| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 59th | Good |
| Demographics | 55th | Good |
| Amenities | 62nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1620 S Palmetto Ave, South Daytona, FL, 32119, US |
| Region / Metro | South Daytona |
| Year of Construction | 1980 |
| Units | 25 |
| Transaction Date | 2015-03-30 |
| Transaction Price | $1,195,000 |
| Buyer | JPOPS PROPERTIES LLC |
| Seller | DBS DAYTONA LLC |
1620 S Palmetto Ave South Daytona Value-Add Multifamily
Renter concentration just over half of local housing supports a durable tenant base, while neighborhood occupancy trends sit below the metro median—pointing to operational upside—according to WDSuite’s CRE market data.
Positioned in South Daytona’s inner-suburban fabric, the property benefits from an A+ neighborhood rating (ranked 6th among 159 metro neighborhoods), indicating strong fundamentals relative to peers. Within a 3-mile radius, WDSuite data shows recent population growth with additional household expansion projected, which supports a larger renter pool and potential leasing stability over time.
Daily convenience is a notable strength: grocery access ranks first among 159 metro neighborhoods and sits near the 99th percentile nationally. Restaurants and cafes are competitive as well, landing in the 90th-plus national percentiles, and parks access is also above national norms. Childcare density is strong (top decile nationally), though pharmacy presence is limited locally—a consideration for resident convenience and service mix.
On market dynamics, neighborhood occupancy is below the metro median, which may require active leasing and asset management but can also present room for operational gains if demand continues to deepen. Just over half of neighborhood housing units are renter-occupied, pointing to a meaningful base of multifamily demand. Median home values sit in a high-cost ownership context for local incomes, which can reinforce reliance on rental housing; at the same time, a rent-to-income profile that signals some affordability pressure suggests careful lease management and resident retention strategies.
Vintage context matters: the area’s average construction year is mid-1980s. With a 1980 build, the asset is somewhat older than nearby stock, underscoring typical capital planning needs and potential value-add positioning to compete against newer properties. These dynamics, combined with neighborhood amenities and steady 3-mile demographic growth, create a balanced setup for investors conducting multifamily property research.
Detailed crime statistics for this neighborhood are not available in the current WDSuite release. Investors typically benchmark neighborhood safety in relation to metro and city averages and monitor trend direction over time rather than block-level figures. As updated data becomes available, comparing neighborhood standing to other Deltona–Daytona Beach–Ormond Beach neighborhoods will provide clearer context for risk management.
Regional employment nodes within commuting range can help support renter demand; nearby examples include Symantec, noted below.
- Symantec — corporate offices (35.1 miles)
This 25-unit, 1980-vintage asset offers a straightforward value-add and operations thesis. The property is slightly older than the area’s mid-1980s average, suggesting modernization or selective renovations could sharpen its competitive posture against newer stock. Within a 3-mile radius, WDSuite indicates population and household growth, which expands the tenant base and supports occupancy stability, while a renter-occupied share just over half of neighborhood housing points to durable multifamily demand. According to commercial real estate analysis from WDSuite, neighborhood occupancy trends are below the metro median—framing both a risk to underwrite and an opportunity for operational improvement.
Strong neighborhood amenities—especially top-ranked grocery access and above-average dining, parks, and childcare—enhance livability. Homeownership remains relatively high-cost for local incomes, which can sustain reliance on rentals and help support pricing power, though rent-to-income levels call for disciplined lease and retention strategies.
- Value-add potential: 1980 vintage relative to mid-1980s neighborhood stock supports targeted renovations and operational upgrades.
- Expanding renter pool: 3-mile population and household growth support demand depth and leasing stability.
- Amenity strength: top-tier grocery access with competitive dining, parks, and childcare enhances resident appeal.
- Pricing power context: elevated ownership costs relative to incomes can reinforce demand for multifamily units.
- Key risks: neighborhood occupancy below metro median and limited nearby pharmacy options warrant focused leasing and service planning.