| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 81st | Best |
| Demographics | 66th | Best |
| Amenities | 75th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 7015 Red Bug Lake Rd, Oviedo, FL, 32765, US |
| Region / Metro | Oviedo |
| Year of Construction | 2002 |
| Units | 120 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
7015 Red Bug Lake Rd Oviedo Multifamily Investment
Neighborhood-level occupancy has been strong and trending higher, supporting income stability for a 120-unit asset, according to WDSuite’s CRE market data. Positioned in an inner suburb of Orlando with solid amenity access, the area continues to attract renters seeking convenience and quality.
Located in Oviedo within the Orlando-Kissimmee-Sanford metro, the neighborhood is rated A+ and ranks 14 out of 465 metro neighborhoods — firmly top quartile locally. Amenity access is a relative strength (amenity rank 48 of 465; about mid-70s nationally), with steady coverage of groceries, pharmacies, and everyday services that help leasing and retention.
Multifamily fundamentals are favorable: the neighborhood occupancy rate is 96.9% (rank 63 of 465; low-80s nationally), indicating tight conditions that typically support rent collections and lower turnover risk. Renter-occupied housing represents 42.5% of units (rank 126 of 465; low-80s nationally), signaling a deep tenant base for professionally managed apartments without over-reliance on a single renter segment.
The property was built in 2002, slightly newer than the neighborhood’s average construction year of 1998. This vintage positioning can be competitive versus older stock while still warranting mid-life capital planning for building systems and common areas to sustain rentability.
Within a 3-mile radius, demographics show a modest population dip over the past five years alongside growth in household count, pointing to smaller household sizes and steady apartment demand. Forecasts indicate population growth and a meaningful increase in households over the next five years, which should expand the renter pool and support occupancy. Median home values sit in the upper national percentiles for comparable neighborhoods, reflecting a high-cost ownership market that tends to reinforce reliance on rental housing and support lease retention. Average school ratings are around the metro middle, which can appeal to family renters seeking stability without premium pricing.
Neighborhood-level crime metrics are not available in WDSuite’s dataset for this location, so investors commonly benchmark safety using city and metro reports and evaluate property-level measures (lighting, access control, and management practices). When underwriting, consider recent trends and comparable inner-suburban submarkets in the Orlando-Kissimmee-Sanford region rather than block-level conclusions.
Proximity to diversified corporate offices supports renter demand through commute convenience and a broad white-collar employment base. Notable nearby employers include Symantec, Prudential, Ryder, and Darden Restaurants.
- Symantec — software/security (11.0 miles)
- Prudential — financial services (16.1 miles)
- Ryder — logistics (16.2 miles)
- Darden Restaurants — restaurant headquarters (19.0 miles) — HQ
This 120-unit, 2002-vintage asset benefits from tight neighborhood conditions and a renter base supported by strong local incomes and a high-cost ownership market. Neighborhood occupancy is elevated and above metro norms, which supports collections and reduces turnover risk. Within a 3-mile radius, households have grown and are projected to rise further, expanding the tenant base even as household sizes edge smaller. According to CRE market data from WDSuite, amenity access and neighborhood NOI performance land in higher national percentiles, suggesting competitive positioning versus comparable suburban submarkets.
Vintage relative to the local stock offers competitive appeal versus older properties, while mid-life systems may require targeted capital to sustain rentability and drive value-add. Elevated home values and healthy incomes support pricing power, but prudent lease management remains important as rent-to-income dynamics evolve with projected rent growth.
- Tight neighborhood occupancy and deep renter base support income stability
- 2002 vintage is competitive versus older stock with value-add and modernization potential
- High-cost ownership market and strong local incomes bolster renter demand and lease retention
- 3-mile household growth outlook expands the tenant pool and supports leasing
- Risk: mid-life capex needs and evolving affordability pressures require disciplined rent and retention strategies