| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 46th | Poor |
| Demographics | 25th | Poor |
| Amenities | 77th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5432 Cheri Ct, New Port Richey, FL, 34652, US |
| Region / Metro | New Port Richey |
| Year of Construction | 1974 |
| Units | 27 |
| Transaction Date | 2004-11-05 |
| Transaction Price | $1,500,000 |
| Buyer | NPR PCPRE LLC |
| Seller | ACE BUILDINGS LLC |
5432 Cheri Ct, New Port Richey Multifamily Investment
Positioned in an Inner Suburb with a high renter-occupied share and strong daily amenities, this asset benefits from a broad tenant base and service proximity, according to WDSuite’s CRE market data.
The property sits in an Inner Suburb of the Tampa–St. Petersburg–Clearwater metro with a neighborhood rating of B- (ranked 362 of 710 metro neighborhoods), placing it around the metro median. Daily-needs access is a clear strength: grocery and pharmacy density score in the high national percentiles, with restaurants also strong, while café density is comparatively light. For investors, this mix supports resident convenience and stickiness without relying on destination retail.
Renter concentration is elevated for the area (renter-occupied share ranks in the upper national percentiles), signaling depth in the tenant base for multifamily. Neighborhood occupancy trends remain below national norms, so underwriting should prioritize leasing execution and retention plans; however, a larger pool of renter households can help stabilize demand through cycles.
Within a 3-mile radius, households have grown in recent years and are projected to expand further over the next five years, indicating a larger tenant base and potential support for occupancy over time. Median home values are lower relative to many U.S. neighborhoods, which can keep multifamily comparatively accessible and support leasing velocity, while rent-to-income levels suggest room to manage pricing alongside retention considerations.
Compared with metro peers, the neighborhood’s amenity profile is competitive and parks access is also favorable nationally. While school ratings are not reported in this dataset, the concentration of daily services and employment access across the broader corridor remains a positive driver for workforce-oriented demand, based on commercial real estate analysis from WDSuite.
Safety indicators are mixed but improving in key areas. Relative to the Tampa–St. Petersburg–Clearwater metro, the neighborhood 9s crime rank sits on the less favorable side of the spectrum (218 out of 710), while nationally it stands around the middle of the pack. For investors, this suggests attention to property-level security and resident experience is warranted in operations.
Recent trends show a notable one-year decline in property offenses, ranking among stronger improvements metro-wide, while violent offense trends have been more volatile. Overall, the directional improvement in property-related incidents is constructive, but underwriting should still incorporate prudent security and lighting enhancements appropriate for the submarket context.
Nearby corporate offices across financial services, healthcare, and technology underpin a broad employment base that can support renter demand and commute convenience for residents. The list below highlights key employers within commuting distance that align with the neighborhood 9s workforce housing profile.
- Raymond James — financial services (16.2 miles)
- Wellcare Health Plans — healthcare services (17.1 miles) — HQ
- Wellcare — healthcare services (17.1 miles)
- Tech Data — technology distribution (21.3 miles) — HQ
- MetLife Insurance Company — insurance (22.3 miles)
This 27-unit New Port Richey asset is positioned for durable, workforce-oriented demand given an elevated renter-occupied share in the surrounding neighborhood and strong daily-needs amenity access. While neighborhood occupancy trends trail national norms, household growth within a 3-mile radius and accessible ownership costs in the area support a steady renter pipeline and lease-up resiliency, based on CRE market data from WDSuite.
Built in 1974, the property presents classic value-add levers: targeted interior updates and common-area modernization can enhance competitiveness against older stock while supporting rent positioning and retention. Investors should balance this upside with prudent capital planning and a focus on security and resident experience to mitigate submarket occupancy and safety variability.
- Elevated renter concentration supports demand depth and leasing velocity
- Strong daily-needs access (grocery, pharmacy, restaurants) aids resident retention
- 1974 vintage offers value-add potential through unit and systems refresh
- Household growth in 3-mile radius expands the tenant base over time
- Risk: Neighborhood occupancy and safety trends require focused operations and underwriting