| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Best |
| Demographics | 53rd | Best |
| Amenities | 33rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1555 Village Center Dr, Lakeland, FL, 33803, US |
| Region / Metro | Lakeland |
| Year of Construction | 2009 |
| Units | 36 |
| Transaction Date | 2007-10-22 |
| Transaction Price | $4,586,400 |
| Buyer | CHERISHOME LAKELAND LLC |
| Seller | ALV APARTMENTS LIMITED PARTNERSHIP |
1555 Village Center Dr Lakeland Multifamily Opportunity
Neighborhood fundamentals point to steady renter demand and competitive occupancy for the area, according to WDSuite’s CRE market data. A 2009 vintage positions the asset competitively versus older nearby stock while leaving room for targeted modernization over time.
The property sits in an A-rated suburban neighborhood within the Lakeland–Winter Haven metro, ranked 25 out of 184 neighborhoods — competitive among metro peers. Grocery and pharmacy access rank above the metro median, while restaurant density is solid; cafes and parks are limited, which may temper some lifestyle appeal. These neighborhood indicators suggest day-to-day convenience with select amenity gaps investors should weigh when benchmarking against other Lakeland nodes.
At the neighborhood level, median asking rents track above many U.S. peers (upper-mid national percentile), and the neighborhood occupancy rate is competitive among Lakeland–Winter Haven neighborhoods and has trended higher over the last five years. This supports a read-through of demand resilience and lease-up consistency rather than outsized pricing power.
Construction year average in the neighborhood is the early 1990s; 2009 construction for this asset implies relatively newer systems and finishes versus much of the local stock, which can aid leasing and reduce near-term capital intensity, though investors should still plan for mid-life replacements and selective upgrades as part of a value-capture strategy.
Within a 3-mile radius, demographics show a stable population with a modest increase in households and a forecast for further household growth alongside smaller average household sizes. That pattern typically expands the renter pool and supports occupancy stability for multifamily assets. The renter-occupied share within this 3-mile radius is in the mid-30% range, indicating a balanced but meaningful tenant base that can support consistent absorption.
Home values in the neighborhood sit below many high-cost Florida markets, which can introduce some competition from ownership. However, rent-to-income levels for the neighborhood are moderate, pointing to manageable affordability pressure and potentially steadier retention with prudent lease management.
Safety metrics for the neighborhood are mixed but generally favorable in regional context. Overall crime performance is above the metro median among 184 Lakeland–Winter Haven neighborhoods, and the neighborhood sits modestly above the 50th percentile for safety nationally. Violent offense indicators are comparatively strong, ranking in the top quartile nationally, while property offense sits closer to the national midpoint.
Recent readings indicate some volatility in property-related incidents year over year, which investors may consider when underwriting insurance costs, security measures, and operating reserves. As always, these figures reflect neighborhood-level conditions rather than the specific property.
Nearby employers provide a diversified white-collar and services employment base that supports renter demand and commute convenience, led by Publix Super Markets, Mosaic, Cardinal Health, MetLife, and Airgas Specialty Products.
- Publix Super Markets — grocery retail (2.0 miles) — HQ
- Mosaic — chemicals & fertilizers (13.3 miles)
- Cardinal Health — healthcare distribution (24.6 miles)
- MetLife Insurance Company — insurance (25.6 miles)
- Airgas Specialty Products — industrial gases (28.2 miles)
The 36-unit asset’s 2009 vintage offers relative competitiveness versus a neighborhood average from the early 1990s, helping support leasing and moderating near-term capex while leaving room for targeted renovations to capture additional rent. Neighborhood-level rents sit in the upper-mid range nationally, and occupancy is competitive within the Lakeland–Winter Haven metro — conditions that, based on CRE market data from WDSuite, point to durable demand rather than peak-cycle pricing.
Within a 3-mile radius, households have increased and are projected to expand further even as average household size trends lower, a pattern that typically enlarges the renter pool and supports steady absorption. Ownership costs in the area are relatively accessible compared with high-cost Florida metros, so underwriting should assume measured pricing power and focus on retention, given moderate rent-to-income levels and some competition from entry-level ownership.
- 2009 construction provides a competitive edge versus older neighborhood stock with manageable near-term capital needs.
- Neighborhood rents and occupancy indicate stable demand and consistent lease-up potential versus metro peers.
- 3-mile radius shows household growth and smaller household sizes, supporting a larger tenant base and occupancy stability.
- Balanced ownership landscape suggests measured pricing power; focus on renewals and resident retention to sustain NOI.
- Risk: recent volatility in neighborhood property-related incidents warrants prudent insurance and security planning.