| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 55th | Fair |
| Demographics | 36th | Poor |
| Amenities | 46th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 6715 Congress St, New Port Richey, FL, 34653, US |
| Region / Metro | New Port Richey |
| Year of Construction | 2013 |
| Units | 80 |
| Transaction Date | 2004-06-14 |
| Transaction Price | $75,000 |
| Buyer | NOVA OAKS HOUSING LIMITED PARTNERSHIP |
| Seller | ST MARTIN CONSTRUCTION CO INC |
6715 Congress St, New Port Richey Multifamily Investment
Neighborhood fundamentals point to resilient renter demand and steady occupancy at the area level, according to WDSuite’s CRE market data. With a high share of renter-occupied housing and improving property crime trends, the submarket profile supports income stability for well-positioned assets.
Located in an Inner Suburb of the Tampa–St. Petersburg–Clearwater metro, the neighborhood carries a C+ rating and ranks 444 out of 710 metro neighborhoods, placing it in the lower half of the metro. At the neighborhood level (not the property), occupancy measures 93.3% and ranks 202 of 710 — competitive among Tampa–St. Petersburg–Clearwater neighborhoods — which supports leasing stability for assets aligned to local demand conditions, based on CRE market data from WDSuite.
Renter concentration is elevated, with 56.1% of housing units renter-occupied (rank 70 of 710; top quartile nationally). For multifamily owners, this indicates a deep tenant base and supports ongoing demand for professionally managed units. Median rents in the neighborhood sit below many coastal Florida submarkets, and the rent-to-income ratio around 0.23 suggests manageable affordability pressure that can aid retention and reduce turnover risk.
Livability signals are mixed but serviceable for workforce households. Dining density is a relative strength (top-quartile nationally for restaurants per square mile), and access to parks and childcare options also ranks in the top tier across the U.S. However, grocery and pharmacy counts are limited within the immediate neighborhood, which may shift some shopping trips to near-adjacent corridors. School ratings are not available in the dataset and should be confirmed during due diligence.
The broader 3-mile radius shows population growth over the last five years with households expanding and average household size trending lower. Forward-looking projections indicate additional household growth through 2028 alongside rising median incomes, which should modestly broaden the renter pool and support occupancy stability. Home values in the area are below many major metros, but the value-to-income ratio sits in a higher national percentile, implying a relatively high-cost ownership market that helps sustain rental demand.
Safety indicators present a mixed picture relative to regional and national benchmarks. The neighborhood’s crime rank sits near the metro middle (287 of 710), while national comparison percentiles for overall and violent incidents are in the low-to-mid 40s, indicating a safety profile below the national median.
Trend data point to a notable year-over-year decline in property offenses (top-quartile improvement nationally), which is constructive for residential stability. At the same time, recent violent offense estimates show an uptick over the prior year. Investors should weigh these countervailing trends, compare to nearby submarkets, and incorporate property-level mitigation and screening practices as part of risk management.
Regional employment access supports workforce housing demand, with commutable drives to financial services, healthcare insurance, and technology distribution employers that can help underpin leasing and retention.
- Raymond James — financial services offices (16.7 miles)
- Wellcare Health Plans — healthcare insurance (18.1 miles) — HQ
- MetLife Insurance Company — insurance (22.1 miles)
- Tech Data — technology distribution (23.2 miles) — HQ
- Jabil Circuit — electronics manufacturing services (26.9 miles) — HQ
Constructed in 2013, the asset is materially newer than the neighborhood’s older housing stock, positioning it competitively against legacy properties while potentially moderating near-term capital expenditure needs. Neighborhood-level occupancy is competitive within the Tampa–St. Petersburg–Clearwater metro and renter-occupied housing is high, signaling a sizable tenant base. According to CRE market data from WDSuite, property crime has improved year over year at the neighborhood level, while demographic trends within a 3-mile radius point to expanding households and rising incomes that can support steady renter demand.
Looking ahead, the combination of a deep renter pool, commutable access to major employers, and a relatively high-cost ownership environment should support leasing and retention for well-managed assets. Investors should still underwrite to local amenity gaps and the mixed safety picture, keeping an eye on affordability and marketing strategies that align with workforce demand.
- 2013 vintage offers competitive positioning versus older neighborhood stock, with potential to defer larger capex near term.
- Neighborhood occupancy is competitive in the metro and renter-occupied share is high, supporting demand depth and leasing stability.
- 3-mile demographics show household growth and rising incomes, expanding the renter base and aiding retention.
- Commutable access to finance, healthcare insurance, and tech distribution employers underpins workforce housing demand.
- Risks: limited grocery/pharmacy within the immediate neighborhood and mixed safety trends warrant conservative underwriting and active management.