long-term demand if operators execute on retention and product quality.
- Renter depth: renter-occupied share is strong for the metro, supporting leasing velocity
- Competitive stance: 1973 vintage outpositions older local stock; targeted renovations can lift NOI
- Demand tailwinds: 3-mile household growth and elevated ownership costs sustain rental reliance
- Risk watch: below-median safety rank and softer neighborhood occupancy require strong operations