| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 45th | Best |
| Demographics | 23rd | Poor |
| Amenities | 26th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2501 Prosper St, Palatka, FL, 32177, US |
| Region / Metro | Palatka |
| Year of Construction | 2003 |
| Units | 78 |
| Transaction Date | 2001-12-20 |
| Transaction Price | $125,000 |
| Buyer | GRAND PINES APARTMENTS LLC |
| Seller | GRAND PINES LTD |
2501 Prosper St Palatka Multifamily Investment
Neighborhood occupancy sits in the top quartile among 36 Palatka-area neighborhoods, supporting steadier cash flow profiles, according to WDSuite’s CRE market data.
This suburban Palatka location balances workforce housing needs with practical access to daily services. Grocery availability is competitive among 36 metro neighborhoods (ranked 3rd), while childcare access also ranks well (5th), indicating everyday convenience for family renters. Café, park, and pharmacy options are limited within the neighborhood (ranks at or near the bottom), so many residents likely rely on nearby corridors for lifestyle amenities.
For multifamily investors, the neighborhood’s occupancy is above metro norms and solid nationally (neighborhood occupancy rate is top quartile in the metro and above the 50th percentile nationwide), pointing to demand stability rather than transient lease-up dynamics. Median rents in the neighborhood benchmark below many Florida metros (national percentile around the lower third), which can aid retention and support steady leasing, though it may temper near-term rent growth expectations.
The property’s 2003 vintage is newer than the neighborhood’s average construction year (1971; ranked 27th of 36), giving it a relative competitive edge over older stock. Investors should still plan for mid-life systems updates and selective common-area refreshes to sustain positioning against both renovated legacy assets and newer deliveries in the broader region.
Tenure data show a meaningful renter-occupied share (about two-fifths of housing units at the neighborhood level and projected to edge higher), which supports a deeper tenant base for multifamily. Within a 3-mile radius, households have increased over the past five years and are projected to grow further, with forecasts indicating additional household growth alongside slightly smaller average household sizes. This combination typically expands the renter pool and helps support occupancy stability for well-managed assets.
Ownership costs are relatively accessible locally (home values track in the lower national percentiles), which can create some competition with entry-level ownership. Even so, rising incomes and a projected uptick in renter share suggest continued reliance on rental housing, reinforcing demand for functional, well-maintained properties rather than purely luxury offerings.
Comparable neighborhood crime statistics are not available in this dataset. Investors typically benchmark safety by reviewing multi-year trends relative to the Palatka metro and adjacent neighborhoods, focusing on directional changes and property-level mitigation strategies (lighting, access control, and active management) rather than block-level readings.
Regional employment accessible by car broadens the renter catchment for workforce-oriented units. Notably, the logistics and distribution sector presents commutable opportunities that can aid tenant retention for value-focused properties.
- Anixter — distribution & logistics (35.0 miles)
This 78-unit property, built in 2003, stands newer than much of the surrounding housing stock, which skews to the early 1970s. That relative vintage advantage supports competitive positioning against older comparables, while still warranting mid-life capital planning for building systems and selective unit modernization. Neighborhood occupancy is in the top quartile among 36 Palatka neighborhoods and above the national midpoint, indicating a stable renter base rather than speculative lease-up risk, based on commercial real estate analysis from WDSuite.
Local rents sit below many Florida metros and home values are comparatively accessible, creating a value-focused renter segment but also some competition from entry-level ownership. Within a 3-mile radius, recent household growth and a forecasted increase in renter share point to a larger tenant base and durable demand for pragmatic, well-managed product. Investors should underwrite steady rather than outsized rent growth, prioritizing operational execution and targeted renovations to capture retention-driven returns.
- Newer 2003 vintage versus neighborhood average, supporting competitive positioning with moderate capex for mid-life systems
- Neighborhood occupancy ranks in the top quartile among 36 metro neighborhoods, supporting leasing stability
- Value-oriented rent levels and growing 3-mile household counts expand the renter pool and aid retention
- Risks: limited nearby lifestyle amenities and some competition from accessible ownership options; prioritize management and selective renovations