| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 46th | Poor |
| Demographics | 43rd | Fair |
| Amenities | 40th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4916 Voorhees Rd, New Port Richey, FL, 34653, US |
| Region / Metro | New Port Richey |
| Year of Construction | 1990 |
| Units | 38 |
| Transaction Date | 2004-10-07 |
| Transaction Price | $1,850,000 |
| Buyer | VINCENT AZAR |
| Seller | OBRIEN DONALD P |
4916 Voorhees Rd, New Port Richey Multifamily
Neighborhood metrics point to steady, needs-based renter demand and commute connectivity, according to WDSuite’s CRE market data, with occupancy figures referring to the surrounding neighborhood rather than the property itself.
Located in New Port Richey within the Tampa–St. Petersburg–Clearwater metro, the neighborhood rates "C" overall and functions as an inner-suburb setting with everyday conveniences. Restaurant density is competitive among 710 metro neighborhoods and sits in the top quartile nationally, while parks access also ranks in the upper tier nationwide—both supportive of livability and day-to-day appeal for tenants.
The property’s 1990 vintage is slightly newer than the neighborhood’s average 1986 construction year. For investors, this positioning can reduce near-term obsolescence risk versus older stock, though typical system updates or selective renovations may still be part of capital planning for competitive positioning.
At the neighborhood level, renter-occupied share is around the metro median (above the national midpoint), indicating a moderate renter concentration and a reasonably sized tenant base. Neighborhood occupancy trends trail national norms, so lease-up or retention strategies may need to be more active to sustain stability; however, local service amenities and employment access can help balance that risk.
Within a 3-mile radius, recent patterns show a larger household base and forecasts point to meaningful population growth and a sizable increase in households by the latter half of the decade, which supports a larger tenant pool and potential absorption. Median contract rents in the neighborhood sit above the national midpoint, while the area’s high household-size ranking suggests some demand for efficient two-person or small-family layouts—relevant given the asset’s smaller average unit sizes.
Ownership costs in the neighborhood are relatively low compared with many U.S. areas, which can introduce competition from entry-level ownership. Even so, a steady base of workforce renters and proximity to regional employment hubs support ongoing multifamily demand and help underpin pricing discipline and lease retention.
Safety indicators are mixed when compared nationally. Overall crime levels track near the national midpoint, with violent-offense measures performing in the top third nationwide while property-offense measures sit closer to the middle. According to CRE market data from WDSuite, recent trends show property offenses declining year over year, while violent-offense metrics have seen an uptick—conditions that warrant standard risk controls such as lighting, access management, and coordination with local patrols.
For investors, the takeaway is a neighborhood that is broadly comparable to national norms on aggregate safety, with improving property-crime momentum but recent volatility in violent-offense trends. Framing expectations appropriately in underwriting and on-site operations can help sustain resident satisfaction and retention.
Regional employers within commuting range provide a stable white-collar and healthcare-oriented employment base that supports renter demand and retention, including Raymond James, Wellcare Health Plans, MetLife, Tech Data, and Raymond James Financial.
- Raymond James — financial services (15.3 miles)
- Wellcare Health Plans — healthcare administration (16.5 miles) — HQ
- MetLife Insurance Company — insurance (21.2 miles)
- Tech Data — technology distribution (21.6 miles) — HQ
- Raymond James Financial — financial services (23.8 miles) — HQ
This 38-unit asset offers exposure to a workforce-oriented renter base with access to major Tampa Bay employment nodes. The 1990 construction year is slightly newer than the neighborhood average, which can reduce near-term functional obsolescence versus older inventory while leaving room for targeted modernization to differentiate smaller floor plans. According to CRE market data from WDSuite, neighborhood occupancy trends trail national norms, but 3-mile forecasts indicate population growth and a notable increase in households—signals that can support a larger tenant base and stabilize absorption over a multi-year hold.
Neighborhood rents sit above the national midpoint, while ownership remains relatively accessible locally—factors that call for disciplined pricing and resident retention playbooks. Proximity to diversified employers should help sustain leasing velocity, but affordability pressures (rent-to-income considerations) and smaller average unit sizes suggest careful unit-mix positioning and amenity-light operating strategies.
- Slightly newer 1990 vintage vs. local average supports competitive positioning with targeted upgrades
- Forecasted 3-mile population and household growth expands the tenant base and supports absorption
- Commutable access to diverse employers underpins steady workforce renter demand
- Risk: Neighborhood occupancy below national norms—plan for active leasing and retention management
- Risk: Rent-to-income pressures and smaller unit sizes require disciplined pricing and expense control