| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 43rd | Best |
| Demographics | 18th | Poor |
| Amenities | 26th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 849 Bay Ln, Crescent City, FL, 32112, US |
| Region / Metro | Crescent City |
| Year of Construction | 1989 |
| Units | 52 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
849 Bay Ln, Crescent City FL Multifamily
Neighborhood renter concentration and an upward trend in occupancy point to steady tenant demand, according to WDSuite’s CRE market data, with ownership costs relative to incomes supporting reliance on rentals in this part of the Palatka metro.
Located in Crescent City within the Palatka, FL metro, the neighborhood is rated B and sits above the metro median (ranked 16 out of 36 neighborhoods). For investors, that positioning suggests balanced fundamentals with room for selective value creation rather than a strictly core play.
Livability is pragmatic rather than amenity-rich: cafes, parks, and pharmacies are limited locally, yet access to daily needs is serviceable with grocery and restaurant density competitive among Palatka neighborhoods (top quartile metro ranks). School ratings in the neighborhood track below national norms, which can influence tenant mix and marketing focus for family-oriented units.
On the housing side, neighborhood occupancy has trended higher over the past five years, supporting leasing stability. The share of housing units that are renter-occupied is comparatively high in the metro (ranked 4 out of 36; national profile also above average), indicating a deeper tenant base for multifamily operators.
Home values are elevated relative to local incomes (a top-ranked value-to-income ratio in the metro and strong standing nationally), which tends to sustain renter demand and support retention strategies. At the same time, rent-to-income levels read as manageable for the area, a mix that can aid renewals while limiting near-term pricing power. The property’s 1989 vintage is newer than the neighborhood’s older housing stock (average construction year 1958), which can enhance competitiveness versus legacy assets while still leaving room for targeted modernization.
Demographic statistics aggregated within a 3-mile radius show recent softness in population and households, but projections point to growth ahead—particularly an increase in households and a rising renter share—expanding the local tenant pool. A modest decline in average household size in the outlook implies more households even without outsized population gains, supporting occupancy stability for well-positioned assets.
Neighborhood-level crime metrics are not available in this dataset from WDSuite for Crescent City’s subarea around 849 Bay Ln. Investors typically benchmark safety using county and metro comparisons, police-reported trend data, and on-the-ground diligence such as drive-bys and resident feedback. Use standard underwriting practices to assess security measures, lighting, and property design relative to peer assets in the Palatka region.
This 52-unit, 1989-vintage asset benefits from a neighborhood with rising occupancy trends, a metro-leading renter concentration, and ownership costs that are high relative to local incomes—factors that generally reinforce multifamily demand and lease retention. Based on CRE market data from WDSuite, grocery and restaurant access compares well within the Palatka metro even as broader amenities are limited, positioning the asset as practical workforce housing.
The vintage is newer than much of the surrounding housing stock, offering competitive positioning versus older properties and leaving room for selective value-add (interiors, common areas, and systems updates) to capture demand from a tenant base that is projected to expand as households and renter share grow within a 3-mile radius. Near-term considerations include below-average school ratings and a smaller-market setting, which call for conservative rent growth assumptions and focused asset management.
- Neighborhood occupancy has improved, supporting leasing stability relative to local peers.
- High renter-occupied share in the metro signals depth of tenant demand.
- Ownership costs vs. incomes favor renting, aiding retention and steady absorption.
- 1989 vintage newer than area average, with value-add potential through modernization.
- Risks: limited amenities, below-average school ratings, and small-market cyclicality warrant conservative underwriting.