| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 46th | Poor |
| Demographics | 43rd | Fair |
| Amenities | 40th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5319 Beach St, New Port Richey, FL, 34652, US |
| Region / Metro | New Port Richey |
| Year of Construction | 1979 |
| Units | 30 |
| Transaction Date | 2005-01-20 |
| Transaction Price | $1,650,000 |
| Buyer | NPR PCPRE LLC |
| Seller | SCC SPE 1 LLC |
5319 Beach St New Port Richey Multifamily Value-Add
Stabilized renter demand from the broader New Port Richey area and measurable household growth point to durable leasing fundamentals, according to WDSuite’s CRE market data. One clear takeaway: a 1979 vintage positions this 30-unit asset for pragmatic renovations that can enhance competitiveness against newer nearby stock.
Located in an Inner Suburb of the Tampa–St. Petersburg–Clearwater metro, the neighborhood carries a C rating and ranks 498 out of 710 metro neighborhoods, placing it around the metro midpoint. Restaurants score in the top quartile nationally, while parks access rates above most U.S. neighborhoods; however, immediate access to groceries and cafes is thinner, so residents likely draw on nearby corridors for daily needs.
Renter-occupied housing within the neighborhood is relatively limited, indicating a smaller in-neighborhood renter concentration, but the 3-mile radius shows a deeper tenant base with roughly two-fifths of units renter-occupied. Population and household counts within 3 miles have increased and are projected to rise further through 2028, expanding the local renter pool and supporting occupancy stability.
With a median home value that sits below national norms, ownership is comparatively more accessible in this submarket, which can create some competition for renters. At the same time, rent-to-income around the 30% mark suggests manageable affordability pressure that can aid lease retention when pricing is calibrated to local household incomes.
The neighborhood’s average construction year skews newer than 1979, so this property is older than surrounding stock. For investors, that signals potential value-add through interior upgrades, systems modernization, and exterior improvements to differentiate versus 1980s and later comparables, while planning for ongoing capital needs. Neighborhood occupancy runs softer than many U.S. areas, so leasing strategy and unit finishes matter to capture demand stemming from broader regional growth.
Safety trends here are mixed but generally comparable to wider U.S. benchmarks. Overall crime measures sit near the national middle, while violent offense metrics track in the top tier relative to many neighborhoods nationwide, indicating comparatively favorable violent-crime positioning. Recent data also shows a year-over-year decline in estimated property offenses, suggesting incremental improvement. Rankings are measured against 710 Tampa–St. Petersburg–Clearwater neighborhoods and percentiles compare to neighborhoods nationwide.
Proximity to major employers across financial services, healthcare insurance, and technology distribution supports commute convenience and broad white-collar renter demand for this submarket. The nearby base includes Raymond James, Wellcare Health Plans, Tech Data, MetLife, and Raymond James Financial.
- Raymond James — financial services (16.3 miles)
- Wellcare Health Plans — healthcare insurance (17.3 miles) — HQ
- Tech Data — IT distribution (22.0 miles) — HQ
- MetLife Insurance Company — insurance (22.1 miles)
- Raymond James Financial — financial services (24.3 miles) — HQ
This 30-unit, 1979-vintage asset offers a practical value-add path in an Inner Suburb location where the immediate neighborhood shows moderate fundamentals but the 3-mile radius reflects growing households, rising incomes, and an expanding tenant base. According to CRE market data from WDSuite, neighborhood occupancy runs softer than many metros, so returns will hinge on capturing renter demand from the broader area through renovation-led differentiation and disciplined lease management.
Relative to newer submarket stock, targeted upgrades to kitchens, baths, and building systems can improve competitive standing, while rent positioning should account for local affordability to support retention. Forecasts show continued population and household growth within 3 miles and rents trending upward through 2028, which can underpin income durability if operations emphasize resident experience and expense control.
- Clear value-add angle from 1979 vintage versus a generally newer neighborhood peer set
- Expanding 3-mile renter pool and household growth support demand and lease-up
- Proximity to regional employers broadens renter profiles and aids retention
- Rising rent trajectory through 2028 can support NOI growth with prudent pricing
- Risk: neighborhood occupancy is softer; execution depends on renovations and disciplined leasing