| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Good |
| Demographics | 33rd | Poor |
| Amenities | 11th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 7340 Pursley Dr, New Port Richey, FL, 34653, US |
| Region / Metro | New Port Richey |
| Year of Construction | 1987 |
| Units | 74 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
7340 Pursley Dr New Port Richey Multifamily Opportunity
Neighborhood occupancy is competitive for the Tampa–St. Petersburg–Clearwater metro with a meaningful renter-occupied base, according to WDSuite’s CRE market data, supporting stable demand for a 74-unit asset.
Located in an inner-suburban pocket of New Port Richey, the neighborhood shows occupancy trends above the metro median among 710 Tampa–St. Petersburg–Clearwater neighborhoods and slightly above national norms. For investors, that points to steady leasing and fewer vacancy-driven swings relative to weaker submarkets.
Renter-occupied housing accounts for an estimated 34.4% of units in this neighborhood, indicating a defined tenant base for multifamily. Median contract rents in the area sit around the low-$1,000s and have risen over the last five years, while the rent-to-income ratio trends on the lower side locally, a combination that can support retention and reduce turnover sensitivity.
Within a 3-mile radius, population and households have grown in recent years, with households expanding faster than population and average household size edging down. This pattern typically expands the renter pool and supports occupancy stability; forward-looking projections continue to indicate additional household growth by the late 2020s, which should enhance depth of demand for workforce-oriented units.
Neighborhood amenities are mixed: restaurant density is comparatively strong versus many areas nationally, but counts of grocery, parks, and pharmacies are limited nearby. Average school ratings track on the lower end relative to national peers. These factors may modestly cap top-of-market appeal but are generally consistent with value-oriented renter profiles in older inner-suburban stock.
The average construction year for nearby housing skews to the mid-1990s, while this property was built in 1987. The older vintage suggests investors should plan for targeted capital improvements and potential renovation upside to maintain competitiveness against slightly newer neighborhood stock.
Comparable neighborhood-level crime metrics are not available in WDSuite for this specific area. Investors typically benchmark property security and incident trends against Pasco County and the broader Tampa–St. Petersburg–Clearwater region, focusing on multi-year direction rather than single-period snapshots, and weighing on-site measures such as lighting, access control, and management presence.
Regional employment nodes within commuting range include financial services, managed care, insurance, IT distribution, and advanced manufacturing—supportive of workforce housing demand and lease retention for renters seeking proximity to these corridors.
- Raymond James — financial services (16.7 miles)
- Wellcare Health Plans — managed care (18.5 miles) — HQ
- MetLife Insurance Company — insurance (21.7 miles)
- Tech Data — IT distribution (24.2 miles) — HQ
- Jabil Circuit — advanced manufacturing (27.8 miles) — HQ
This 74-unit, 1987-vintage asset is positioned in an inner-suburban location where neighborhood occupancy trends run above the metro median and slightly above national norms, supporting a baseline of leasing stability. According to CRE market data from WDSuite, the local renter-occupied share provides a defined tenant base, while relatively lower rent-to-income levels can aid retention and reduce downside during softer cycles.
Demographics aggregated within a 3-mile radius show recent population and household growth with smaller average household sizes, expanding the renter pool over time. Ownership costs in the area are elevated relative to local incomes, which can sustain reliance on rental housing and support pricing power for well-managed, value-oriented properties. Given the 1987 vintage against a neighborhood average skewing to the mid-1990s, targeted renovations and systems upgrades may unlock competitive positioning against slightly newer stock.
- Competitive neighborhood occupancy supports steady lease-up and renewals
- Defined renter-occupied base and growing 3-mile households expand tenant depth
- Ownership costs vs. incomes reinforce reliance on multifamily, aiding pricing power
- 1987 vintage offers value-add potential via unit/interior upgrades and systems
- Risks: limited nearby amenities and lower school ratings may cap top-tier rents; plan capex for older vintage