| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 37th | Poor |
| Demographics | 28th | Poor |
| Amenities | 23rd | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 6701 Osteen Rd, New Port Richey, FL, 34653, US |
| Region / Metro | New Port Richey |
| Year of Construction | 1979 |
| Units | 69 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
6701 Osteen Rd New Port Richey Multifamily Investment
Stabilized renter demand and value-add potential position this 69-unit asset for durable performance, according to WDSuite’s CRE market data. Neighborhood occupancy has improved in recent years, supporting income resilience while leaving room for targeted renovations.
The property sits in a suburban pocket of New Port Richey within the Tampa–St. Petersburg–Clearwater metro, where neighborhood occupancy is about 89.5% and has trended higher over the past five years, based on CRE market data from WDSuite. The area’s overall neighborhood rating is in the lower tier among 710 metro neighborhoods, so performance depends more on workforce housing demand than on premium location dynamics.
Daily convenience is mixed: restaurants are above the national median, pharmacies are competitive among Tampa metro neighborhoods, but cafes, groceries, and parks are comparatively sparse. Investors should underwrite with this amenity pattern in mind, emphasizing on-site community features to support retention.
Within a 3-mile radius, demographics indicate a growing tenant base: population increased over the last five years and is projected to continue through 2028, with households expected to expand meaningfully as average household size edges down. A renter-occupied share of housing units in the mid-30% range supports depth for multifamily leasing, and median contract rents have risen with additional growth projected—factors that can aid pricing power while keeping retention in focus.
Home values are well below national norms, which can create some competition from ownership alternatives; however, rent-to-income levels in the neighborhood read as relatively manageable, a combination that can support lease stability when paired with well-maintained units and responsive operations.
Construction vintage in the surrounding neighborhood averages the early 1980s. With a 1979 build, this asset is slightly older than nearby stock, pointing to value-add and capital planning opportunities that can sharpen its competitive position against newer and renovated comparables.
Safety indicators compare favorably at the national level, with property offenses positioned in a high national percentile (safer than most neighborhoods nationwide) and violent offenses also above the national median, according to WDSuite. Recent-year patterns show declining property offenses but some volatility in violent offense metrics; investors should emphasize standard security, lighting, and community engagement to sustain positive performance.
As with any submarket, conditions can vary by block and over time. Using regional and national benchmarks for context helps set expectations for insurance, operating protocols, and resident communications without relying on block-level claims.
Nearby employment anchors across financial services, healthcare, and technology broaden the commuter renter base and support leasing stability. The closest notable corporate offices include Raymond James, Wellcare Health Plans, MetLife Insurance Company, Tech Data, and Jabil Circuit.
- Raymond James — financial services (15.6 miles)
- Wellcare Health Plans — healthcare services (17.3 miles) — HQ
- MetLife Insurance Company — insurance (20.7 miles)
- Tech Data — technology distribution (23.3 miles) — HQ
- Jabil Circuit — electronics manufacturing (26.7 miles) — HQ
6701 Osteen Rd offers 69 units averaging roughly 800 square feet, balancing scale with operational efficiency. Neighborhood occupancy has improved over the last five years and sits near 90%, while a meaningful share of renter-occupied housing within a 3-mile radius and ongoing household growth point to a steady tenant base. The 1979 vintage suggests clear value-add pathways through unit and systems upgrades that can enhance competitiveness versus newer product.
According to commercial real estate analysis from WDSuite, rent levels have been rising with further gains projected, yet rent-to-income readings in the area remain relatively manageable—supportive of retention when paired with disciplined lease management. With local home values below national norms, underwriting should account for some competition from ownership, but proximity to diverse employment nodes and a broadening workforce renter pool can underpin occupancy stability.
- Improving neighborhood occupancy and growing 3-mile household base support consistent leasing
- 1979 vintage provides value-add and capex angles to drive NOI
- Rising rents with manageable rent-to-income readings aid pricing power and retention
- Diverse nearby employers expand the commuter renter pool
- Risks: below-median school ratings, thinner amenity mix, and potential competition from ownership options