| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Good |
| Demographics | 39th | Fair |
| Amenities | 37th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3474 Portillo Rd, Spring Hill, FL, 34609, US |
| Region / Metro | Spring Hill |
| Year of Construction | 1998 |
| Units | 24 |
| Transaction Date | 1997-01-31 |
| Transaction Price | $94,100 |
| Buyer | ALLIANCE TAX CREDIT I LTD PTNR |
| Seller | JOST EDWARD |
3474 Portillo Rd, Spring Hill FL Multifamily Investment
In a suburban pocket with above-metro occupancy stability, the neighborhood s 95.5% occupancy supports steady renter demand, according to WDSuite s CRE market data.
Spring Hill s suburban setting favors drive-to convenience over walkability. Neighborhood amenity density is mixed: restaurants score stronger than average for the region (nationally around the 70th percentile), while pharmacies are reasonably accessible (around the 74th percentile). Caf e9s, grocery stores, and parks are sparse within the neighborhood, so residents typically access daily needs by car.
For investors, demand indicators are constructive. The neighborhood s occupancy sits competitive among the 710 Tampa St. Petersburg Clearwater neighborhoods, with stability supported by recent gains. Median contract rents are in the upper-mid range locally, and the rent-to-income profile (around 21%) suggests manageable affordability pressure that can aid retention and reduce turnover risk.
Tenure patterns point to an owner-tilted area: roughly one-fifth of housing units are renter-occupied. That implies a narrower but steady renter pool for multifamily assets, where well-managed properties can capture demand from households prioritizing rental flexibility over ownership. Median home values sit near the national middle, indicating a high-cost ownership market is not the primary driver; instead, steady employment access and household formation appear to underpin rental demand.
Demographic statistics aggregated within a 3-mile radius show recent population and household growth, with forecasts indicating further increases in both households and incomes through 2028. This expansion supports a larger tenant base and underpins leasing stability for professionally managed communities, even as the area remains primarily owner-occupied.
Comparable neighborhood-level safety metrics are not available in WDSuite for this location. Investors typically benchmark against suburban peers in the Tampa St. Petersburg Clearwater metro and rely on standard diligence including local law enforcement data, property-level incident logs, and insurance underwriting to contextualize risk and trends over time.
Regional employment access is oriented toward Tampa Bay s corporate nodes, supporting a commuter renter base drawn to workforce housing and manageable drive times. Key nearby employers include MetLife, Raymond James, Wellcare Health Plans, Tech Data, and Raymond James Financial.
- MetLife Insurance Company insurance (26.6 miles)
- Raymond James financial services (27.1 miles)
- Wellcare Health Plans managed care (31.1 miles) HQ
- Tech Data IT distribution (40.4 miles) HQ
- Raymond James Financial financial services (41.9 miles) HQ
This 24-unit property, built in 1998, offers smaller average floor plans that can appeal to value-conscious renters and single-occupant households. The vintage is slightly newer than the neighborhood s average, suggesting competitive positioning versus older stock while still warranting capital planning for aging building systems and potential light renovations to support rent attainment.
Demand fundamentals are supported by a renter base that benefits from access to Tampa Bay s employment centers and by neighborhood occupancy that remains above metro norms according to CRE market data from WDSuite. Within a 3-mile radius, recent and forecast increases in households and incomes point to a larger tenant base and sustained leasing velocity, even as the broader area remains owner-leaning. Amenity density is car-oriented rather than walkable, which places a premium on on-site convenience and property management to drive retention.
- 1998 construction provides competitive positioning versus older stock, with prudent CapEx for systems and light upgrades.
- Neighborhood occupancy trends above metro norms support stability and pricing discipline.
- 3-mile household and income growth expands the tenant base and supports leasing velocity.
- Access to major Tampa Bay employers broadens demand from commuting renters.
- Risks: owner-leaning tenure and car-dependent amenities require targeted marketing and strong on-site services to sustain retention.