| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 56th | Fair |
| Demographics | 22nd | Poor |
| Amenities | 69th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1655 N 29th St, Fort Pierce, FL, 34947, US |
| Region / Metro | Fort Pierce |
| Year of Construction | 2008 |
| Units | 24 |
| Transaction Date | 2026-02-05 |
| Transaction Price | $22,100,000 |
| Buyer | MADISON CAY PRESERVATION LTD |
| Seller | MADISON CAY LTD |
1655 N 29th St Fort Pierce Multifamily Investment
2008 garden-style, 24-unit property positioned for steady renter demand in an inner-suburban Fort Pierce location, according to WDSuite’s CRE market data. Neighborhood fundamentals point to a durable tenant base and competitive positioning versus older stock.
The property sits in an Inner Suburb of Fort Pierce with a neighborhood rating of B-, where daily conveniences are close by. Grocery and restaurant density score well within the metro and land in the higher national percentiles, supporting resident retention and leasing velocity. Parks and cafes are also readily available, while pharmacy access is limited within the immediate neighborhood.
The neighborhood s housing stock skews older (average vintage 1982), which makes a 2008 asset relatively competitive against legacy properties. That positioning can reduce near-term capital needs while still leaving room for targeted modernization to capture rent premiums.
Neighborhood occupancy has trended upward over the past five years, and renter-occupied housing comprises a high share of units. For investors, this indicates a deeper tenant base and potential occupancy stability for multifamily. School ratings in the area trail national norms, which may temper appeal for some households but typically has a limited effect on workforce-oriented demand.
Within a 3-mile radius, demographics show recent population growth with households increasing and average household size edging lower. Projections point to further gains in households by 2028, implying a larger renter pool and support for absorption. Median incomes are improving from prior periods but remain below many metro peers, so rent positioning and lease management should balance occupancy and pricing power. In a market with relatively accessible ownership costs compared with higher-priced metros, rental operators may see some competition from entry-level ownership; however, the area s elevated renter concentration reinforces multifamily demand.
Based on commercial real estate analysis from WDSuite, neighborhood rents have risen from prior years while remaining aligned with local incomes at the neighborhood scale, suggesting a need for careful affordability management to support retention.
Safety indicators are mixed in a metro context but compare closer to average at the national level. The neighborhood s crime rank places it in a less favorable tier within the Port St. Lucie metro (104 neighborhoods), while national percentiles suggest performance near the middle of U.S. neighborhoods. Recent data also shows meaningful year-over-year declines in both property and violent offense rates, indicating improving momentum. As always, investors should evaluate submarket and property-level security practices and monitor trend direction rather than single-year readings.
- CVS Distribution Center logistics/distribution (16.5 miles)
Regional logistics and distribution provide a stable employment base within commuting range, supporting workforce housing demand for renters who prioritize access to shift-based jobs.
This 2008, 24-unit asset offers a newer vintage relative to the neighborhood s older housing stock, providing competitive positioning versus legacy properties and potential for selective value-add. Strong nearby amenity coverage (groceries, restaurants, parks) supports leasing, while a high share of renter-occupied housing units in the neighborhood points to depth of tenant demand and potential occupancy stability. According to CRE market data from WDSuite, neighborhood occupancy has improved over the past five years, and recent safety trends have moved in a favorable direction.
Within a 3-mile radius, recent population growth and projected household gains through 2028 indicate a larger renter pool and support for absorption. Income levels are rising from prior periods but remain sensitive, so underwriting should consider affordability pressure and the presence of accessible entry-level ownership alternatives. Overall, the investment case centers on durable renter demand, newer-vintage differentiation, and steady neighborhood amenity support, balanced against income sensitivity and school quality risks.
- Newer 2008 vintage versus older neighborhood stock supports competitiveness and reduces near-term capex needs.
- Rising household counts within 3 miles point to renter pool expansion and absorption support.
- Strong grocery and restaurant access bolsters retention and day-to-day livability.
- High neighborhood renter-occupied share indicates depth of demand for multifamily.
- Risks: below-average school ratings, income sensitivity and affordability pressure, and metro-relative safety positioning.