| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 32nd | Poor |
| Demographics | 41st | Fair |
| Amenities | 56th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 6625 Rowan Rd, New Port Richey, FL, 34653, US |
| Region / Metro | New Port Richey |
| Year of Construction | 2004 |
| Units | 50 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
6625 Rowan Rd, New Port Richey Multifamily Opportunity
Neighborhood occupancy has trended upward and renter demand is supported by everyday conveniences nearby, according to WDSuite’s CRE market data. This points to steadier income potential relative to lower-amenity suburbs in the Tampa-St. Petersburg-Clearwater metro.
Located in New Port Richey’s inner-suburban fabric, the property sits in a neighborhood rated C among 710 Tampa-St. Petersburg-Clearwater neighborhoods, indicating competitive fundamentals but not top-tier positioning. Grocery access is strong and daily needs are well covered, with parks and pharmacies testing in the top decile nationally, while restaurants are around the national midrange and cafes and childcare are limited. For residents, this mix supports routine convenience even if lifestyle retail is thinner than in core submarkets.
The average neighborhood construction year skews older (early 1980s). With a 2004 vintage, this asset is newer than much of the surrounding stock, offering relative competitiveness versus older properties and potentially lighter near-term capital needs, while still leaving room for targeted modernization to support rent growth and retention.
Renter-occupied housing is a meaningful share of local units, which helps define the tenant base depth without overwhelming ownership presence. Neighborhood occupancy stands in the high-80s and has improved over the past five years, suggesting healthier leasing conditions and better stability for well-managed assets. Median contract rents in the 3-mile radius have risen over the last cycle and are projected to continue increasing, supporting revenue growth for assets that maintain product quality.
Within a 3-mile radius, population and households have grown and are expected to continue rising through 2028, with households projected to expand faster than population as average household size edges down. For investors, this dynamic implies a larger tenant base and steady absorption potential for professionally managed multifamily, especially for unit mixes aligned to smaller households.
WDSuite’s CRE market data indicates overall crime levels are near the national midpoint, and the neighborhood is competitive among Tampa-St. Petersburg-Clearwater areas (ranked 210 of 710). Property offenses have declined year over year, which supports day-to-day operating stability, while violent-offense indicators show some recent volatility; prudent security measures and resident engagement remain advisable.
- Raymond James — financial services offices (16.3 miles)
- Wellcare Health Plans — healthcare administration (17.8 miles) — HQ
- MetLife Insurance Company — insurance (21.6 miles)
- Tech Data — technology distribution (23.2 miles) — HQ
- Raymond James Financial — financial services (25.4 miles) — HQ
Nearby employment centers help underpin workforce housing demand and commute convenience, notably in financial services and technology. The following employers illustrate the accessible job base likely to support leasing and retention for well-located multifamily.
Built in 2004 with 50 units averaging roughly 844 square feet, the asset benefits from a newer vintage than much of the surrounding neighborhood stock. Based on CRE market data from WDSuite, neighborhood occupancy has improved and sits in the high-80s, while 3-mile household growth and projected rent increases point to a larger tenant base and potential for sustained cash flow if operations remain disciplined.
Amenity access favors daily needs (grocery, parks, pharmacies), which supports retention even as lifestyle retail is thinner. The ownership market is relatively accessible in this part of Pasco County, which can create some competition with renting; however, a measured rent-to-income profile and continued household gains should help underpin demand for well-positioned multifamily. Targeted value-add and modernization can further differentiate the property against older nearby inventory.
- Newer 2004 vintage relative to neighborhood average, reducing near-term CapEx pressure and improving competitive positioning.
- Neighborhood occupancy improving with rising 3-mile households, supporting tenant base growth and income stability.
- Strong daily-needs access (grocery, parks, pharmacies) aids retention despite limited cafes/childcare and midrange dining density.
- Value-add potential via selective unit/interior upgrades to capture projected rent gains and stand out versus older stock.
- Risks: ownership alternatives can compete with rentals; safety indicators show some volatility—calls for prudent screening, security, and revenue management.