| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 46th | Poor |
| Demographics | 43rd | Fair |
| Amenities | 40th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5511 Executive Dr, New Port Richey, FL, 34652, US |
| Region / Metro | New Port Richey |
| Year of Construction | 1986 |
| Units | 40 |
| Transaction Date | 2016-06-30 |
| Transaction Price | $2,650,000 |
| Buyer | RIVER TRACE GARDEN APARTMETNTS INC |
| Seller | RIFVER TRACE OF NEW PORT RICHEY |
5511 Executive Dr New Port Richey Multifamily Investment
1986-vintage, larger-format units position this asset for value-add and rent optimization as household growth in the 3-mile area expands the tenant base, according to WDSuite’s CRE market data. Neighborhood occupancy trends and renter demand should be evaluated against submarket comps to calibrate leasing strategy.
Situated in New Port Richey within the Tampa–St. Petersburg–Clearwater metro, the neighborhood rates C and ranks 498 out of 710 metro neighborhoods. That places it below the metro median, so underwriting should lean on submarket-level comps rather than block-level momentum. Restaurants score in the top quartile nationally (81st percentile), while cafés, groceries, and pharmacies are sparse nearby, indicating residents likely draw from broader retail corridors.
The neighborhood’s renter-occupied share is modest, indicating a smaller immediate renter pool; however, demographics aggregated within a 3-mile radius show population growth, rising household counts, and increasing incomes over recent periods, supporting a larger tenant base and potential lease-up stability. Forecasts point to continued population and household expansion by 2028, which can support absorption even if renter share drifts as ownership trends evolve.
Neighborhood occupancy is 80.9% (neighborhood metric, not the property) and ranks 582 of 710 in the metro, which is below the metro median. That suggests leasing performance will rely on competitive positioning and operational execution—particularly product differentiation and amenity strategy—to capture demand from the broader commuter shed.
Median home values sit in the lower national percentiles, and rent-to-income readings indicate relatively low affordability pressure. For investors, that mix can support retention but may temper near-term pricing power; rent growth will be most defensible where renovated product clearly differentiates on space, finishes, or convenience.
The average construction year in the neighborhood aligns with 1986, same as the subject’s vintage. With a 1986 build, planning for selective system upgrades and interior renovations can create value-add upside versus older stock while maintaining cost awareness relative to new deliveries.
Safety indicators are mixed and should be evaluated in context. The neighborhood’s crime rank is 211 out of 710 metro neighborhoods, placing it in the higher-crime half locally, while national comparisons land around mid-pack (48th percentile). Violent offense measures trend relatively favorable nationally (64th percentile), and property offense rates show recent year-over-year improvement, based on CRE market data from WDSuite. Investors should benchmark trends against nearby submarkets and consider standard security and lighting improvements as part of value-add plans.
Regional employment is anchored by finance, healthcare, and technology distribution within commutable distances, supporting workforce renter demand and lease retention for well-positioned assets. The employers below are representative of the nearby commuter draw noted in WDSuite’s data.
- Raymond James — finance (16.4 miles)
- Wellcare Health Plans — health insurance (17.5 miles) — HQ
- Tech Data — IT distribution (22.2 miles) — HQ
- MetLife Insurance Company — insurance (22.2 miles)
- Raymond James Financial — financial services (24.5 miles) — HQ
The 40-unit, 1986-built property with larger average floor plans (about 1,076 sq. ft.) offers a clear value-add path: modernization of interiors and common areas to stand out against similarly aged stock. Household and income growth within a 3-mile radius indicate a widening renter pool and stronger rent coverage, while proximity to major Tampa employers supports weekday occupancy and retention. According to CRE market data from WDSuite, neighborhood occupancy trends sit below metro medians, so execution—unit upgrades, parking/utilities optimization, and thoughtful amenities—will be central to outperformance.
Operating assumptions should balance supportive demographics and commutable job centers with tempered pricing power given relatively low rent-to-income ratios and a modest immediate renter concentration. With disciplined capex targeting kitchens, baths, and efficiency upgrades, the asset can capture demand from renters seeking larger layouts without Class A pricing.
- 1986 vintage and larger unit sizes enable targeted renovations and value-add differentiation
- Expanding 3-mile household base and rising incomes support a deeper tenant pool and occupancy stability
- Commutable access to finance, healthcare, and tech employers underpins workforce demand
- Pricing power likely nuanced given low rent-to-income and accessible ownership options—focus on product quality
- Risk: neighborhood occupancy below metro median; leasing performance depends on renovation execution and management