| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 44th | Poor |
| Demographics | 39th | Fair |
| Amenities | 44th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1450 S Palmetto Ave, Daytona Beach, FL, 32114, US |
| Region / Metro | Daytona Beach |
| Year of Construction | 1987 |
| Units | 20 |
| Transaction Date | 2020-11-03 |
| Transaction Price | $1,590,000 |
| Buyer | ST BASHNONA PALMETTO LLC |
| Seller | SPRUCEWOOD LLC |
1450 S Palmetto Ave Daytona Beach Multifamily Investment
Renter-occupied housing is prevalent in the surrounding neighborhood, supporting a steady tenant base even as overall occupancy trends are mixed, according to WDSuite’s CRE market data. Recent rent levels remain moderate for the metro, reinforcing demand for smaller units.
Located in an inner-suburb pocket of Daytona Beach, the area offers everyday convenience with strong grocery access and a healthy mix of nearby parks and restaurants. While pharmacies, cafes, and childcare options are thinner locally, the essentials for daily living are present and support workforce-oriented renter demand.
The property’s 1987 vintage is newer than the neighborhood’s average construction year of 1970. That positioning can help competitiveness versus older stock, while still leaving room for targeted modernization and systems upgrades to enhance leasing velocity and reduce near-term capital friction for prospective residents.
Neighborhood occupancy trends run below the metro median, so underwriting should prioritize leasing strategy and asset differentiation. At the same time, the surrounding renter-occupied share is elevated (measured as the share of housing units that are renter-occupied at the neighborhood level), which typically supports a deeper tenant pool and demand stability for multifamily assets.
Within a 3-mile radius, population and household counts have increased in recent years, with forecasts pointing to further population growth and a larger number of households. This expansion, alongside a shift toward slightly smaller average household sizes, implies a larger tenant base for compact units and supports occupancy stability for well-managed properties.
Home values in the neighborhood are comparatively accessible for the region, and median contract rents remain moderate. For investors, this mix suggests balanced pricing power: competitive rents can sustain absorption and retention, while careful lease management can mitigate affordability pressure and reduce turnover risk.
Comparable, current neighborhood-level safety metrics are not available from WDSuite for this location. Investors commonly benchmark to city and metro trends and prioritize on-site measures (lighting, access control, maintenance) and local partnerships to support resident comfort and retention.
Regional employers are accessible via broader metro commutes, providing a diversified employment base that can support renter demand at this workforce-oriented asset. The list below reflects a notable corporate presence relevant to commuter tenants.
- Symantec — cybersecurity software (35.2 miles)
This 20-unit asset with compact average floor plans is positioned for durable workforce demand in an inner-suburban pocket where renter-occupied housing is prevalent. Based on CRE market data from WDSuite, neighborhood occupancy runs softer than the metro, so execution will hinge on asset differentiation, consistent operations, and competitive rent positioning.
Built in 1987, the property is newer than much of the surrounding housing stock, offering a relative edge versus older assets while still presenting value-add potential through selective interior and systems updates. Population and household growth within a 3-mile radius signal a larger tenant base over the next several years, which can support occupancy stability for well-managed, right-sized units.
- Renter depth: Elevated neighborhood renter-occupied share supports a broader tenant base and demand resilience.
- Relative vintage edge: 1987 construction competes favorably versus older local stock with room for targeted upgrades.
- Demand outlook: 3-mile population and household growth expand the pool of prospective renters for smaller units.
- Pricing position: Moderate neighborhood rents can aid absorption and retention with disciplined lease management.
- Risk: Neighborhood occupancy trends are below metro norms, requiring attentive operations to maintain leasing momentum.