| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 47th | Best |
| Demographics | 32nd | Fair |
| Amenities | 39th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 301 Kay Larkin Dr, Palatka, FL, 32177, US |
| Region / Metro | Palatka |
| Year of Construction | 2000 |
| Units | 60 |
| Transaction Date | 2022-04-22 |
| Transaction Price | $1,675,000 |
| Buyer | KAY LARKIN APARTMENTS LLC |
| Seller | KAY LARKIN LTD |
301 Kay Larkin Dr Palatka Multifamily Investment Thesis
Neighborhood occupancy trends are solid and the asset’s 2000 vintage is comparatively newer than nearby stock, according to WDSuite’s CRE market data, supporting stable renter demand with measured capex planning.
The property sits in a suburban Palatka neighborhood that ranks 2 out of 36 metro neighborhoods, placing it in the top quartile locally for overall fundamentals. Neighborhood occupancy is above the metro median and trending positively, a signal of steady renter demand and leasing durability at the submarket level based on CRE market data from WDSuite.
Vintage matters here: the average construction year in the neighborhood is 1981, while this asset was built in 2000. Newer relative positioning can help competitiveness versus older stock, though investors should still plan for routine modernization as systems age.
Livability signals are mixed. Grocery and pharmacy access rank near the top among 36 metro neighborhoods, but cafes and parks are limited, suggesting everyday convenience with fewer lifestyle amenities. Average school ratings in the neighborhood track below national norms; for family renters this may temper demand elasticity and favors value-oriented positioning.
Tenure patterns point to a meaningful renter base: the share of housing units that are renter-occupied sits above the metro median, indicating a deeper pool of prospective tenants and support for occupancy stability. Within a 3-mile radius, the past five years saw modest population softening alongside growth in household counts, implying smaller household sizes and a stable to expanding renter pool. Forward-looking projections within the same radius call for increases in both population and households, which supports demand for rental units over the medium term.
On affordability, neighborhood rents and home values are lower than many large metros. This creates a practical balance for investors: retention is supported by manageable rent-to-income levels, while ownership remains comparatively more accessible, which can introduce modest competition with rental options. Pricing strategy should emphasize value and consistency over outsized growth.
Comparable crime metrics for this specific neighborhood were not available in WDSuite’s current release. Investors typically benchmark neighborhood safety by comparing local trends to the broader Palatka metro and county context, and by reviewing recent municipal and sheriff reports to understand directionality rather than relying on block-level snapshots.
Given the absence of rank or percentile data here, a prudent approach is to evaluate multi-year trend direction and relative standing versus nearby neighborhoods, focusing on indicators that can influence leasing velocity and retention.
Regional employment access is more diffuse; the nearest listed corporate presence suggests a commuter-based workforce draw rather than immediate walk-to employment. This can still support leasing for residents prioritizing value and willing to commute.
- Anixter — distribution and network solutions (34.9 miles)
This 2000-vintage asset is competitively positioned versus an older neighborhood stock profile, which can aid leasing and reduce near-term repositioning intensity relative to pre-1990 product. Neighborhood occupancy is above the metro median and trending favorably, and the share of renter-occupied housing units is also above the metro median—factors that support a stable tenant base and consistent renewal prospects. Within a 3-mile radius, recent household growth alongside smaller household sizes, plus projected gains in population and households, points to a larger tenant base and supports occupancy stability. According to CRE market data from WDSuite, the area’s affordability profile suggests steady retention but argues for disciplined rent management.
Key considerations include mixed amenity depth (strong daily needs access but fewer lifestyle amenities) and school ratings below national norms, which may cap premium positioning. Investors should underwrite routine system updates as the asset approaches its mid-life, while leveraging value-forward unit finishes and service to maintain leasing velocity.
- Newer-than-neighborhood vintage (2000) supports competitive positioning versus older local stock
- Neighborhood occupancy above metro median with positive trend underpins leasing stability
- Renter-occupied share above metro median indicates a deeper tenant pool
- 3-mile outlook shows growth in population and households, supporting demand for rental units
- Risks: limited lifestyle amenities and below-average school ratings may constrain premium pricing; plan for ongoing system updates as the asset ages