| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 44th | Best |
| Demographics | 26th | Fair |
| Amenities | 59th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3421 Saint Johns Ave, Palatka, FL, 32177, US |
| Region / Metro | Palatka |
| Year of Construction | 1981 |
| Units | 48 |
| Transaction Date | 2018-12-10 |
| Transaction Price | $2,230,000 |
| Buyer | ST JOHNS HOUSING PARTNERSHIP INC |
| Seller | ST JOHNS RIVER APARTMENTS LTD |
3421 Saint Johns Ave Palatka FL Multifamily Value-Add
Neighborhood occupancy remains high with a sizable renter-occupied base, supporting stable leasing dynamics according to WDSuite’s CRE market data. Positioning near essential retail strengthens day-to-day convenience and helps sustain renter demand.
Located in Palatka’s inner-suburb fabric, the property benefits from everyday conveniences that matter to renters. The neighborhood ranks 1st out of 36 metro neighborhoods for grocery and pharmacy density and sits in the mid-90s nationally for these amenities, indicating strong access to essentials that can support tenant retention and reduce friction in leasing.
Renter-occupied housing represents a majority share of neighborhood units, signaling a deeper tenant base and practical demand for multifamily. At the same time, the neighborhood’s occupancy rate ranks 2nd among 36 metro neighborhoods and falls in the top quartile nationally, a combination that points to durable leasing conditions rather than short-term spikes.
Within a 3-mile radius, demographics show modest population growth alongside an 8%+ increase in households over the last five years, expanding the local renter pool. Forward-looking projections indicate further household growth and smaller average household sizes, which can translate into more renters entering the market and support occupancy stability.
Home values in the area trend well below national norms, creating a more accessible ownership market that can introduce some competition for entry-level renters. For investors, that context suggests prioritizing product differentiation, management, and amenities to preserve pricing power and lease retention, especially as rent-to-income levels remain manageable by national standards.
Vintage context: built in 1981, the asset is newer than the neighborhood’s average building year (1973). That positioning can be competitively helpful versus older stock, though investors should still plan for selective system upgrades or cosmetic refreshes to meet current renter expectations and sustain occupancy momentum.
Neighborhood-level crime metrics are not available in this dataset for precise comparison. Investors typically benchmark safety using multiple sources and trend views at the city and county level; incorporating onsite observations and local stakeholder input remains prudent to contextualize resident experience and retention risk.
Regional employment access is oriented toward a broader commute shed that supports workforce housing demand. Nearby corporate offices can contribute to steady renter inflows and retention, with the following employer representing accessible commute exposure.
- Anixter — corporate offices (34.7 miles)
This 48-unit, 1981-vintage asset aligns with a neighborhood that exhibits high occupancy and a majority renter-occupied housing base—factors that typically support stable cash flow and leasing durability. Amenity access is a local strength, with top-ranked grocery and pharmacy proximity among 36 metro neighborhoods, reinforcing day-to-day convenience that helps with tenant retention. According to CRE market data from WDSuite, the neighborhood’s occupancy trend sits above many peers in the metro and in the top quartile nationally, suggesting conditions that favor consistent absorption rather than volatile lease-up cycles.
Counterbalancing these positives, the area’s lower home values can create competition with entry-level ownership; investors may need to lean on targeted renovations, service quality, and unit finishes to maintain pricing power. The 1981 construction is newer than the local average, offering relative competitiveness versus older stock while still warranting capital planning for aging systems to capture value-add upside and sustain long-term performance.
- High neighborhood occupancy and sizable renter-occupied base support leasing stability.
- Top-ranked access to groceries and pharmacies among 36 metro neighborhoods aids retention.
- 1981 vintage is newer than local average, with potential to outperform older stock post-upgrades.
- Household growth within 3 miles points to a larger tenant base over the medium term.
- Risk: relatively low home values may compete with entry-level renters; prioritize differentiation and asset management.