| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Good |
| Demographics | 19th | Poor |
| Amenities | 79th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 622 S 11th St, Fort Pierce, FL, 34950, US |
| Region / Metro | Fort Pierce |
| Year of Construction | 1981 |
| Units | 22 |
| Transaction Date | 2022-06-29 |
| Transaction Price | $1,550,000 |
| Buyer | 622 S 11TH STREET LLC |
| Seller | FYZAKOV |
622 S 11th St Fort Pierce 22-Unit Multifamily
Neighborhood occupancy has trended upward in recent years and renter-occupied housing is meaningful, supporting a consistent tenant base, according to WDSuite s CRE market data. Position and scale suit a workforce housing strategy with operational focus on retention and steady lease-up.
Situated in Fort Pierce s inner-suburban fabric, the property benefits from everyday conveniences: grocers, pharmacies, parks, and dining are accessible, and the neighborhood s amenity profile ranks competitive among Port St. Lucie neighborhoods (2nd of 104 for overall amenities; cafes 6th, pharmacies 7th, grocery 15th). Nationally, these amenity measures sit in the upper tiers, helping sustain day-to-day livability that supports leasing.
The property s 1981 vintage is modestly older than the neighborhood s average construction year (1986). For investors, this points to prudent capital planning and selective interior and system upgrades that can enhance durability and renter appeal without overcapitalizing relative to nearby stock.
Renter concentration at the neighborhood level is substantial (44.9% of housing units are renter-occupied), indicating depth in the tenant pool for small-scale multifamily. Within a 3-mile radius, demographic data show population growth over the past five years and an increase in households, expanding the local renter base and supporting occupancy stability.
Ownership dynamics are bifurcated: neighborhood home values are relatively accessible in dollar terms, yet value-to-income appears high versus national norms. In practice, that combination can sustain reliance on multifamily rentals while the relatively modest rent-to-income levels locally may aid lease retention and limit turnover pressure. These dynamics, based on CRE market data from WDSuite, suggest scope for disciplined revenue management rather than aggressive pricing assumptions.
Relative to the Port St. Lucie metro, the neighborhood s safety positioning is below average, and national comparisons place it below the median on both property and violent offense measures. That said, recent trend data indicate improvement: estimated violent offenses declined sharply year over year and property offenses eased as well. Investors should underwrite with a conservative stance, focusing on onsite visibility, lighting, and resident engagement while monitoring citywide trends.
The broader employment base includes logistics and energy, providing diversified job sources that support renter demand and commute convenience at a regional scale.
- CVS Distribution Center logistics/distribution (18.6 miles)
- NextEra Energy energy & corporate services (43.4 miles) HQ
This 22-unit, 1981-vintage asset aligns with durable renter demand drivers in Fort Pierce: a solid amenity footprint, rising neighborhood occupancy, and a sizable share of renter-occupied housing. Within a 3-mile radius, population and household growth translate into a larger tenant base, supporting leasing continuity. According to CRE market data from WDSuite, the neighborhood s rent burden appears manageable, favoring retention-focused operations and measured rent strategies.
Operationally, the slightly older vintage suggests targeted value-add through interiors and building systems to sharpen competitiveness against nearby stock from the mid-1980s. Underwriting should also account for below-metro-average school ratings and a safety profile that, while improving, warrants prudent management practices. The result is a steady, workforce-oriented thesis emphasizing occupancy stability and expense discipline over outsized rent growth assumptions.
- Amenity-rich inner-suburban location supports everyday livability and leasing.
- Renter depth locally and 3-mile household growth expand the tenant base and support occupancy.
- 1981 vintage offers targeted value-add potential via selective renovations and systems upgrades.
- Manage to retention: relatively modest rent-to-income supports stability over aggressive pricing.
- Risks: below-metro-average school ratings and a safety profile that requires active management.