| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 47th | Best |
| Demographics | 32nd | Fair |
| Amenities | 39th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 6401 Saint Johns Ave, Palatka, FL, 32177, US |
| Region / Metro | Palatka |
| Year of Construction | 2001 |
| Units | 120 |
| Transaction Date | 2018-07-17 |
| Transaction Price | $3,450,000 |
| Buyer | CIG 172 HR LLC |
| Seller | HOLLY RIDGE INVESTORS LLC |
6401 Saint Johns Ave, Palatka FL Multifamily Investment
Neighborhood occupancy is steady and above national medians, supporting income stability for a 120-unit asset, according to WDSuite’s CRE market data. The submarket’s renter demand is reinforced by accessible rents relative to local incomes.
Rated A+ and ranked 2 out of 36 neighborhoods in the Palatka metro, this Suburban area sits in the top quartile among metro neighborhoods, signaling resilient fundamentals for multifamily. Neighborhood occupancy is 94.5% (top-third nationally), indicating healthy leasing conditions and generally stable cash flow potential at the property level when managed effectively.
Renter-occupied housing accounts for 37.6% of units in the neighborhood, suggesting a meaningful renter base for a 120-unit community and demand depth for workforce-oriented housing. Median contract rents in the neighborhood remain relatively accessible and have trended upward over the last five years, which supports moderate pricing power while keeping renewal risk manageable.
Local convenience is anchored by grocery and pharmacy access that ranks near the top of the metro (both 2 of 36), with national percentiles in the high-50s to low-60s, while cafes and parks are limited. Average school ratings are below national medians, which may narrow the appeal for some households but can still align with workforce housing strategies focused on value and commute convenience.
Demographic statistics aggregated within a 3-mile radius show households grew about 5.6% over the last five years despite a slight population dip, implying smaller household sizes and a shift toward more housing demand per capita. Looking ahead to 2028, forecasts point to population and household growth (households projected to rise roughly 29%), expanding the renter pool and supporting occupancy durability and leasing velocity, based on CRE market data from WDSuite.
Standardized neighborhood safety metrics for this location are not available in the dataset provided. Investors typically evaluate safety comparatively at the neighborhood and metro levels, focusing on trend direction and relative standing versus regional and national benchmarks. Where direct comparisons are unavailable, prudent underwriting often incorporates on-the-ground observations, property-level security measures, and lease management practices to support resident retention.
The employment base relevant to this neighborhood includes regional corporate and distribution operations that can support renter demand through commute-accessible jobs.
- Anixter — electrical products distribution (35.1 miles)
Built in 2001, the property is newer than the neighborhood’s average vintage, offering competitive positioning against older local stock while leaving room for targeted modernization to drive rent and retention. Neighborhood occupancy of 94.5% and an A+ neighborhood rating indicate demand resilience relative to many U.S. areas, and rents remain accessible versus local incomes (rent-to-income near the national midrange), supporting stable leasing and renewal outcomes.
Within a 3-mile radius, households have increased in recent years and are projected to rise further by 2028, expanding the tenant base and supporting occupancy stability and pricing over time. According to CRE market data from WDSuite, local amenities skew toward everyday essentials (grocery, pharmacy), aligning with workforce demand drivers, while ownership costs remain moderate in context—balancing renter retention with some competition from entry-level homeownership.
- 2001 vintage relative to older neighborhood stock supports competitive positioning with potential value-add through selective upgrades.
- Strong neighborhood profile (A+; above-median national occupancy) underpins income stability.
- Expanding 3-mile household base through 2028 supports renter pool growth and leasing velocity.
- Everyday-essentials amenity mix (grocery/pharmacy) aligns with workforce housing demand.
- Risks: below-median school ratings, fewer lifestyle amenities, and potential competition from entry-level ownership options warrant conservative underwriting.