| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 65th | Best |
| Demographics | 30th | Poor |
| Amenities | 60th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3535 Portillo Rd, Spring Hill, FL, 34608, US |
| Region / Metro | Spring Hill |
| Year of Construction | 2002 |
| Units | 56 |
| Transaction Date | 2016-03-01 |
| Transaction Price | $3,100,000 |
| Buyer | MARINER APARTMENTS OF SPRING HILL INC |
| Seller | PAULS APARTMENTS INC |
3535 Portillo Rd Spring Hill 56-Unit Multifamily
Neighborhood occupancy has held near the low-90% range, suggesting steady leasing conditions for workforce renters, according to WDSuite’s CRE market data. This inner-suburb location offers balanced demand drivers and manageable affordability pressure to support retention and cash flow.
The property sits in Spring Hill’s inner-suburban fabric of the Tampa–St. Petersburg–Clearwater metro, where the neighborhood is rated B and ranks 317 out of 710 metro neighborhoods. Amenity access is competitive for the metro (rank 144 of 710), and national amenity indicators trend slightly above the median, while cafes are limited; parks and pharmacies show stronger availability relative to national peers. For investors, this translates to everyday convenience that supports leasing without paying for a premium urban core location.
Neighborhood occupancy is 91.0% (measured for the neighborhood, not the property) and has edged up over the past five years, pointing to stable absorption and manageable turnover risk. Renter-occupied units account for 42.1% of housing, a top-quartile national concentration that indicates a durable renter base and depth for multifamily demand.
Within a 3-mile radius, the population and household counts have expanded over the last five years, and WDSuite data projects further population growth with a notable increase in households, supporting a larger tenant base and potential occupancy stability. Forecasts also show rising incomes and higher median contract rents, which can underpin rent growth; however, the projected decline in renter share suggests a gradual tilt toward ownership, so underwriting should focus on renter pool composition and positioning.
Ownership costs in the neighborhood are elevated relative to incomes (value-to-income ratio around the 75th percentile nationally), which tends to reinforce reliance on multifamily housing and supports pricing power when managed alongside affordability thresholds. Average school ratings are weak (around the 15th percentile nationally), a consideration for family-oriented demand and marketing strategy, though strong childcare availability and everyday services provide balance. For multifamily property research, the 2002 construction year is newer than the neighborhood average of 1997, contributing to competitive positioning versus older local stock while still warranting periodic system updates over the hold.
Comparable and trend-based safety insights are important for underwriting; however, verified crime metrics for this neighborhood are not available in WDSuite’s current dataset. Investors may wish to benchmark local policing reports and metro-wide neighborhood comparisons when new data is released to assess relative stability and any emerging trends.
Regional employment is anchored by insurance, financial services, healthcare, and technology distribution, providing commute-accessible jobs that help sustain renter demand and retention. Nearby corporate nodes include MetLife Insurance Company, Raymond James, Wellcare Health Plans, Tech Data, and Raymond James Financial.
- MetLife Insurance Company — insurance (26.5 miles)
- Raymond James — financial services (27.1 miles)
- Wellcare Health Plans — healthcare (31.1 miles) — HQ
- Tech Data — technology distribution (40.3 miles) — HQ
- Raymond James Financial — financial services (41.9 miles) — HQ
This 56-unit asset built in 2002 is newer than the neighborhood’s average vintage and should compete well against older local stock, while investors can plan for targeted modernization and system updates over the hold. Neighborhood occupancy near 91% and an above-median amenity profile point to steady demand drivers, and a renter concentration in the top quartile nationally supports a deep tenant base. According to CRE market data from WDSuite, ownership costs are relatively high versus incomes in this area, which tends to sustain rental reliance and supports pricing power when balanced against rent-to-income levels.
Within a 3-mile radius, recent population growth and projected increases in households indicate an expanding renter pool that can support occupancy stability. At the same time, forecasts point to a gradual shift toward ownership, suggesting that product positioning and leasing strategy should focus on value, convenience, and retention to maintain performance as incomes and asking rents trend higher.
- 2002 vintage offers competitive positioning versus older neighborhood stock with selective value-add potential
- Neighborhood occupancy around 91% and deep renter base support leasing stability
- Elevated ownership costs bolster multifamily demand and measured pricing power
- 3-mile population and household growth expand the tenant base and support absorption
- Risks: weaker school ratings, commute-oriented employment centers, and a forecast tilt toward ownership require active retention strategy