| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 55th | Fair |
| Demographics | 36th | Poor |
| Amenities | 46th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 6440 Main St, New Port Richey, FL, 34653, US |
| Region / Metro | New Port Richey |
| Year of Construction | 1990 |
| Units | 20 |
| Transaction Date | 2004-03-17 |
| Transaction Price | $900,000 |
| Buyer | BOCAN LLC |
| Seller | MAIN STREET APARTMENTS INC |
6440 Main St New Port Richey Multifamily Opportunity
Inner-suburban location with stable neighborhood occupancy and a deep renter-occupied base supports consistent leasing, according to WDSuite’s CRE market data. Positioned within the Tampa–St. Petersburg–Clearwater metro, the asset benefits from steady workforce demand and proximity to regional job centers.
The property sits in an Inner Suburb of the Tampa–St. Petersburg–Clearwater metro where neighborhood occupancy is above the national median and has trended upward over the past five years, according to WDSuite’s CRE market data. Renter-occupied housing comprises a majority of units in this neighborhood, indicating a sizable tenant base and demand depth for smaller multifamily assets.
Amenity access is mixed: restaurant density ranks competitive among 710 metro neighborhoods, while parks score in the top quartile nationally, offering lifestyle appeal. Daily-needs retail such as grocery and pharmacy options are limited within the immediate neighborhood, so residents may rely on nearby corridors for errands—an important consideration for tenant retention and marketing.
Within a 3-mile radius, population and household counts have grown and are projected to continue increasing, pointing to a larger tenant pool ahead. Household sizes are edging lower, which typically supports demand for smaller units and studios. Median contract rents in the neighborhood have risen meaningfully in recent years, while the local rent-to-income profile suggests manageable affordability pressure—supportive for occupancy with measured pricing power.
The asset’s 1990 construction is newer than the neighborhood’s older housing stock. This positioning can enhance competitiveness versus 1960s-vintage properties, though investors should still plan for system updates and selective modernization to meet current renter expectations.
Safety indicators are mixed relative to peers. The neighborhood sits below the metro median on crime rankings (ranked 287 among 710 metro neighborhoods), and national safety positioning is below average. However, recent data show a notable year-over-year decline in property crime, which, if sustained, can help tenant retention and leasing stability. Investors should underwrite prudent security measures and monitor trendlines rather than relying on block-level assumptions.
Proximity to established corporate employers supports workforce housing demand and commute convenience for residents. Key anchors within driving distance include Raymond James, Wellcare Health Plans, MetLife, Tech Data, and Raymond James Financial.
- Raymond James — financial services (16.4 miles)
- Wellcare Health Plans — managed care (17.7 miles) — HQ
- MetLife Insurance Company — insurance (21.9 miles)
- Tech Data — technology distribution (22.9 miles) — HQ
- Raymond James Financial — financial services (25.1 miles) — HQ
6440 Main St offers a small-scale multifamily footprint in an Inner Suburb where neighborhood occupancy sits above the national median and renter concentration is high. Population and household growth within a 3-mile radius point to a larger renter base over the next five years, supporting stable absorption and renewal potential. Based on multifamily property research from WDSuite, local rents have risen from a low base while rent-to-income levels indicate scope for disciplined rent management rather than aggressive pushes.
The 1990 vintage is newer than much of the surrounding stock, offering a relative edge versus older properties. Targeted upgrades can capture value-add upside while keeping capital plans measured. Key risks to underwrite include below-median safety metrics versus the metro and limited immediate access to grocery and pharmacy retail, which can be mitigated through amenity positioning, security protocols, and competitive pricing.
- Neighborhood occupancy above national median supports leasing stability
- High renter-occupied share indicates depth of tenant demand
- 1990 vintage provides competitive positioning vs. older local stock with selective value-add potential
- 3-mile growth in population and households expands the renter pool
- Risks: below-median safety metrics and limited nearby daily-needs retail