| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 32nd | Poor |
| Demographics | 41st | Fair |
| Amenities | 56th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 6913 Hills Dr, New Port Richey, FL, 34653, US |
| Region / Metro | New Port Richey |
| Year of Construction | 2005 |
| Units | 20 |
| Transaction Date | 2003-09-29 |
| Transaction Price | $102,500 |
| Buyer | HBHCI HUD 8 INC |
| Seller | JASMINE LAKES DEVELOPMENT CORP |
6913 Hills Dr, New Port Richey FL Multifamily Investment
Positioned in New Port Richey’s inner-suburban fabric, this 20-unit asset benefits from steady renter demand and improving neighborhood occupancy trends, according to WDSuite’s CRE market data. Built in 2005, it competes well against older local stock while offering scope for targeted updates to support retention.
Livability supports renter appeal: grocery, parks, and pharmacy access test well for this neighborhood, with grocery availability performing above most areas locally and parks and pharmacies ranking in the top quartile nationally. Dining density is moderate, while cafes and childcare are limited, pointing to everyday convenience with fewer discretionary options nearby.
Relative performance across Tampa–St. Petersburg–Clearwater’s 710 neighborhoods is mixed. The area’s occupancy level sits below the metro median but has improved over the past five years, a constructive signal for leasing stability. The renter-occupied share at the neighborhood level is moderate, while within a 3-mile radius renters account for a meaningful portion of housing units, supporting a dependable tenant base for small and mid-sized multifamily assets.
Vintage matters for competitiveness. With an average neighborhood construction year around the early 1980s, a 2005 build stands newer than much of the nearby stock—an advantage for curb appeal and systems—but investors should still plan for mid-life replacements and selective modernization to sustain positioning.
Demographic trends within a 3-mile radius point to population growth and a notable increase in households alongside slightly smaller household sizes. This combination typically expands the tenant pool and supports occupancy stability; however, an uptick in owner share over time may introduce incremental competition for renters at certain price points. Home values are comparatively low in the immediate neighborhood, which can make ownership more accessible and temper pricing power, but can also enhance retention for renters prioritizing value in professionally managed communities. These dynamics are consistent with what careful commercial real estate analysis would flag for value-focused suburbs.
Safety indicators are mixed and should be underwritten with nuance. Compared with neighborhoods nationwide, overall safety levels trend near the middle of the pack. Within the Tampa–St. Petersburg–Clearwater metro (710 neighborhoods), the neighborhood’s crime rank indicates higher crime than many peers, though recent data shows a meaningful decline in property offenses year over year—an improving trend.
Violent offense levels benchmark better than the national average, but the most recent year-over-year change suggests volatility. Investors should prioritize standard measures such as lighting, access control, and resident engagement, and monitor local trendlines rather than relying on a single-year reading.
Proximity to established employers across finance, healthcare, and technology underpins a broad commuter tenant base and supports retention. Notable nearby employers include Raymond James, Wellcare Health Plans, MetLife, Tech Data, and Raymond James Financial.
- Raymond James — finance (16.5 miles)
- Wellcare Health Plans — healthcare services (18.0 miles) — HQ
- MetLife Insurance Company — insurance (21.8 miles)
- Tech Data — technology distribution (23.5 miles) — HQ
- Raymond James Financial — finance (25.7 miles) — HQ
6913 Hills Dr is a 20-unit property with average unit sizes around 644 square feet, built in 2005—newer than much of the surrounding stock. This vintage provides a competitive edge versus older buildings while leaving room for targeted capital projects to refresh interiors and common areas. Neighborhood occupancy has trended upward over five years despite sitting below the metro median, suggesting improving demand that can support leasing stability and measured rent growth. Within a 3-mile radius, ongoing population growth, a rising household count, and slightly smaller household sizes indicate a larger tenant base over time.
According to CRE market data from WDSuite, local amenities align more with daily needs than lifestyle offerings, favoring value-oriented renters. Ownership costs nearby are comparatively low, which may cap pricing power at the margin, but the combination of workforce-oriented employers within commuting distance and a moderate renter concentration supports durable demand for well-managed multifamily. Underwriting should account for standard mid-life building systems and for competitive positioning against accessible ownership options.
- 2005 construction offers competitive positioning versus older neighborhood stock, with manageable value-add paths.
- Improving neighborhood occupancy trend supports leasing stability even as levels trail the metro median.
- 3-mile radius shows population and household growth with smaller household sizes, expanding the renter pool.
- Commutable access to major finance, healthcare, and tech employers underpins workforce demand.
- Risk: relatively low local ownership costs can constrain pricing power; plan for competitive amenities and value-focused positioning.