| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 59th | Good |
| Demographics | 55th | Good |
| Amenities | 62nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1920 S Palmetto Ave, South Daytona, FL, 32119, US |
| Region / Metro | South Daytona |
| Year of Construction | 1973 |
| Units | 30 |
| Transaction Date | 2011-10-31 |
| Transaction Price | $813,000 |
| Buyer | 1920 SOUTH PALMETTO AVE LLC |
| Seller | SUNRISE HARBOR APARTMENTS LLC |
1920 S Palmetto Ave South Daytona Multifamily Investment
Neighborhood renter-occupied housing is elevated and everyday amenities are dense, supporting demand stability for smaller units, according to WDSuite’s CRE market data.
Located in an inner-suburban pocket of South Daytona, the property sits in a neighborhood rated A+ and ranked 6th among 159 metro neighborhoods, signaling strong local fundamentals relative to the Deltona–Daytona Beach–Ormond Beach area. Amenity access is a clear strength: grocery density ranks 1st of 159 in the metro (top tier locally), with restaurants, cafes, parks, and childcare all placing in the top quartile nationally. Pharmacy options are comparatively limited, which may influence resident convenience for certain services.
Vintage matters for capital planning. Built in 1973, the asset is older than the neighborhood’s average 1986 construction year, pointing to potential value-add and system modernization opportunities to enhance competitiveness versus newer stock. Average unit size of 437 square feet aligns with a studio/efficient layout profile, which can help keep effective rents accessible while maintaining price-per-foot.
Tenure dynamics favor multifamily demand: the neighborhood’s share of renter-occupied housing is just over half, placing it above the metro median and high nationally, indicating a deep tenant base. By contrast, the neighborhood occupancy rate is below the metro median, suggesting leasing strategies and targeted upgrades may be important to capture share and support stabilization.
Within a 3-mile radius, population has grown and households have expanded over the past five years (roughly mid–single-digit population growth and low–double-digit household growth), with WDSuite data indicating further expansion in households through the next cycle. Forecasts show smaller average household sizes, which typically increases demand for smaller units and supports occupancy stability for efficient floor plans. Elevated home values for the area and a moderate rent-to-income profile imply steady renter reliance on multifamily housing, though rent affordability management remains a consideration for retention.
Comparable neighborhood crime metrics are not available from WDSuite for this location at this time. Investors typically benchmark safety using metro-level comparisons and public sources when data becomes available, and track directional trends alongside leasing and retention performance.
Regional employers support the renter pool via broader commute sheds; nearby corporate offices can aid retention for workforce renters. The list below reflects notable corporate presence referenced in this area.
- Symantec — cybersecurity software (34.9 miles)
This 30-unit, 1973-vintage asset offers value-add potential in an amenity-rich South Daytona neighborhood. Renter-occupied housing is high for the area, and daily-needs access is exceptional—grocery density ranks first among 159 metro neighborhoods—supporting consistent leasing interest for efficient unit types. While neighborhood occupancy runs below the metro median, targeted renovations and operations can help the property compete against newer stock and capture share. According to CRE market data from WDSuite, household growth within 3 miles is set to continue, and smaller projected household sizes favor studio and efficient layouts, supporting demand depth over the medium term.
Ownership remains a high-cost pathway for many households locally, which tends to sustain multifamily demand and supports pricing power for well-maintained properties. At the same time, a moderate rent-to-income environment argues for careful lease management to preserve retention. Overall, the combination of strong neighborhood amenities, a sizable renter base, and clear renovation upside creates a balanced investment case.
- Amenity density (top-tier grocery, strong food/parks/childcare) supports daily livability and leasing.
- High neighborhood renter-occupied share indicates a deep tenant base for smaller units.
- 1973 vintage provides value-add and system modernization opportunities to enhance competitiveness.
- Household growth and smaller projected household sizes within 3 miles support efficient floor plans.
- Risks: below-metro neighborhood occupancy and limited local pharmacy access call for proactive leasing and resident services.