| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 74th | Best |
| Demographics | 70th | Best |
| Amenities | 74th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 450 Lake Bridge Dr, Ormond Beach, FL, 32174, US |
| Region / Metro | Ormond Beach |
| Year of Construction | 1989 |
| Units | 48 |
| Transaction Date | 1987-07-15 |
| Transaction Price | $927,500 |
| Buyer | WILLOW POND LTD |
| Seller | --- |
450 Lake Bridge Dr Ormond Beach Multifamily Opportunity
Neighborhood occupancy sits in the mid‑90s with a positive five‑year trend, pointing to stable renter demand and consistent leasing, according to WDSuite’s CRE market data.
Located in Ormond Beach’s inner‑suburban fabric, the neighborhood scores A+ overall and ranks 1 out of 159 metro neighborhoods, signaling strong fundamentals for multifamily investors. Amenities are competitive, with an amenity rank of 11 among 159 (top quartile), and dining density that lands in the top quartile nationally. Cafes rank 14 of 159, making the immediate area competitive among Deltona–Daytona Beach–Ormond Beach neighborhoods for everyday convenience.
Renter demand is supported by a neighborhood occupancy rate near 95% and a modest five‑year improvement, which helps underpin income stability. The share of housing units that are renter‑occupied is about 36%, indicating a moderate renter concentration and a defined tenant base for garden and mid‑scale assets.
Within a 3‑mile radius, population and households have grown over the last five years, with forecasts pointing to further increases by 2028. A smaller average household size trend suggests more one‑ and two‑person households entering the market, which can expand the renter pool and support absorption of mid‑size units.
Ownership costs benchmark above many U.S. neighborhoods (home values sit around the 72nd national percentile), which often sustains reliance on rental housing and supports lease retention. Rent‑to‑income levels tracked by WDSuite are manageable for the area (around one‑fifth of income), helping maintain pricing power while keeping affordability pressures in check.
Comparable safety metrics for this neighborhood are not available in the current WDSuite dataset. Investors typically benchmark neighborhood safety against metro and national trends when data becomes available and underwrite with prudent reserves and retention strategies.
The broader labor shed includes corporate offices accessible by regional highways, which can support renter retention through commute convenience. Notable nearby employer:
- Symantec — cybersecurity software (38.9 miles)
Built in 1989, the property is slightly older than the neighborhood’s average vintage, suggesting potential value‑add through targeted renovations and capital planning to sharpen competitiveness against newer stock. Neighborhood occupancy is in the mid‑90s and trending upward, and the renter‑occupied share near the mid‑30s indicates a defined tenant base without over‑concentration.
Within a 3‑mile radius, recent population and household growth, with additional increases forecast by 2028, point to a larger tenant base and support for occupancy stability. Elevated ownership costs relative to national norms reinforce multifamily demand, while rent levels aligned with local incomes provide room for disciplined revenue management, based on commercial real estate analysis from WDSuite.
- Mid‑90s neighborhood occupancy with an upward five‑year trend supports income stability
- 1989 vintage offers value‑add and CapEx pathways to enhance competitiveness
- 3‑mile radius shows population and household growth, expanding the renter pool
- Elevated ownership costs bolster reliance on rentals and can aid lease retention
- Risks: owner‑leaning tenure and aging systems require disciplined underwriting and capital reserves