| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 43rd | Poor |
| Demographics | 26th | Poor |
| Amenities | 51st | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 214 Shoemaker Dr, Defuniak Springs, FL, 32433, US |
| Region / Metro | Defuniak Springs |
| Year of Construction | 2011 |
| Units | 80 |
| Transaction Date | 2010-07-30 |
| Transaction Price | $670,000 |
| Buyer | ARBOURS AT SHOEMAKER PLACE LLC |
| Seller | JACOB WAYNE |
214 Shoemaker Dr Defuniak Springs Multifamily Investment
2011-vintage, small-format units position this asset competitively versus older local stock, supporting leasing efficiency and manageable capital plans, according to WDSuite’s CRE market data. Neighborhood renter demand is steady for workforce housing, with moderate rent-to-income headroom aiding retention.
Located in a rural pocket of the Crestview–Fort Walton Beach–Destin metro, the immediate neighborhood shows balanced basics for daily needs, with grocery and restaurant density around the metro middle and a modest cafe presence. Amenities score competitive among 86 metro neighborhoods, while park access is limited, so the location is more car-reliant than urban peers.
The property is newer than the area’s typical 1980s-era housing, which helps on competitive positioning and near-term capital planning. Neighborhood schools average about 2 out of 5, which can temper appeal for some family renters, but the unit mix and average unit size of roughly 521 square feet align with smaller-household demand.
Renter-occupied housing accounts for roughly a third of units within a 3-mile radius, indicating a modest but durable tenant base. Over the past five years, population increased slightly and households also rose within 3 miles; forward-looking data show households projected to continue increasing even as population trends flatten, suggesting smaller household sizes and a steady inflow of renters for compact units, based on CRE market data from WDSuite.
Home values remain lower than many coastal Florida submarkets, yet the local value-to-income relationship sits elevated versus national norms, which can reinforce reliance on rental housing. Rent levels in the broader area are relatively accessible and the neighborhood’s rent-to-income ratio near 0.18 points to manageable affordability pressure that can support lease retention and occupancy stability.
Safety indicators are mixed. Overall, the neighborhood tracks below the national median for safety, but property crime sits above the national median for safer outcomes, while violent crime trends closer to national averages, according to WDSuite’s CRE market data. Recent year-over-year readings indicate some uptick, so underwriting should account for ongoing monitoring and standard security measures rather than assuming continued improvement.
Built in 2011 with 80 units averaging about 521 square feet, the asset offers a more modern alternative to the area’s older housing stock. The unit scale and smaller layouts align with a renter pool that, within a 3-mile radius, has seen household counts edge higher and is projected to keep growing even if population softens—supporting a stable tenant base for compact, workforce-oriented units. According to CRE market data from WDSuite, neighborhood rent-to-income levels remain moderate, which can aid retention and occupancy.
Investors should weigh a rural amenity profile, softer school ratings, and mixed safety signals against competitive vintage, manageable capital needs, and steady renter concentration. Ownership costs relative to incomes are elevated versus many U.S. neighborhoods, which can sustain multifamily demand and support leasing consistency over a full cycle.
- 2011 vintage offers competitive positioning versus older neighborhood stock and reduces near-term capex pressure.
- Smaller average unit size aligns with a 3-mile renter base trending toward smaller households, supporting demand for compact units.
- Moderate rent-to-income dynamics support tenant retention and occupancy stability in workforce housing.
- Elevated ownership costs relative to income sustain reliance on rentals, aiding leasing consistency.
- Risks: rural amenity mix, below-median school ratings, and mixed safety trends warrant prudent underwriting and ongoing monitoring.