| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 55th | Fair |
| Demographics | 36th | Poor |
| Amenities | 46th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 6423 Illinois Ave, New Port Richey, FL, 34653, US |
| Region / Metro | New Port Richey |
| Year of Construction | 1989 |
| Units | 21 |
| Transaction Date | 2012-04-26 |
| Transaction Price | $564,000 |
| Buyer | CATHOLIC CHARITIES PALM ISLAND INC |
| Seller | PALM ISLAND PARTNERS LLC |
6423 Illinois Ave New Port Richey Multifamily Investment
Neighborhood occupancy sits in the low 90s with a majority of units renter-occupied, supporting steady tenant demand, according to WDSuite’s CRE market data.
Positioned in an Inner Suburb of the Tampa–St. Petersburg–Clearwater metro, the neighborhood rates C+ overall and is competitive among 710 metro neighborhoods on occupancy. Recent readings indicate occupancy above the national median and competitive within the metro, which supports income stability for a 21‑unit asset.
Livability is balanced: amenity access trends above the metro median, and park access ranks in the top quartile nationally, adding quality-of-life appeal that can aid retention. Restaurant density is also among the stronger readings nationally, while some daily-needs retail may require short drives.
Vintage context matters. With a 1989 construction year versus an older local average stock from the late 1960s, the asset should compete well against aging comparables, though investors should plan for modernization of systems and common areas typical of late‑1980s builds.
Tenure patterns point to depth of demand: renter-occupied housing forms a majority share in the neighborhood, indicating a sizable tenant base and supporting leasing continuity. Within a 3‑mile radius, households have grown in recent years and are projected to increase further through the mid‑2020s, implying a larger renter pool and support for occupancy.
Affordability dynamics are mixed but workable for multifamily. Neighborhood home values and incomes suggest a high-cost ownership environment relative to local earnings in parts of the metro, which can sustain reliance on rentals. Reported contract rents in the area remain manageable relative to incomes, which can support lease retention while allowing for measured rent positioning.
Safety indicators are mixed when viewed against metro and national benchmarks. The neighborhood’s overall crime standing is around the metro median among 710 neighborhoods and sits below the national median for safety, while recent data shows property-related incidents declining sharply year over year. At the same time, the latest annual violent‑incident trend moved higher, warranting ongoing monitoring.
For investors, the takeaway is to underwrite with conservative assumptions, emphasize lighting and access controls typical for late‑1980s multifamily, and track neighborhood trends over multiple periods rather than a single year, using WDSuite’s time series to assess persistence of the recent mixed signals.
Proximity to regional employers underpins renter demand via commute convenience, notably in financial services, health insurance, and IT distribution represented by Raymond James, Wellcare Health Plans, MetLife, Tech Data, and Raymond James Financial.
- Raymond James — financial services (16.3 miles)
- Wellcare Health Plans — health insurance (17.6 miles) — HQ
- MetLife Insurance Company — insurance (21.9 miles)
- Tech Data — IT distribution (22.6 miles) — HQ
- Raymond James Financial — financial services (24.9 miles) — HQ
6423 Illinois Ave is a 21‑unit, late‑1980s multifamily asset with an average unit size near 900 square feet, positioned in a neighborhood that is competitive on occupancy within the Tampa–St. Petersburg–Clearwater metro. According to CRE market data from WDSuite, the surrounding area maintains above‑median occupancy and a majority renter‑occupied housing profile, reinforcing depth of demand and supporting income durability.
The 1989 vintage is newer than much of the local housing stock, suggesting relative competitiveness versus older comparables, while still benefiting from targeted modernization and common‑area upgrades that can enhance rent positioning. Within a 3‑mile radius, recent and projected household growth indicates a larger renter base over the next few years, and ownership costs relative to local incomes continue to support reliance on rentals—favorable for lease retention and steady absorption.
- Competitive neighborhood occupancy and majority renter-occupied housing support stable leasing
- 1989 vintage offers value-add potential versus older local stock while remaining operationally competitive
- 3‑mile household growth and expanding renter pool bolster demand and retention prospects
- Ownership costs relative to incomes sustain reliance on rentals, aiding pricing power management
- Risks: mixed safety trends and small asset scale can introduce NOI variability—underwrite conservatively