| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Good |
| Demographics | 45th | Fair |
| Amenities | 54th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 8615 State Road 54, New Port Richey, FL, 34655, US |
| Region / Metro | New Port Richey |
| Year of Construction | 1973 |
| Units | 120 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
8615 State Road 54 New Port Richey Multifamily Value-Add
Neighborhood occupancy has trended upward and rents sit above many national areas, according to WDSuite’s CRE market data, pointing to steady renter demand with room for operational upside. A 1973 vintage suggests value-add potential and capital planning opportunities to enhance competitive positioning.
Set within Tampa–St. Petersburg–Clearwater’s inner suburbs, the neighborhood earns a B rating and ranks above the metro median (300 of 710 metro neighborhoods), indicating generally competitive fundamentals for multifamily investors based on CRE market data from WDSuite.
Local renter demand is supported by improved neighborhood occupancy over the past five years, though current levels are near the metro middle. The share of housing units that are renter-occupied in the neighborhood is modest, which points to a smaller—but stable—renter base; leasing strategies may benefit from in-migration and product differentiation.
Amenity access trends favorable: cafes are top quartile nationally, grocery and restaurants track above national medians, while parks and childcare options are limited in the immediate area. Average school ratings sit below national medians, which may shape unit mix and marketing toward renter segments less sensitive to school quality.
Demographic statistics are aggregated within a 3-mile radius and show population growth in recent years with forecasts calling for a larger tenant base by 2028. Household counts are projected to increase meaningfully, and rising incomes suggest capacity to support rent levels. Neighborhood rents are above many U.S. neighborhoods, and rent-to-income ratios indicate manageable affordability pressure, supporting retention and occupancy stability.
The property’s 1973 construction is older than the area’s average vintage, implying potential value-add through unit updates and systems modernization to compete against newer 1990s-era stock.
Comparable safety metrics for this neighborhood were not available in the current WDSuite release. Investors typically benchmark neighborhood safety against metro and county trends and review multi-year patterns rather than block-level snapshots to understand stability over time.
Given the absence of ranked data here, prudent underwriting may incorporate local law enforcement summaries, recent city reports, and insurer or lender diligence to contextualize safety alongside leasing performance and retention.
Nearby corporate offices help anchor employment and support renter demand through commute convenience, led by financial services, healthcare, insurance, and technology distribution employers listed below.
- Raymond James — financial services offices (12.9 miles)
- Wellcare Health Plans — healthcare administration (14.1 miles) — HQ
- MetLife Insurance Company — insurance (18.9 miles)
- Tech Data — IT distribution (20.1 miles) — HQ
- Raymond James Financial — financial services (22.1 miles) — HQ
This 120-unit, 1973-vintage asset offers a clear value-add path in a neighborhood that ranks above the metro median, with amenity access that outperforms national medians for cafes, groceries, and restaurants. Neighborhood occupancy has improved over the last five years and sits near the metro middle, while rents are positioned above many national areas—factors that, together with a manageable rent-to-income profile, can support retention and steady leasing.
Within a 3-mile radius, population and household counts have been growing and are projected to expand further by 2028, indicating a larger tenant base and potential for sustained demand. According to CRE market data from WDSuite, the local ownership market remains active, so renter concentration is lower; strategies that emphasize modernization and convenience can help capture demand from mobile households seeking well-managed units.
- Value-add potential: 1973 vintage with scope for unit and systems upgrades to compete with newer stock.
- Demand depth: improving neighborhood occupancy and rents above many U.S. areas support leasing stability.
- Growth tailwinds: 3-mile forecasts indicate expanding population and households, enlarging the renter pool.
- Amenity access: strong cafe, grocery, and dining proximity enhances day-to-day livability for residents.
- Risks: lower renter concentration and below-median school ratings may slow lease-up for some segments; older systems can elevate near-term capex.