| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Good |
| Demographics | 21st | Poor |
| Amenities | 27th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 10940 Clay Pit Rd, Tampa, FL, 33610, US |
| Region / Metro | Tampa |
| Year of Construction | 2001 |
| Units | 61 |
| Transaction Date | 2016-02-28 |
| Transaction Price | $1,775,862 |
| Buyer | Country Aire Family Communities, LLC |
| Seller | --- |
10940 Clay Pit Rd, Tampa FL Multifamily Opportunity
Neighborhood occupancy is solid and renter demand is supported by a high-cost ownership landscape, according to WDSuite s CRE market data, positioning this 61-unit asset for steady leasing with room for operational improvements.
Located in an inner-suburban pocket of Tampa, the property sits in a neighborhood with 95% occupancy, placing it in the top quartile among 710 Tampa metro neighborhoods. That backdrop supports income stability, while median contract rents in the area track around mid-market levels nationally, giving operators some pricing flexibility without overextending residents.
Local amenity access is mixed. Grocery coverage is competitive among Tampa neighborhoods (ranked 200 of 710), and restaurants are similarly competitive (264 of 710), but parks, pharmacies, cafes, and childcare are limited within the immediate blocks. Investors should underwrite convenience primarily to nearby commercial corridors rather than walkable, block-level offerings.
The asset s 2001 vintage is newer than the neighborhood s average construction year (1980). That positioning can reduce near-term capital intensity versus older stock and can support leasing versus dated comparables, while still leaving potential to modernize interiors and systems as part of a targeted value-add plan.
Tenure dynamics point to a meaningful renter base. At the neighborhood level, about one-third of housing units are renter-occupied, indicating depth for multifamily demand. Within a 3-mile radius, household growth has been positive and is projected to continue, expanding the potential tenant pool and supporting occupancy over time. Elevated home value-to-income ratios (competitive within the metro and above national norms) reinforce reliance on rental options, which can aid lease retention and pricing power.
Safety trends are mixed relative to broader benchmarks. Based on WDSuite s CRE market data, the neighborhood s safety profile sits below national averages, with crime measures ranking in the lower tiers nationally. Within the Tampa metro context, the area performs below the metro median (crime rank 492 among 710 neighborhoods), signaling investors should maintain prudent security and operating practices.
Recent year-over-year data show a modest increase in property offenses and a more pronounced uptick in violent-offense indicators. While these metrics can be volatile at the neighborhood scale, underwriting should reflect sensible measures such as exterior lighting, access control, and resident engagement to support retention and on-site stability over the hold.
Regional employment is anchored by healthcare, insurance, and financial services offices within commuting distance, supporting renter demand through diverse white-collar and administrative roles. Nearby employers include Cardinal Health, MetLife, Raymond James, and Wellcare/Wellcare Health Plans.
- Cardinal Health corporate offices (7.8 miles)
- MetLife Insurance Company insurance & corporate offices (10.3 miles)
- Raymond James financial services offices (13.6 miles)
- Wellcare healthcare services & corporate offices (14.5 miles)
- Wellcare Health Plans healthcare services & corporate offices (14.6 miles) HQ
This 61-unit, 2001-vintage asset benefits from a neighborhood backdrop of strong occupancy and a renter base supported by a high-cost ownership market. According to CRE market data from WDSuite, neighborhood occupancy trends are strong relative to national norms, while value-to-income measures indicate homeownership is comparatively expensive factors that can support leasing stability and modest pricing power. The vintage is newer than the local average, suggesting manageable near-term capital needs with potential to drive NOI through targeted renovations.
Within a 3-mile radius, population and household counts have expanded and are projected to increase further, implying a larger tenant base over the medium term. Rent-to-income ratios benchmark on the lower side nationally, which can help retention and reduce turnover risk, though operators should monitor any shift toward higher ownership shares in the broader area that could introduce incremental competition over time.
- Occupancy strength in the top tier of Tampa neighborhoods supports cash flow stability.
- 2001 vintage is competitive versus older local stock, with value-add potential through modernization.
- High ownership costs relative to income reinforce rental demand and lease retention.
- 3-mile population and household growth expand the tenant base and support occupancy.
- Risk: amenity gaps and below-average safety metrics warrant prudent security and resident-experience investments.