| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 59th | Good |
| Demographics | 55th | Good |
| Amenities | 62nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2050 S Ridgewood Ave, South Daytona, FL, 32119, US |
| Region / Metro | South Daytona |
| Year of Construction | 1974 |
| Units | 115 |
| Transaction Date | 2005-03-15 |
| Transaction Price | $7,459,768 |
| Buyer | RIDGE APTS LLC |
| Seller | TZADIK EAGLE OAKS LLC |
2050 S Ridgewood Ave, South Daytona Multifamily Investment
Amenity-rich inner suburb with a renter-occupied share above the metro median and value-add potential from a 1974 vintage, according to WDSuite’s CRE market data.
This A+ rated neighborhood ranks 6th among 159 Deltona–Daytona Beach–Ormond Beach neighborhoods, placing it firmly in the top decile locally. According to WDSuite’s multifamily property research, renter-occupied housing comprises a larger share than the metro median, indicating a deeper tenant base for multifamily. Neighborhood occupancy trends sit below the metro median, so underwriting should account for competitive leasing and potential lease-up time.
Livability is a core strength. Grocery access is exceptional (ranked 1st of 159 metro neighborhoods), with strong density of restaurants and cafes as well as park access, placing amenities broadly in the top quartile nationally. One practical gap is limited nearby pharmacy presence, which may modestly affect daily convenience for some residents.
Within a 3-mile radius, population and households have expanded over the past five years, with forecasts calling for additional population growth and a notable increase in households as average household size trends lower. This points to a larger renter pool over time and supports demand for smaller formats, aligning with the property’s average unit size near 600 square feet.
Ownership costs in the area are elevated relative to local incomes, which tends to sustain reliance on rental options and can support lease retention. Median contract rents and rent-to-income levels indicate manageable affordability pressure for many renters, but operators should monitor pricing power carefully to balance retention and turnover risk.
Comparable crime metrics for this neighborhood are not available in WDSuite at this time. Investors commonly benchmark neighborhood safety by comparing local trends to city and county averages and by reviewing property-level history (e.g., incident logs, insurance loss runs) to validate assumptions. Use consistent criteria across comps to keep underwriting comparable.
Regional employers within commuting range provide a diversified employment base that supports renter demand; notable nearby office presence includes Symantec in technology.
- Symantec — cybersecurity software (34.7 miles)
The 1974 construction is older than the neighborhood average (mid-1980s), suggesting potential value-add through interior modernization and systems upgrades while planning for ongoing capital needs. Amenity density is a clear differentiator, and a renter-occupied share above the metro median deepens the tenant base. However, neighborhood occupancy trends sit below the metro median, so performance will hinge on targeted asset improvements and disciplined leasing.
Demographics within a 3-mile radius point to population growth and a projected increase in households, signaling renter pool expansion and supporting long-term demand. Based on CRE market data from WDSuite, the combination of strong amenity access and sustained renter reliance can underpin stabilization, provided pricing aligns with local affordability and competitive positioning.
- Older 1974 vintage offers value-add and capex planning opportunities versus newer local stock.
- Amenity-rich location (top-tier grocery, dining, parks) supports leasing and retention.
- Renter-occupied share above metro median deepens the tenant base for multifamily.
- 3-mile radius shows population growth and rising household counts, expanding the renter pool.
- Risk: neighborhood occupancy sits below metro median, requiring focused leasing strategy and competitive pricing.