| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 56th | Fair |
| Demographics | 29th | Poor |
| Amenities | 47th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 37902 Hillside Ln, Dade City, FL, 33525, US |
| Region / Metro | Dade City |
| Year of Construction | 1987 |
| Units | 64 |
| Transaction Date | 2003-10-28 |
| Transaction Price | $1,535,000 |
| Buyer | LAGOS APARTMENTS VIII INC |
| Seller | HILLSIDE TRACE APARTMENTS LTD |
37902 Hillside Ln Dade City 64-Unit Multifamily Investment
Neighborhood occupancy has trended upward over the past five years and renter concentration is meaningful, according to WDSuite s CRE market data, supporting demand for well-managed workforce units. Positioning this asset for durable cash flow will hinge on cost-effective upgrades and disciplined lease management in a high-cost ownership context.
Located in Dade City within the Tampa St. Petersburg Clearwater metro, the neighborhood rates C+ and sits below the metro median (rank 484 of 710). Even so, occupancy in the neighborhood has risen in recent years, and the share of renter-occupied housing units is above the metro median, pointing to a stable tenant base for multifamily operators.
Daily-needs access is a relative strength: grocery and pharmacy coverage track above national averages, while parks and cafes are limited. Average school ratings in the area are on the lower end nationally, which can temper some household-driven demand and merits underwriting caution for family-oriented unit mixes.
Home values have appreciated meaningfully and the value-to-income ratio is elevated compared with national norms, indicating a high-cost ownership market that tends to sustain reliance on rentals. Median contract rents in the neighborhood remain comparatively modest, and the local rent-to-income ratio is on the lower side nationally, which can support resident retention and reduce turnover risk for value-focused product.
Within a 3-mile radius, population and family counts have grown and are projected to expand further by 2028, with households also increasing as average household size trends lower. This points to a larger tenant base and incremental leasing depth over the medium term, based on commercial real estate analysis from WDSuite.
The property s 1987 vintage is slightly newer than the neighborhood average year built. Investors can expect competitive positioning versus older stock while planning for targeted modernization and systems updates to support rent realization without overcapitalizing.
Safety trends are mixed when viewed across geographies. Within the Tampa metro, the neighborhood s crime rank (59 of 710) indicates comparatively higher reported crime than many local peers, warranting prudent security measures and tenant-screening practices. Nationally, however, WDSuite s data places the area above average for safety overall, with violent incidents performing in the top decile versus neighborhoods nationwide and property offenses tracking better than national norms, though the latter has shown some recent variability.
The employment base within commuting range includes insurance, financial services, healthcare, and retail headquarters, supporting workforce housing demand and lease retention for residents with diverse service-sector roles. The list below highlights nearby corporate offices that anchor commuting patterns for the area.
- MetLife Insurance Company insurance (19.1 miles)
- Raymond James financial services (26.3 miles)
- Publix Super Markets corporate retail (26.5 miles) HQ
- Wellcare healthcare services (31.0 miles)
- Wellcare Health Plans healthcare plans (31.1 miles) HQ
This 64-unit, 1987-vintage property offers a workforce housing profile in a neighborhood with rising occupancy and an above-median share of renter-occupied units. The ownership market is high-cost relative to incomes, which supports reliance on rentals, while local rent levels and a lower rent-to-income ratio suggest room for disciplined rent optimization alongside retention-focused management. Within a 3-mile radius, population and households are expanding, indicating a growing renter pool that can support steady leasing over the next cycle, based on CRE market data from WDSuite.
Operationally, the slightly newer-than-average vintage provides competitive footing against older stock, and targeted renovations and system updates can unlock value without overspending on full repositioning. Underwriting should account for modest amenity gaps and lower-rated schools, while leveraging commute access to a diverse set of regional employers to stabilize occupancy and reduce downtime between turns.
- Rising neighborhood occupancy and solid renter-occupied share support demand stability
- High-cost ownership market reinforces renter reliance, with rents still comparatively modest
- 1987 vintage allows value-add through targeted modernization and systems updates
- Expanding 3-mile population and households point to a growing tenant base
- Risk: below-metro safety rank and lower school ratings call for prudent operations and conservative underwriting