| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 32nd | Poor |
| Demographics | 41st | Fair |
| Amenities | 56th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 6937 Hills Dr, New Port Richey, FL, 34653, US |
| Region / Metro | New Port Richey |
| Year of Construction | 2005 |
| Units | 20 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
6937 Hills Dr, New Port Richey FL Multifamily Investment
2005 vintage, 20-unit asset positioned in an inner-suburban pocket where neighborhood occupancy has strengthened in recent years, according to WDSuite s CRE market data. Expect renter demand supported by steady household growth within a 3-mile radius and proximity to regional employment in Tampa Bay.
Located in New Port Richey s inner suburbs of the Tampa St. Petersburg Clearwater metro, the area offers practical access to daily needs. Grocery, park, and pharmacy availability trend well above national norms (national percentiles roughly mid-80s to mid-90s), while cafes and childcare are comparatively sparse. For investors, this mix supports day-to-day livability and retention, even if lifestyle retail is limited nearby.
Neighborhood occupancy sits at 87.8% and has improved over the past five years, signaling steadier tenant retention and lease-up potential versus earlier cycles. At the neighborhood level, the share of housing units that are renter-occupied is about one-quarter, indicating a more ownership-leaning area; within a 3-mile radius, renter households still represent a meaningful base, which supports consistent demand for multifamily units.
Within a 3-mile radius, population and households have grown over the last five years, with households up by roughly the high-single digits and further gains projected. Smaller average household sizes are anticipated, which typically expands the renter pool and supports occupancy stability.
Relative to metro peers, amenity access ranks competitively among the 710 Tampa-area neighborhoods, while income levels in the immediate neighborhood sit below national medians. This creates a value-oriented renter profile, where a moderate rent-to-income ratio (around 0.21) suggests manageable affordability pressure and can aid lease retention and collections management.
Safety indicators in this neighborhood track near the national midpoint overall, based on WDSuite s CRE market data. Violent-offense metrics are comparatively better than national norms (around the 60th percentile nationwide), while property-related measures are closer to national averages (near the 48th percentile). Year over year, estimated property crime has declined materially, even as violent-offense metrics have been volatile. As always, investors should underwrite with submarket comparables rather than block-level assumptions.
Proximity to regional employers in finance, health insurance, and technology distribution supports a stable commuter tenant base and leasing durability for workforce-oriented units. The employers below reflect realistic commute sheds for residents in New Port Richey.
- Raymond James corporate offices (16.6 miles)
- Wellcare Health Plans health insurance (18.1 miles) HQ
- MetLife Insurance Company insurance (21.8 miles)
- Tech Data technology distribution (23.5 miles) HQ
- Raymond James Financial financial services (25.7 miles) HQ
This 2005-built, 20-unit property is newer than the neighborhood s average vintage, offering relative competitiveness versus older stock and potential to reduce near-term capital expenditures while targeting selective modernization for rent positioning. Neighborhood occupancy has trended upward, and within a 3-mile radius both population and households are expanding, which supports a larger tenant base and steadier leasing. According to commercial real estate analysis from WDSuite, the surrounding area s amenity access for daily needs is solid, with strong grocery and healthcare proximity aiding renter convenience.
Investor considerations include an ownership-leaning neighborhood tenure, which can temper near-term renter depth at the block level, and nationally average safety readings with some volatility in violent-offense metrics. At the same time, moderate rent-to-income dynamics suggest room for disciplined pricing while supporting retention. The combination points to a durable workforce demand profile with value-add potential through unit refreshes and operational execution.
- 2005 vintage provides competitive positioning versus older neighborhood stock with selective modernization upside
- Neighborhood occupancy of 87.8% and improving trend support leasing stability
- Expanding 3-mile household base and smaller projected household sizes enlarge the renter pool
- Daily-needs amenities (grocery, parks, pharmacies) are convenient, reinforcing renter retention
- Risks: ownership-leaning neighborhood tenure and nationally average safety with recent volatility warrant conservative underwriting