| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 63rd | Good |
| Demographics | 15th | Poor |
| Amenities | 42nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1686 Martin Luther King Jr Way, Sarasota, FL, 34234, US |
| Region / Metro | Sarasota |
| Year of Construction | 2013 |
| Units | 28 |
| Transaction Date | 2009-07-22 |
| Transaction Price | $2,316,701 |
| Buyer | SARASOTA HOUSING FUNDING CORPORATION |
| Seller | FRANKLIN STREET FINANCIAL PARTNERS |
1686 Martin Luther King Jr Way Sarasota 2013 Multifamily
Neighborhood-level data points to a deep renter base and steady occupancy, according to WDSuite’s CRE market data. This positioning supports durable leasing for a 28-unit asset while allowing careful rent management relative to local incomes.
Situated in Sarasota’s inner suburb fabric, the area around 1686 Martin Luther King Jr Way shows solid renter demand fundamentals. The neighborhood’s occupancy rate is competitive among North Port-Sarasota-Bradenton neighborhoods (ranked 28 out of 218, top quartile in the metro), and sits in the 62nd percentile nationally. That backdrop favors stable tenancy and reduces lease-up risk in typical turnover periods.
Renter-occupied share is high at the neighborhood level (ranked 1 out of 218, 96th percentile nationally), indicating a deep tenant pool and consistent demand for multifamily units. Median neighborhood contract rents have risen over the last five years while the rent-to-income ratio near 0.20 suggests manageable affordability pressure, supporting retention and renewal prospects for professionally operated assets.
Livability signals are mixed but serviceable for workforce renters. Grocery access is a relative strength (ranked 25 of 218; 87th percentile nationally) alongside restaurant density (80th percentile), and park access tests well (88th percentile). However, the immediate area shows fewer boutique amenities such as cafes and pharmacies, which may modestly affect lifestyle convenience and should be considered in marketing and tenant mix strategies.
The property’s 2013 construction is newer than the neighborhood’s average vintage (1971), which can enhance competitive positioning versus older stock and temper near-term capital expenditures. At a 3-mile radius, households have increased in recent years and are projected to grow further through 2028, with anticipated population growth and a shift toward smaller household sizes. These trends point to a larger tenant base and continued multifamily demand, based on CRE market data from WDSuite.
Ownership costs in the neighborhood context remain elevated relative to incomes (value-to-income ratio in the 88th national percentile), a dynamic that tends to sustain reliance on rental housing and can support occupancy stability. For investors, this mix of strong renter concentration, competitive occupancy, and newer-vintage positioning is conducive to steady operations with disciplined rent setting.
Safety indicators at the neighborhood level compare favorably within the region and are generally around or modestly above national norms. Overall crime ranks 72 out of 218 metro neighborhoods — competitive among North Port-Sarasota-Bradenton neighborhoods — and near the 66th percentile nationally. Recent year-over-year estimates indicate notable declines in both property and violent offenses, with improvement metrics testing in higher national percentiles, which supports a constructive near-term outlook without implying block-level guarantees.
Investors should still underwrite standard security, lighting, and access controls appropriate for an inner-suburb location, but regional standing and recent trend direction suggest a supportive environment for resident retention.
Major employers within commuting range include industrial gases, electronics manufacturing, financial services, healthcare distribution, and IT distribution. This mix supports workforce housing demand and can aid retention through proximity-driven commute convenience.
- Airgas Store — industrial gases (4.3 miles)
- Jabil Circuit — electronics manufacturing (35.6 miles) — HQ
- Raymond James Financial — financial services (37.2 miles) — HQ
- Cardinal Health — healthcare distribution (37.7 miles)
- Tech Data — IT distribution (39.8 miles) — HQ
A 2013-vintage, 28-unit asset in a neighborhood with competitive occupancy and a high renter-occupied share positions this property for durable performance. According to CRE market data from WDSuite, the area ranks in the top quartile for occupancy within the metro and maintains national standing above midpack, while ownership costs relative to income support ongoing reliance on rental housing. Newer construction versus neighborhood averages reduces near-term capital needs and strengthens leasing competitiveness against older stock.
Within a 3-mile radius, recent increases in households and projected growth through 2028 point to renter pool expansion. Amenity access is anchored by groceries, restaurants, and parks, though limited nearby boutique services suggest the need for pragmatic tenant-facing amenities and efficient property operations. Overall, fundamentals support steady cash flow potential with prudent risk management.
- Competitive neighborhood occupancy and deep renter base support stable tenancy
- 2013 construction offers relative capex relief and leasing edge versus older stock
- Elevated ownership costs reinforce multifamily demand and retention potential
- 3-mile household growth and projected expansion indicate a larger tenant pool
- Risk: fewer boutique amenities/pharmacies nearby; underwrite marketing and on-site services accordingly