| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 60th | Fair |
| Demographics | 45th | Fair |
| Amenities | 55th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2051 SE Hillmoor Dr, Port Saint Lucie, FL, 34952, US |
| Region / Metro | Port Saint Lucie |
| Year of Construction | 2008 |
| Units | 84 |
| Transaction Date | 2009-12-15 |
| Transaction Price | $4,850,000 |
| Buyer | WESTSIDE TERRAVES LLC |
| Seller | TERRAVES ON THE SQUARE LLC |
2051 SE Hillmoor Dr Port St. Lucie Multifamily Investment
Positioned in an inner-suburb location with a relatively strong renter-occupied share at the neighborhood level, this 84-unit asset benefits from daily-needs access and steady household growth in the 3-mile trade area, according to WDSuite’s CRE market data.
The property sits in an A- rated neighborhood (ranked 26 of 104 in the Port St. Lucie metro), indicating competitive fundamentals among local peers. Daily-needs access is a clear strength: grocery options rank 8 of 104 (top quartile in the metro) and parks rank 14 of 104 (also top quartile). Restaurant density is competitive (21 of 104), though the area has limited cafes and pharmacies, which may modestly reduce lifestyle convenience for some renters.
For investors evaluating durability of demand, note the neighborhood’s renter-occupied share of housing units is 44.4% (above metro norms; high national percentile), which points to a deeper tenant base and supports leasing continuity. By contrast, within a 3-mile radius the renter share is lower, so demand will rely more on households seeking professionally managed multifamily for convenience and flexibility rather than on a predominantly transient base.
Demographics within 3 miles show population and household growth over the last five years, with forecasts calling for further expansion and a smaller average household size. That combination typically widens the renter pool and supports occupancy stability, even as new supply competes for leases. Median incomes in the 3-mile area have been rising, which helps offset rent growth and may aid retention.
Ownership costs in the neighborhood trend elevated relative to incomes (value-to-income ratio near the upper end nationally), reinforcing renter reliance on multifamily housing and supporting pricing power when units are well-positioned. However, neighborhood occupancy is ranked 87 of 104 (below the metro median and lower nationally), so performance will likely hinge on asset quality, management, and capturing demand from nearby employment centers. The asset’s 2008 vintage is newer than the neighborhood’s average 1994 stock, offering competitive positioning versus older properties while still warranting capital planning for mid-life systems and selective renovations to sustain rents.
Safety metrics for the neighborhood are mixed. Compared with neighborhoods nationwide, overall safety sits below the national median (around the 30th percentile). Within the Port St. Lucie metro, the neighborhood’s crime rank is 58 of 104, placing it below the metro median. Recent data also indicates a year-over-year uptick in property offenses, while violent offense levels remain closer to the national middle.
For underwriting, this suggests prudent assumptions around security measures and tenant screening. Monitoring citywide trends and submarket policing initiatives can help contextualize whether recent changes represent short-term variability or a sustained pattern.
Regional employers within commuting range provide a diversified employment base that can support renter demand and retention, including distribution, energy, foodservice supply, and financial services.
- CVS Distribution Center — distribution (28.96 miles)
- NextEra Energy — energy & corporate services (32.46 miles) — HQ
- Sysco Southeast Florida — foodservice distribution (37.67 miles)
- Siegel Financial Group - Northwestern Mutual — financial services (41.71 miles)
This 84-unit, 2008-vintage property offers a newer product profile than much of the surrounding 1990s stock, positioning it well against older competitors while leaving room for targeted mid-life refreshes. Neighborhood access to groceries, parks, and restaurants scores in the competitive to top-quartile range within the Port St. Lucie metro, which helps with day-to-day convenience and leasing appeal. At the same time, the neighborhood shows a higher share of renter-occupied housing units and a 3-mile trade area with recent and projected population and household growth—both supportive of a larger tenant base and occupancy stability.
Balanced against these strengths, neighborhood occupancy ranks below the metro median and national standing, and rent-to-income ratios indicate some affordability pressure. Underwriting should emphasize effective lease management, resident retention, and selective value-add scope. According to CRE market data from WDSuite, elevated ownership costs relative to incomes in the neighborhood can sustain rental demand for well-maintained units, particularly those offering functional finishes and efficient operations.
- 2008 vintage versus older neighborhood stock supports competitive positioning with targeted mid-life CapEx for systems and finishes.
- Stronger renter-occupied share locally and growing 3-mile population/households expand the tenant base and support leasing.
- Daily-needs proximity (groceries, parks, restaurants) enhances livability and helps drive retention and renewal probability.
- Elevated ownership costs bolster reliance on rentals, aiding pricing power for well-positioned units.
- Risks: neighborhood occupancy below metro median, affordability pressure (high rent-to-income), and safety metrics below national median call for disciplined operations and resident experience focus.