| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 32nd | Poor |
| Demographics | 41st | Fair |
| Amenities | 56th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5644 Grand Blvd, New Port Richey, FL, 34652, US |
| Region / Metro | New Port Richey |
| Year of Construction | 1973 |
| Units | 20 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
5644 Grand Blvd, New Port Richey Multifamily Investment
Neighborhood-level occupancy has trended upward and local renter demand is supported by steady 3-mile population and household growth, according to WDSuite’s CRE market data. Positioning focuses on durable tenancy and value-add potential in an inner-suburb corridor of the Tampa–St. Petersburg–Clearwater metro.
Livability is anchored by strong everyday conveniences: grocery, park, and pharmacy access all score in high national percentiles, indicating reliable proximity to essentials. By contrast, cafe and childcare density is limited, which may temper lifestyle appeal for some cohorts but does not typically weigh heavily on workforce rental decisions.
Within the Tampa–St. Petersburg–Clearwater metro, the neighborhood ranks 186 out of 710 on overall amenities—competitive among metro neighborhoods—and restaurant density sits around the middle of national peers. The area’s average construction year trends slightly newer than many local submarkets, but this specific asset’s 1973 vintage is older than the neighborhood norm, pointing to potential renovation upside and the need to plan for building systems and interior modernization.
Tenure data shows a renter-occupied share of housing at the neighborhood level of 25.8%, indicating an owner-leaning area with a smaller but steady renter pool. For multifamily investors, this typically supports more stable, longer-duration tenancy rather than rapid lease-up velocity; it also suggests marketing should focus on retention and quality-of-life amenities.
Demographic statistics aggregated within a 3-mile radius show recent population growth with further increases in both households and incomes projected, implying a larger tenant base over the medium term. Median contract rents in the immediate neighborhood benchmark below national medians, while elevated grocery and park access supports day-to-day livability; together this points to attainable price positioning with scope for measured rent optimization as value-add work is executed, based on commercial real estate analysis from WDSuite.
Safety indicators are mixed and should be monitored over time. The neighborhood’s crime position is near the middle of national peers and around the metro average (rank 210 among 710 metro neighborhoods), suggesting conditions that are neither an outlier risk nor a clear advantage.
Property-related incidents show a notable year-over-year improvement, placing the area in a stronger national percentile for recent momentum. Violent offense levels compare better than many neighborhoods nationwide, yet the short-term change metric moved unfavorably in the latest reading. For investors, this combination argues for routine security measures, good lighting and access control, and ongoing tracking of local trends rather than assuming linear improvement.
Regional employment is diversified across finance, healthcare, insurance, and technology, providing commute-friendly access that supports renter retention. Notable employers within typical commuting distance include Raymond James, Wellcare Health Plans, Tech Data, MetLife Insurance Company, and Raymond James Financial.
- Raymond James — financial services offices (16.6 miles)
- Wellcare Health Plans — healthcare insurance (17.7 miles) — HQ
- Tech Data — IT distribution (22.3 miles) — HQ
- MetLife Insurance Company — insurance (22.4 miles)
- Raymond James Financial — financial services (24.7 miles) — HQ
Built in 1973, this 20-unit property skews older than the neighborhood’s average vintage, creating a straightforward value-add pathway through unit upgrades and selective system improvements. Neighborhood occupancy has improved in recent years and sits in a stable range for the metro, while a 3-mile view shows population growth and a projected increase in households—factors that expand the renter pool and can support steady leasing. According to CRE market data from WDSuite, neighborhood rents benchmark below national levels, aligning with a workforce housing profile that can balance pricing power with retention.
Ownership costs in the immediate area are comparatively accessible, which can introduce competition from for-sale options and moderate rent growth; however, rent-to-income levels indicate manageable affordability pressure that can aid renewal rates when paired with pragmatic capital plans. Amenity access—especially groceries, parks, and pharmacies—supports daily convenience, while limited cafe and childcare density suggests focusing on functional upgrades over lifestyle premiums.
- 1973 vintage offers clear value-add potential alongside prudent system updates
- Neighborhood occupancy trend and 3-mile household growth support demand durability
- Rent positioning below national benchmarks fits workforce housing with retention focus
- Strong grocery/park/pharmacy access enhances livability; limited cafe/childcare density is a secondary consideration
- Risk: accessible ownership options may compete with rentals, requiring disciplined pricing and amenities