| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 52nd | Good |
| Demographics | 52nd | Best |
| Amenities | 9th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4920 State Road 33 N, Lakeland, FL, 33805, US |
| Region / Metro | Lakeland |
| Year of Construction | 2000 |
| Units | 22 |
| Transaction Date | 2019-04-30 |
| Transaction Price | $61,500,000 |
| Buyer | BREIT MF PRESERVE AT LAKELAND LLC |
| Seller | ROC ILL FL PRESERVE LAKELAND HILLS LLC |
4920 State Road 33 N: 22-Unit Lakeland Multifamily
Neighborhood fundamentals point to steady renter demand, with neighborhood occupancy at 95.7% and a renter-occupied share of 65.1%, according to WDSuite’s CRE market data. This supports durable leasing for a smaller asset profile while keeping management focus on retention and rent discipline.
Situated in Lakeland’s inner-suburb fabric, the property benefits from a renter-driven neighborhood profile. The neighborhood occupancy rate ranks 18 out of 184 metro neighborhoods, indicating performance above the metro median and in the top quartile nationally for stability. For investors, that backdrop typically supports lower turnover risk and more predictable cash flow at the submarket level.
Renter concentration is high at the neighborhood level (65.1% of housing units are renter-occupied), signaling a deep tenant base for multifamily. Within a 3-mile radius, population and household counts have grown over the last five years, and forecasts through 2028 point to further population growth and a larger household base — expanding the renter pool and supporting occupancy stability.
Retail and daily-needs access is serviceable rather than walkable. Grocery presence is around the metro midpoint (rank 87 of 184), while cafes, restaurants, parks, and pharmacies are limited within immediate blocks. Investors should underwrite car-oriented convenience to nearby corridors rather than pedestrian traffic as the primary amenity driver.
At the neighborhood level, median contract rents sit in the upper half of peer areas and have risen meaningfully in recent years, while rent-to-income ratios indicate manageable affordability pressure relative to many Florida locations. Home values in the immediate area are comparatively low, which can introduce some competition from ownership; however, the strong renter concentration and growing 3-mile household base suggest continued depth for multifamily demand.
The asset’s 2000 vintage is slightly newer than the neighborhood’s average construction year (1997). That positioning can be competitive against older stock, though investors should still plan for targeted modernization and systems upkeep to sustain rentability over the hold period.
Safety trends should be interpreted comparatively. Within the Lakeland–Winter Haven metro, the neighborhood’s crime rank places it below the top tier of local performers, implying relatively higher crime compared with some metro peers. Nationally, however, the neighborhood falls above average for safety, with stronger standing on violent-offense comparisons than many U.S. neighborhoods.
Recent neighborhood data also shows year-over-year declines in both violent and property offense estimates, a constructive directional signal for investors evaluating tenant retention and operating continuity. As always, underwriting should reflect asset-level measures and property management practices rather than block-level assumptions.
Proximity to major employers underpins workforce housing demand and commute convenience, led by regional anchors in retail headquarters, industrial gases, insurance, healthcare distribution, and fertilizers.
- Publix Super Markets — retail HQ (8.6 miles) — HQ
- Mosaic — fertilizers (21.0 miles)
- Airgas Specialty Products — industrial gases (22.8 miles)
- MetLife Insurance Company — insurance (26.6 miles)
- Cardinal Health — healthcare distribution (30.0 miles)
This 22-unit asset aligns with a renter-oriented neighborhood where neighborhood occupancy ranks above the metro median and sits in the top quartile nationally. Strong renter concentration supports depth of demand, while 3-mile demographics point to population growth and a larger household base through 2028 — constructive for absorption and retention. Median rents track in the upper half locally and rent-to-income levels suggest manageable affordability pressure for prudent lease management, according to CRE market data from WDSuite.
Built in 2000, the property is slightly newer than the area’s average vintage, offering relative competitiveness versus older stock while still warranting targeted capex for modernization over the hold. Amenity access is auto-oriented and local homeownership is comparatively accessible, so underwriting should emphasize value, management quality, and tenant experience to sustain pricing power.
- Renter-driven neighborhood with above-metro occupancy and top-quartile national stability
- 3-mile population and household growth expands the tenant base and supports leasing
- 2000 vintage offers competitive positioning versus older stock with manageable modernization needs
- Median rents in the upper half locally with rent-to-income levels supportive of retention focus
- Risks: limited walkable amenities and relatively accessible ownership options can compete with rentals