| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 60th | Good |
| Demographics | 54th | Good |
| Amenities | 29th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 14417 Hellenic Dr, Tampa, FL, 33613, US |
| Region / Metro | Tampa |
| Year of Construction | 1974 |
| Units | 24 |
| Transaction Date | 2015-11-12 |
| Transaction Price | $14,275,000 |
| Buyer | PACIFICA HELLENIC LLC |
| Seller | GAMC LIMITED COMPANY |
14417 Hellenic Dr Tampa Multifamily Investment Thesis
High renter concentration in the surrounding neighborhood supports a durable tenant base, according to WDSuite’s CRE market data. Neighborhood metrics reflect area conditions rather than performance at the property.
Located in Tampa’s Urban Core, the area around 14417 Hellenic Dr shows investor-friendly fundamentals tied to renter demand. The neighborhood’s renter-occupied share ranks 10th among 710 metro neighborhoods, indicating a deep pool of renters and potential leasing velocity. By contrast, overall neighborhood occupancy performance is below the metro median (ranked 501 of 710), suggesting asset-level execution and product differentiation matter for maintaining stability.
Daily-needs access is a relative strength: grocery availability sits in the top quartile nationally, and pharmacies are also top quartile, supporting day-to-day convenience for residents. Broader amenity density is below the metro median (ranked 473 of 710), with limited cafes, restaurants, and park access in the immediate area, so curated on-site/community amenities may help with retention.
Demographics aggregated within a 3-mile radius point to a larger tenant base over time. Population and households have grown in recent years, with forecasts indicating further increases in households and incomes, which can support occupancy stability and rent growth management. Median contract rents in the neighborhood trend near regional workforce levels, while the value-to-income ratio sits in the top quartile nationally, indicating a high-cost ownership market relative to local incomes that can sustain reliance on multifamily housing.
The average neighborhood construction year is 1982. This property’s 1974 vintage is older than nearby stock, which implies planning for systems modernization and targeted renovations. Strategically executed upgrades can improve competitive positioning versus newer assets while capturing value-add upside.
Safety indicators for the neighborhood are mixed and should be evaluated comparatively rather than at the block level. Overall crime performance sits below the metro median (ranked 463 among 710 metro neighborhoods) and below the national median. Recent trends are nuanced: estimated violent offense rates show modest year-over-year improvement, while property offense estimates have increased. Investors typically mitigate these factors through property-level security, lighting, and resident engagement, and by emphasizing well-managed on-site operations.
The surrounding employment base features insurance and healthcare corporate offices that help sustain renter demand through commute convenience. Notable nearby employers include MetLife, Raymond James, Wellcare, Wellcare Health Plans, and Cardinal Health.
- MetLife Insurance Company — insurance (4.3 miles)
- Raymond James — financial services offices (5.6 miles)
- Wellcare — healthcare services (8.6 miles)
- Wellcare Health Plans — healthcare services (8.8 miles) — HQ
- Cardinal Health — healthcare distribution (13.8 miles)
The investment case centers on a deep renter pool, day-to-day convenience, and value-add potential. The surrounding neighborhood is highly renter-occupied, which supports leasing depth, while overall occupancy performance sits below the metro median, making operations and unit positioning important to drive stability. Daily-needs access is a relative strength with groceries and pharmacies in the top quartile nationally. According to CRE market data from WDSuite, neighborhood NOI per unit trends above national medians, reinforcing the potential for disciplined operations to translate into durable cash flow.
Built in 1974, the property is older than the neighborhood’s average vintage, creating a clear path for targeted renovations and systems upgrades to strengthen competitive positioning versus newer stock. Demographic trends within a 3-mile radius point to growth in households and incomes over time, supporting a larger tenant base and rent management, while the local homeownership cost context continues to reinforce renter reliance on multifamily housing. Prudent attention to affordability pressure and safety perceptions remains important for retention and leasing.
- High renter concentration supports demand depth and leasing velocity
- Daily-needs access (groceries, pharmacies) offers resident convenience
- 1974 vintage enables value-add through targeted renovations and modernization
- Neighborhood NOI per unit trends above national medians, supporting operations focus
- Key risks: below-metro-median occupancy, affordability pressure, and safety perceptions