| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 45th | Poor |
| Demographics | 23rd | Poor |
| Amenities | 25th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 10700 Buckingham Ct, Port Richey, FL, 34668, US |
| Region / Metro | Port Richey |
| Year of Construction | 1985 |
| Units | 92 |
| Transaction Date | 2017-04-01 |
| Transaction Price | $6,700,000 |
| Buyer | 7110 TUDOR LANE PCPRE LLC |
| Seller | COTTAGE COURT APARTMENTS LLC |
10700 Buckingham Ct Port Richey Multifamily Investment
Household growth and a renter-occupied base in the surrounding area point to steady leasing demand, according to WDSuite’s CRE market data, while the asset’s 1985 vintage offers potential to compete against older local stock with targeted upgrades.
Located in Port Richey within the Tampa–St. Petersburg–Clearwater metro, the neighborhood is rated C- and ranks 658 out of 710 metro neighborhoods, indicating performance below the metro median. Even so, dining access is a relative strength: restaurant density sits in the top quartile nationally, suggesting everyday conveniences are reasonably reachable compared with many suburban peers, while grocery access trends above national midpoints. Cafes, parks, and pharmacies are less concentrated locally, which may temper walkable amenity appeal.
The asset’s 1985 construction is newer than the neighborhood’s average vintage (1976). For investors, that positioning can support competitive curb appeal and floor plans versus older properties, though system modernization and common-area refreshes may be warranted to meet current renter expectations.
Renter-occupied share within a 3-mile radius is meaningful, creating depth for multifamily demand; combined with neighborhood occupancy near 89% and improving over the last five years, this supports a case for durable tenant capture and retention. Median contract rents in the neighborhood sit around the national mid-range, and a rent-to-income ratio near 0.24 suggests manageable affordability pressure, helping stabilize renewals with disciplined lease management.
Within a 3-mile radius, the population expanded over the past five years while households rose faster, and forecasts point to further household growth alongside smaller average household size. That mix typically increases the number of leaseholders and supports occupancy stability for well-managed properties. At the same time, relatively accessible ownership costs locally (home values and value-to-income ratios below many coastal markets) can create incremental competition with entry-level ownership, placing a premium on property quality and service as differentiators.
Neighborhood-level crime estimates are not available in WDSuite for this location. Investors often contextualize safety by reviewing broader city and metro trends, touring at different times of day, and assessing on-site measures (lighting, access control, and visibility) as part of property-level risk evaluation.
Regional employment anchors within commuting range broaden the renter pool, particularly for workforce households seeking value relative to core Tampa. The list below highlights nearby corporate offices that can support leasing stability through steady commuter demand.
- Raymond James — financial services offices (19.1 miles)
- Wellcare Health Plans — managed care (21.2 miles) — HQ
- MetLife Insurance Company — insurance (23.4 miles)
- Tech Data — technology distribution (27.2 miles) — HQ
- Raymond James Financial — financial services (29.4 miles) — HQ
This 92-unit property built in 1985 sits newer than the neighborhood’s average vintage, offering a platform to outperform older nearby stock with targeted renovations and operational improvements. Household growth within a 3-mile radius and a meaningful renter-occupied base support a stable tenant pipeline, while neighborhood occupancy has improved in recent years, reinforcing potential for steady leasing performance. According to commercial real estate analysis from WDSuite, local rents track near the national mid-range and rent-to-income levels indicate manageable affordability pressure, which can aid retention if renewals are calibrated thoughtfully.
Access to a diverse employment base across the Tampa–St. Petersburg corridor broadens demand drivers, and relative ownership costs nearby can keep a portion of households oriented toward rentals. Key execution points include value-add scopes aligned with 1980s-vintage systems, amenities that offset limited neighborhood walkability for certain services, and prudent underwriting around household growth and renewal strategies.
- 1985 vintage provides value-add and modernization upside versus older neighborhood stock
- Household growth and a solid renter-occupied base within 3 miles support tenant demand
- Rents near national mid-range with moderate rent-to-income levels aid renewal management
- Commutable access to major Tampa employers underpins leasing stability
- Risks: limited nearby walkable amenities and competitive pressure from accessible ownership options