| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 74th | Best |
| Demographics | 70th | Best |
| Amenities | 74th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 500 Shadow Lakes Blvd, Ormond Beach, FL, 32174, US |
| Region / Metro | Ormond Beach |
| Year of Construction | 1975 |
| Units | 32 |
| Transaction Date | 2011-09-14 |
| Transaction Price | $6,625,000 |
| Buyer | SHADOW LAKES PROPERTY HOLDINGS LLC |
| Seller | SHADOW LAKES 500 LLC |
500 Shadow Lakes Blvd Ormond Beach Multifamily Investment
Neighborhood occupancy is strong and renter demand is supported by a meaningful renter-occupied share, according to WDSuite’s CRE market data for the immediate area. Investors should view this as a stability play with potential to tune operations rather than a pure lease-up story.
Located in Ormond Beach’s inner suburbs, the property benefits from an A+ neighborhood rating and a top overall rank (1 of 159 neighborhoods in the Deltona–Daytona Beach–Ormond Beach metro), signaling strong local fundamentals. Neighborhood occupancy is competitive among Deltona–Daytona Beach–Ormond Beach neighborhoods (rank 33 of 159) and has improved over the last five years, supporting steady leasing conditions for stabilized multifamily assets.
Amenity access trends favor renter retention: restaurants and cafes score in the top quartile nationally (restaurants 78th percentile; cafes 84th), with grocery and general amenities also above national medians (mid‑70s percentiles). While school ratings are not available in this dataset, nearby childcare density sits above national averages, which can help family-oriented renters evaluate the area. These comparative amenity scores, based on CRE market data from WDSuite, point to everyday convenience that supports leasing velocity and renewal probability.
Vintage is an important underwriting consideration. The asset’s construction year is 1975, older than the neighborhood’s average vintage near 1992 (rank 53 of 159), indicating potential capital expenditure needs but also value‑add and renovation upside relative to newer competitive stock. Investors can prioritize unit modernization, building systems, and curb‑appeal upgrades to defend occupancy and drive achievable rents.
Tenure and affordability further frame demand depth. The neighborhood’s renter-occupied share is 36.4% (rank 24 of 159), indicating a sizable renter base for multifamily product. Median contract rent levels and a rent‑to‑income ratio near 0.20 suggest manageable affordability pressure locally, which can support retention while leaving room for targeted rent optimization tied to renovations and services. Elevated home values in the area (top‑quartile nationally by value‑to‑income metrics) indicate a high‑cost ownership market relative to incomes, which tends to sustain reliance on rental housing.
Demographic statistics aggregated within a 3‑mile radius show recent population growth with a larger increase in households and families, implying smaller average household sizes and a broadening renter pool. Forward‑looking projections indicate additional household growth over the next five years, which supports continued depth of demand for well-located, professionally managed apartments.
Neighborhood-level crime metrics are not available in this dataset, so comparative safety positioning versus the metro or nation cannot be stated here. Investors should rely on customary due diligence, including recent trend reviews and local law enforcement data, to contextualize safety alongside leasing performance and resident retention.
Regional employers contribute to a diversified labor pool; while the nearest identified corporate office is a longer commute, it underscores broader Central Florida employment reach that can complement local services and healthcare employment bases.
- Symantec — software/security offices (38.8 miles)
This 32‑unit, 1975‑vintage asset offers a stability‑oriented profile in an A+‑rated Ormond Beach neighborhood with competitive occupancy among metro peers. Amenity access ranks in the upper national tiers, reinforcing everyday convenience that supports leasing and renewals. The older vintage versus the neighborhood average points to actionable value‑add—interior upgrades and system improvements—to enhance positioning against newer stock while maintaining a measured affordability posture for retention. According to CRE market data from WDSuite, the neighborhood’s renter concentration and favorable rent‑to‑income dynamics support a durable tenant base.
Within a 3‑mile radius, recent growth in households and families and projected gains over the next five years indicate ongoing renter pool expansion, which can support occupancy stability and disciplined rent growth as renovations are executed. Elevated ownership costs relative to income nationally in this area further reinforce sustained demand for multifamily housing.
- Competitive neighborhood occupancy and A+ local fundamentals support stable cash flow
- Amenity access in top national tiers bolsters leasing velocity and renewals
- 1975 vintage offers clear value‑add levers via renovations and system updates
- 3‑mile household growth and projected gains underpin depth of tenant demand
- Risk: older building systems require capital planning to manage near‑term capex and repositioning