| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 48th | Poor |
| Demographics | 44th | Fair |
| Amenities | 6th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 34301 Cortez Blvd, Dade City, FL, 33523, US |
| Region / Metro | Dade City |
| Year of Construction | 1990 |
| Units | 21 |
| Transaction Date | 2002-12-20 |
| Transaction Price | $625,000 |
| Buyer | FITZGERALD RIAHRD C |
| Seller | FREDERICK CONSTRUCTION TAMPA BAY |
34301 Cortez Blvd Dade City 21-Unit Multifamily Investment
Renter demand is supported by a high-cost ownership backdrop and improving neighborhood occupancy, according to WDSuite’s CRE market data. The rural location favors workforce housing dynamics, with pricing power tied to maintaining affordability and lease retention.
Located in Dade City within the Tampa–St. Petersburg–Clearwater metro, the immediate neighborhood is rural and car-oriented, with limited retail and services nearby. Amenity density ranks in the lower tier locally, so day-to-day convenience hinges on regional corridors rather than a walkable node. For investors, this typically skews the renter profile toward value-seeking households and workforce tenants who prioritize space and access over amenity-rich streetscapes.
Neighborhood occupancy sits below the metro midpoint but has strengthened over the last five years, signaling improving absorption and leasing stability. The renter-occupied share of housing is modest at the neighborhood level, implying a thinner—but potentially stickier—tenant base when units are well-positioned on price and condition. Median contract rents remain comparatively accessible relative to incomes, and the rent-to-income ratio trends around the mid-60s percentile nationally, which supports retention if rent growth is managed.
Within a 3-mile radius, WDSuite data indicates population growth over the past five years with a larger household size and a slight near-term dip in household counts. Projections point to continued population expansion by 2028 and an increase in households, which should translate into a larger tenant base and support occupancy stability for well-maintained multifamily assets.
Vintage context matters: the property was built in 1990, newer than the neighborhood’s average vintage from the late 1970s. That positions the asset competitively against older stock, though investors should still budget for targeted modernization and systems updates to meet current renter expectations.
Neighborhood safety trends are comparatively favorable versus both the metro and national context. Overall crime ranks competitive among Tampa–St. Petersburg–Clearwater neighborhoods (114th out of 710), and WDSuite places the area in the upper half nationally. Violent offense levels benchmark in the top quartile nationally, indicating relatively better conditions than many neighborhoods across the country.
Recent momentum is mixed: violent offense trends have been relatively stable year over year, while property-related incidents show a more noticeable uptick. Investors should factor this into operations planning (lighting, access control, and monitoring) and align with standard risk management practices rather than viewing it as a structural deterrent.
Regional employment is diversified across environmental services, insurance, financial services, retail headquarters, and healthcare, supporting commuter-based renter demand and lease retention for workforce housing. The following nearby employers anchor the broader labor pool referenced here.
- Waste Management — environmental services (28.3 miles)
- MetLife Insurance Company — insurance (28.7 miles)
- Raymond James — financial services (34.9 miles)
- Publix Super Markets — retail (36.3 miles) — HQ
- Wellcare — healthcare services (39.7 miles)
This 21-unit asset offers exposure to a rural submarket where ownership costs are elevated relative to incomes, reinforcing renter reliance on multifamily housing and supporting steady absorption. Based on CRE market data from WDSuite, neighborhood occupancy has improved over the last five years even as amenity density remains limited—an indicator that pricing and basic quality drive demand. The 1990 construction is newer than the area’s older housing stock, providing a competitive edge with targeted upgrades rather than full-scale repositioning.
Within a 3-mile radius, population has grown and is projected to increase further by 2028, with larger household sizes pointing to a broader tenant base over time. Rent levels track with incomes in a range that supports retention, suggesting a focus on operational execution—maintenance, turn efficiency, and selective renovations—to sustain occupancy and incremental rent growth.
- Value-oriented renter demand supported by a high-cost ownership market and improving neighborhood occupancy
- 1990 vintage competes well versus older local stock; plan for targeted modernization
- 3-mile population growth and projected household expansion support a larger tenant base
- Operational upside through retention-focused management and selective unit/interior upgrades
- Risks: rural amenity depth, commuter distances to major employers, and recent uptick in property-related incidents