| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 44th | Best |
| Demographics | 26th | Fair |
| Amenities | 59th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3701 Saint Johns Ave, Palatka, FL, 32177, US |
| Region / Metro | Palatka |
| Year of Construction | 1972 |
| Units | 50 |
| Transaction Date | 2004-10-29 |
| Transaction Price | $292,200 |
| Buyer | BMLRW LLLP |
| Seller | MELLON MANOR APARTMENTS LTD |
3701 Saint Johns Ave, Palatka FL Multifamily Investment
Neighborhood occupancy is strong and renter demand is broad-based, according to WDSuite’s CRE market data, indicating potential for steady leasing performance relative to local alternatives.
This Inner Suburb neighborhood in Palatka ranks first among 36 metro neighborhoods with an A+ neighborhood rating, signaling durable location fundamentals for workforce housing. Neighborhood occupancy is reported at 95.3% and is top quartile nationally, suggesting comparatively stable tenancy at the neighborhood level rather than the property itself.
Amenity access is a relative strength: grocery and pharmacy density sit in the mid-90s national percentiles, and cafes are around the 90th percentile. These day-to-day conveniences typically support renter retention and reduce commute friction for errands. By contrast, parks and childcare options are limited within the neighborhood, which can be a consideration for family-oriented leasing strategies.
Housing stock skews similar to the metro average vintage (early 1970s). With the property built in 1972, investors should underwrite ongoing capital planning and selective modernization to remain competitive against comparable 1970s assets that have been refreshed.
Tenure data indicates a high share of renter-occupied units at the neighborhood level (ranked first among 36 in the metro and top decile nationally), pointing to a deep tenant base and demand resilience for multifamily. Within a 3-mile radius, households increased over the past five years and are projected to expand further by 2028, which supports a larger renter pool and occupancy stability.
Home values are comparatively low within the neighborhood (bottom decile nationally), which can create some competition from ownership alternatives. However, rent-to-income appears manageable at the neighborhood level, implying moderate affordability pressure and potential for steady lease retention with disciplined revenue management based on commercial real estate analysis benchmarks.
School ratings in the neighborhood track below national norms, which may affect demand among households prioritizing education; investors often mitigate this with upgraded unit finishes, value pricing, or by targeting renter cohorts less sensitive to school quality.
Comparable crime metrics for this neighborhood are not available in WDSuite’s current dataset. Investors typically benchmark safety by reviewing city and county trend reports and touring at multiple dayparts to gauge on-the-ground conditions relative to nearby Palatka neighborhoods.
Given the absence of a ranked crime signal, prudent underwriting may include sensitivity around security, lighting, and common-area visibility, along with resident feedback and local law enforcement briefings to understand trend direction versus the broader region.
Regional employment is diversified, with commuting access to corporate operations that can help support renter demand. Notably, Anixter appears within a reasonable drive and contributes to the broader employment base referenced by renters.
- Anixter — distribution and industrial supplies (34.8 miles)
The investment case centers on neighborhood-level occupancy strength, a high renter-occupied share, and solid day-to-day retail amenities that support retention. Within a 3-mile radius, households have been growing and are projected to expand further, indicating a larger tenant base and sustained leasing depth. According to CRE market data from WDSuite, the neighborhood’s occupancy trends and renter concentration outpace many metro peers, while rent levels relative to income suggest manageable affordability pressure.
Built in 1972, the property is slightly older than the neighborhood’s average vintage, presenting value-add potential through targeted renovations and systems upgrades to enhance competitive positioning against refreshed 1970s stock. Key watch items include limited parks/childcare in the immediate neighborhood, below-average school ratings, and potential competition from comparatively low ownership costs.
- Strong neighborhood occupancy and high renter-occupied share support demand stability.
- Amenity-rich daily needs (grocery, pharmacy, cafes) bolster retention and leasing velocity.
- 1972 vintage offers value-add upside via targeted unit and systems modernization.
- 3-mile household growth and projected expansion point to a larger tenant base over time.
- Risks: lower school ratings, limited parks/childcare nearby, and competition from lower-cost ownership.