| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 55th | Fair |
| Demographics | 36th | Poor |
| Amenities | 46th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 6341 Grady Ave, New Port Richey, FL, 34653, US |
| Region / Metro | New Port Richey |
| Year of Construction | 1986 |
| Units | 95 |
| Transaction Date | 2025-09-16 |
| Transaction Price | $7,400,000 |
| Buyer | HIGH POINTS APARTMENTS FL OWNER LLC |
| Seller | HIGH POINTS APARTMENTS LTD |
6341 Grady Ave, New Port Richey Multifamily Investment
Neighborhood occupancy has been resilient and the renter base is sizeable, signaling durable leasing fundamentals near New Port Richey, according to WDSuite’s CRE market data.
Positioned in an Inner Suburb of the Tampa–St. Petersburg–Clearwater metro, the neighborhood carries a C+ rating and sits above the metro median on several renter-demand signals. Neighborhood occupancy is 93.3% (measured for the neighborhood, not the property) and has improved over the past five years, based on CRE market data from WDSuite. A renter-occupied share of housing at 56.1% indicates a deep tenant pool that helps support leasing velocity and renewal prospects.
Daily-life amenities skew toward parks and dining. Park access ranks in the top quartile nationally (95th percentile), and restaurants per square mile are also top quartile (97th percentile). By contrast, cafes, groceries, and pharmacies are sparse locally, so residents typically rely on nearby corridors for errands. Childcare density performs well (84th percentile), which can aid family-oriented renter retention.
Construction in the surrounding housing stock averages 1969, while the subject’s 1986 vintage is newer than much of the neighborhood. For investors, that positioning can be competitively helpful versus older product, though systems from the 1980s may still warrant modernization to meet current renter expectations and reduce near-term maintenance exposure.
Within a 3-mile radius, population has grown over the last five years with households increasing and average household size edging lower. Projections point to continued population growth and a notable increase in households over the next five years, expanding the local renter pool and supporting occupancy stability. Neighborhood home values are elevated relative to local incomes (value-to-income ratio near the upper national half), which tends to keep reliance on multifamily strong. At the same time, neighborhood rent-to-income measures sit below national medians, suggesting manageable rent levels that can support retention and steady collections.
Safety indicators for the neighborhood are mixed compared with national benchmarks. Overall crime measures sit below the national median, placing the area in the lower half of neighborhoods nationwide on safety. However, recent trends show meaningful year-over-year declines in property offenses, while violent-offense metrics have moved the other way. Investors should underwrite with a focus on property-level security, lighting, and resident engagement, while noting the improving trajectory in property-related incidents.
Regional employment anchors within commuting distance include financial services and healthcare headquarters, along with technology distribution, supporting a broad workforce renter base and commute convenience for residents.
- Raymond James — financial services offices (16.6 miles)
- Wellcare Health Plans — healthcare insurance (18.0 miles) — HQ
- MetLife Insurance Company — insurance (22.1 miles)
- Tech Data — technology distribution (23.2 miles) — HQ
- Raymond James Financial — financial services (25.4 miles) — HQ
Built in 1986 and totaling 95 units, the property competes favorably against older nearby stock while offering potential to capture demand from a neighborhood with steady occupancy and a renter-occupied share above half of housing units. Household growth within a 3-mile radius and a shrinking average household size point to a larger tenant base and support for leasing stability. According to commercial real estate analysis from WDSuite, neighborhood rents remain manageable relative to incomes, which can aid retention even as ownership costs trend higher versus local earnings.
The combination of strong park and dining access, proximity to diversified employers, and a tenant base oriented toward renting underpins the long-term thesis. Near-term value can come from targeted modernization consistent with an ’80s vintage, alongside disciplined expense management and resident experience improvements to sustain occupancy and pricing power.
- Neighborhood occupancy is stable with a sizable renter-occupied base, supporting leasing durability.
- 1986 vintage offers competitive positioning versus older stock, with scope for modernization-driven value-add.
- 3-mile household growth and smaller household sizes expand the renter pool and support retention.
- Parks and restaurant density are strengths; fewer nearby groceries/pharmacies may require resident convenience solutions.
- Underwrite for mixed safety signals and potential capital needs tied to 1980s systems.