| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 47th | Best |
| Demographics | 32nd | Fair |
| Amenities | 39th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 6710 Saint Johns Ave, Palatka, FL, 32177, US |
| Region / Metro | Palatka |
| Year of Construction | 2004 |
| Units | 120 |
| Transaction Date | 2018-11-05 |
| Transaction Price | $4,700,000 |
| Buyer | WOODLAND POINT BWTR 2 LLC |
| Seller | WOODLAND POINT LP |
6710 Saint Johns Ave Palatka Multifamily Investment
Neighborhood multifamily occupancy sits in the mid-90s, supporting stable leasing and cash flow according to WDSuite’s CRE market data. With a balanced renter-occupied share and newer product relative to local stock, the asset is positioned for steady demand in a suburban Florida setting.
This suburban Palatka location trends as one of the stronger neighborhoods in its metro, ranking 2 out of 36 neighborhoods. For investors, the key signal is stability: neighborhood multifamily occupancy is about 94.5% (neighborhood metric, not property-level) and has improved over the past five years, placing performance in the top quartile among 36 metro neighborhoods and above many national peers.
Vintage positioning favors the subject: construction year 2004 is newer than the neighborhood’s average 1981 vintage, indicating relative competitiveness versus older local stock. That typically supports leasing velocity and rent attainment, though investors should still underwrite routine modernization for systems and finishes as the asset approaches two decades in age.
Tenure patterns indicate a meaningful renter-occupied share (approximately 38% of housing units at the neighborhood level), which points to a dependable tenant base for multifamily. Within a 3-mile radius, households increased modestly in the last five years even as population ticked down, suggesting smaller household sizes and a steady renter pool; looking ahead, WDSuite’s data indicates notable population and household growth by 2028, which would expand the tenant base and support occupancy stability.
Local amenity density is mixed: grocery and pharmacy access are competitive among Palatka neighborhoods (ranked near the top against 36 metro neighborhoods), while parks and cafés are limited. Average school ratings trend below national norms, which can temper family-driven demand but often aligns with workforce housing dynamics. Home values are comparatively modest for Florida, which can create some competition from ownership; however, rent-to-income at the neighborhood level remains manageable, supporting retention and lease management.
Comparable crime data for this neighborhood is not available in WDSuite at this time. Investors typically benchmark safety using metro and national data when updated datasets are released, and should pair that with on-the-ground diligence and trend reviews rather than block-level assumptions.
Regional employment access is supported primarily by a broader drive-to-workforce. Notable employer presence within commuting range can contribute to tenant retention and steady leasing.
- Anixter — corporate offices (35.1 miles)
The property’s 2004 vintage stands newer than the neighborhood’s average stock, offering competitive positioning for a 120-unit asset while leaving room for targeted upgrades. Neighborhood-level occupancy around the mid-90s and a solid renter-occupied share indicate demand depth and leasing durability. According to CRE market data from WDSuite, local amenity access is serviceable for essentials, and balanced rent-to-income supports retention, with households in the 3-mile radius projected to expand—adding to the renter pool and aiding long-run stability.
Counterpoints include below-average school ratings, lighter lifestyle amenities nearby, and potential competition from relatively accessible homeownership options. These are manageable with prudent underwriting, attention to value-add scope, and conservative rent growth assumptions tied to demonstrated neighborhood performance rather than forecasts alone.
- Newer 2004 construction relative to local stock supports competitiveness and leasing
- Neighborhood occupancy in the mid-90s (neighborhood metric) underpins cash flow stability
- Expanding households within 3 miles point to a larger tenant base over the next cycle
- Essential retail access (grocery/pharmacy) supports daily convenience for renters
- Risks: weaker school ratings, modest amenity density, and ownership competition warrant conservative underwriting