| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 45th | Poor |
| Demographics | 60th | Good |
| Amenities | 9th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 195 Bob Sikes Rd, Defuniak Springs, FL, 32435, US |
| Region / Metro | Defuniak Springs |
| Year of Construction | 1986 |
| Units | 24 |
| Transaction Date | 2011-09-29 |
| Transaction Price | $833,000 |
| Buyer | DEFUNIAK SPRINGS WOODRIDGE LP |
| Seller | DEFUNIAK HOUSING LLLP |
195 Bob Sikes Rd 24-Unit Multifamily, DeFuniak Springs
Neighborhood occupancy trends sit below the metro median, suggesting operational upside with focused leasing and asset positioning; according to WDSuite’s CRE market data, a high-cost ownership market in the area helps sustain multifamily renter demand.
This suburban pocket of DeFuniak Springs offers a quieter setting with limited amenity density relative to both the metro and national norms. Amenity access ranks in the lower tiers among 86 metro neighborhoods and sits in the lower national percentiles, which typically supports value-oriented workforce housing rather than lifestyle-driven leasing. Median home values trend above national norms for comparable neighborhoods, reinforcing renter reliance on multifamily housing and supporting pricing power when product is well maintained and positioned, based on CRE market data from WDSuite.
The property s 1986 vintage is slightly newer than the neighborhood s typical construction year (1980). For investors, this points to moderate near-term capital planning with potential value-add upside through interiors, curb appeal, and systems modernization to improve competitive standing versus older stock.
Tenure patterns indicate a lower renter concentration at the neighborhood level (renter-occupied share below many Crestview Fort Walton Beach Destin peers), which can translate to a smaller immediate renter base. However, within a 3-mile radius, roughly one-third of housing units are renter-occupied, offering a broader catchment for leasing. Household counts within 3 miles have increased in recent years and are projected to continue rising, which can support occupancy stability and renewal rates even if population growth is modest or mixed.
From a demand perspective, the neighborhood s occupancy level is below the metro median, but 3-mile household growth and income gains over the last five years indicate an improving ability to pay and a deeper tenant pool. Forward-looking projections within 3 miles show rising household counts and shifting age shares, which can expand the renter pool for well-priced, upgraded units while requiring active lease management to maintain retention.
Safety benchmarks are mixed in a metro context. The neighborhood s crime rank is in the higher-incident half of the Crestview Fort Walton Beach Destin metro (ranked 16 out of 86 neighborhoods), while national comparisons land near the middle of the pack. Property offense indicators score slightly better than national midrange, and violent offense measures are also modestly above national midrange, according to WDSuite s CRE data. Recent trends show property incidents easing year over year, with violent incidents rising; investors should underwrite to active on-site management and coordination with local resources.
This 24-unit, 1986-vintage asset offers a practical value-add path in a suburban location where neighborhood occupancy trails the metro median, creating room to capture demand with targeted renovations and disciplined leasing. Within a 3-mile radius, household counts have risen and are projected to expand further, supporting a larger tenant base even as population trends are mixed. Elevated ownership costs relative to national norms reinforce renter reliance on multifamily housing, and, according to CRE market data from WDSuite, this positioning favors well-located, upgraded product over dated stock.
Operationally, investors should account for an amenity-light setting and manage around a smaller immediate renter concentration at the neighborhood level by drawing from the broader 3-mile catchment. The 1986 vintage suggests manageable capital planning with an opportunity to modernize interiors and common areas to drive rent premiums and leasing velocity, while monitoring safety trends with proactive property management.
- 1986 vintage positions for efficient value-add and systems modernization
- Neighborhood occupancy below metro median creates upside with focused leasing
- 3-mile household growth expands the tenant base and supports renewal potential
- Elevated ownership costs sustain multifamily demand for well-positioned units
- Risks: amenity-light submarket, smaller neighborhood renter concentration, and mixed safety trends