| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 53rd | Fair |
| Demographics | 50th | Fair |
| Amenities | 40th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 7402 Heritage Hills Dr, Temple Terrace, FL, 33637, US |
| Region / Metro | Temple Terrace |
| Year of Construction | 1983 |
| Units | 90 |
| Transaction Date | 2018-10-29 |
| Transaction Price | $8,450,000 |
| Buyer | Heritage Cove MHG, LLC |
| Seller | 7402 Heritage Hills, LLC |
7402 Heritage Hills Dr Temple Terrace Multifamily Investment
Renter demand is supported by a high neighborhood renter-occupied share and steady household growth within 3 miles, according to WDSuite’s CRE market data. For investors, this points to a sizable tenant base and potential for stable occupancy relative to comparable inner-suburban Tampa submarkets.
Temple Terrace’s inner-suburban setting offers everyday convenience more than lifestyle draws. Neighborhood grocery access ranks strong within the Tampa–St. Petersburg–Clearwater metro (ranked 119 out of 710 metro neighborhoods), while parks, pharmacies, and cafes are limited. For multifamily investors, this mix typically favors workforce housing fundamentals over amenity-driven premiums.
Renter concentration is elevated for the neighborhood, with renter-occupied housing representing a majority of units (top decile nationally by share), which expands the depth of the tenant pool and can support leasing velocity. Neighborhood occupancy trends are around the metro median (ranked 369 of 710), suggesting stable but competitive conditions that reward active leasing and renewal management.
Within a 3-mile radius, population has grown in recent years and is projected to continue edging up, while households expanded more quickly and are expected to increase further. Smaller average household size reinforces a larger pool of households relative to population, which generally supports multifamily absorption and occupancy stability. Median contract rents in the 3-mile radius have risen and are forecast to continue increasing, pointing to ongoing pricing power contingent on unit quality and management.
Vintage matters: the property’s 1983 construction is slightly newer than the neighborhood average stock from the late 1970s. This positioning can be competitive versus older inventory, though investors should plan for systems modernization and selective value-add to meet current renter expectations.
Neighborhood safety sits modestly below the metro median (crime rank 289 out of 710 metro neighborhoods), and national comparisons indicate safety metrics that are below average. Recent trends, however, show improvement, with both violent and property offense rates declining year over year. For investors, this mix suggests underwriting prudence alongside attention to lighting, access control, and community engagement to support retention.
Proximity to established employers supports a steady commuter renter base and can aid retention, particularly among insurance, financial services, and healthcare workers cited below.
- MetLife Insurance Company — insurance (6.8 miles)
- Raymond James — financial services (9.2 miles)
- Cardinal Health — healthcare distribution (10.2 miles)
- Wellcare — managed care (10.8 miles)
- Wellcare Health Plans — managed care (10.9 miles) — HQ
The 90-unit asset at 7402 Heritage Hills Dr benefits from a renter-heavy neighborhood and household growth within a 3-mile radius, supporting a broad tenant base and potential occupancy stability. The 1983 vintage is slightly newer than nearby stock and may compete well with older properties, while offering scope for targeted value-add and systems upgrades to drive rent positioning and retention.
Home values in the immediate area are relatively accessible compared with higher-cost Florida metros, which can introduce some competition from ownership; however, rent-to-income near the upper-20s suggests room for disciplined rent management and resident services to support renewals. Nearby insurance, financial services, and healthcare employers deepen the weekday demand profile. According to CRE market data from WDSuite, neighborhood occupancy and amenities are near metro medians, indicating an operational focus on leasing execution rather than reliance on amenity premiums.
- Renter-heavy submarket and growing 3-mile household base support tenant demand and leasing velocity
- 1983 vintage offers competitive positioning versus older stock with value-add and modernization upside
- Access to nearby insurance, financial services, and healthcare employers underpins weekday demand
- Operational thesis centers on leasing, renewals, and selective upgrades amid near-median neighborhood amenities
- Risks: modestly below-average safety metrics and potential competition from ownership options