| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 59th | Good |
| Demographics | 59th | Good |
| Amenities | 43rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1701 68th St N, St Petersburg, FL, 33710, US |
| Region / Metro | St Petersburg |
| Year of Construction | 1998 |
| Units | 79 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1701 68th St N St Petersburg Multifamily Opportunity
Neighborhood-level data points to steady renter demand supported by strong daily-needs access and newer-vintage stock, according to WDSuite’s CRE market data. Focus for investors is on positioning for occupancy stability while managing pricing relative to local incomes.
Located in St Petersburg’s inner suburb context, the property benefits from daily conveniences: neighborhood grocery and restaurant density ranks above the metro median (335th of 710 for overall amenities) and trends in the upper national percentiles for those categories. This supports resident retention and leasing velocity even without a heavy entertainment or park footprint.
The neighborhood’s median contract rents sit above many U.S. areas (upper-third nationally), while rent-to-income indicators suggest measured affordability pressure, giving operators some room to optimize pricing with disciplined lease management. The area’s renter-occupied share is above the metro median (ranked 293 of 710), indicating a sufficiently deep tenant base for a 79-unit asset without overreliance on a single cohort.
Vintage matters: with a 1998 construction year versus an average neighborhood vintage from the early 1980s, this asset is newer than much of the surrounding stock. That positioning can enhance competitiveness on curb appeal and systems, while still warranting targeted capital planning for mid‑life building components to support rent trade‑outs.
Within a 3‑mile radius, demographic statistics show a modest recent population dip but a projected upswing through 2028 alongside rising median incomes and smaller household sizes. This points to a gradually expanding renter pool and supports occupancy stability over time. Based on commercial real estate analysis from WDSuite, home values trend higher relative to incomes locally, which tends to sustain reliance on multifamily rentals and can aid lease retention.
Safety trends are mixed relative to the region and nation. The neighborhood sits below national safety percentiles overall, and its crime rank places it below the metro median (558th among 710 metro neighborhoods), signaling that investors should underwrite standard security measures and tenant screening. Recent year-over-year data show property offenses easing modestly but a rise in violent-offense estimates, so trend monitoring and partnership with professional management remain prudent.
Nearby corporate offices provide a diversified employment base that supports renter demand and commute convenience, led by electronics manufacturing services, financial services, IT distribution, and managed care employers listed below.
- Jabil Circuit — electronics manufacturing services (7.0 miles)
- Jabil Circuit — electronics manufacturing services (7.6 miles) — HQ
- Raymond James Financial — financial services (7.9 miles) — HQ
- Tech Data — IT distribution (9.0 miles) — HQ
- Wellcare Health Plans — managed care (20.3 miles) — HQ
This 1998-vintage, 79‑unit asset is positioned against older neighborhood stock, offering competitive appeal with potential to capture renters seeking convenience and relative quality. Neighborhood-level occupancy has been softer than the metro median, but rents benchmark in the upper national tiers and daily-needs access is strong, supporting lease-up and retention when pricing is managed against local incomes.
Within a 3‑mile radius, households are projected to grow as median incomes rise and average household size declines, indicating a broader tenant base over the next several years. According to CRE market data from WDSuite, ownership costs trend high versus incomes locally, which can reinforce multifamily demand and help sustain occupancy for well-managed properties. Targeted mid‑life capex can further enhance positioning versus older comparables.
- Newer-than-area stock (1998), enabling competitive positioning with selective modernization
- Strong daily-needs access and upper-tier rent benchmarks support pricing power
- 3-mile radius outlook shows income gains and a larger renter pool, aiding occupancy stability
- Diverse nearby employers underpin workforce housing demand
- Risks: below-median neighborhood safety and softer neighborhood occupancy require active management and underwriting discipline