| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 26th | Poor |
| Demographics | 53rd | Fair |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 11330 Cockle Dr, Port Richey, FL, 34668, US |
| Region / Metro | Port Richey |
| Year of Construction | 1998 |
| Units | 28 |
| Transaction Date | 2020-02-05 |
| Transaction Price | $8,375,000 |
| Buyer | POINT APTS PR LLC |
| Seller | TBDD LLC |
11330 Cockle Dr Port Richey 28-Unit Multifamily
Steady workforce access and relatively accessible rents in the surrounding neighborhood suggest durable renter demand, according to WDSuite s CRE market data. Neighborhood occupancy and amenity access are modest, so performance will rely on disciplined leasing and value-focused operations.
Located in a rural pocket of Pasco County within the Tampa St. Petersburg Clearwater metro, the area around 11330 Cockle Dr offers a car-oriented lifestyle with limited nearby retail and services. Amenity density tracks in the bottom tier among 710 metro neighborhoods and sits at a low national percentile, which places a premium on on-site conveniences, parking, and access to major arterials for day-to-day needs.
The neighborhood s average construction year trends older (1980), while this asset was built in 1998. That relative youth versus local stock can help competitiveness and reduce near-term system obsolescence, though selective modernization may still be prudent to maintain pricing power against newer regional product.
Renter-occupied housing represents roughly a quarter of neighborhood units (22.8% renter concentration), indicating a primarily owner-occupied area. For multifamily investors, this typically means a narrower but more stable tenant base, with leasing success tied to offering practical floor plans and value positioning rather than luxury amenity packages.
Neighborhood occupancy rates trend well below metro norms (bottom tier among 710 metro neighborhoods). Operators should underwrite to active marketing, careful screening, and resident retention initiatives. At the same time, household sizes in the neighborhood skew small and are in a top national percentile, which can support consistent demand for 1 and 2 bedroom layouts.
Within a 3-mile radius, recent years show modest population growth alongside an increase in households and smaller average household sizes. Forward-looking projections indicate households are expected to increase further even as population may edge lower, a pattern that typically reflects smaller households and can expand the renter pool. Median contract rents in the 3-mile area have risen in recent years and are projected to continue growing, supporting revenue potential with appropriate affordability positioning.
Comparable, neighborhood-level crime data is not available in WDSuite for this location. Investors should benchmark site-level observations and third-party diligence against broader Pasco County and Tampa St. Petersburg Clearwater trends to assess relative safety and management needs.
Proximity to regional employment centers supports commuter access and can bolster leasing, particularly for workforce tenants. Key nearby employers include Raymond James, Wellcare Health Plans, MetLife, Tech Data, and Raymond James Financial.
- Raymond James financial services offices (19.9 miles)
- Wellcare Health Plans healthcare administration (22.0 miles) HQ
- MetLife Insurance Company insurance (24.0 miles)
- Tech Data technology distribution (27.9 miles) HQ
- Raymond James Financial financial services (30.1 miles) HQ
Built in 1998, this 28-unit property is newer than the surrounding neighborhood s typical vintage, offering a competitive edge against older local stock while leaving room for targeted upgrades. The surrounding area s renter concentration is moderate and ownership costs are relatively accessible, which can support tenant retention and steady absorption when paired with value-focused operations and practical unit mixes.
Households within a 3-mile radius are projected to increase even as average household size trends lower, signaling a larger pool of smaller households that typically supports multifamily demand. According to CRE market data from WDSuite, neighborhood occupancy trends below metro norms, so underwriting should emphasize leasing execution, affordability management, and resident retention, with upside tied to operational improvements rather than amenity-driven premiums.
- 1998 vintage offers relative competitiveness versus older neighborhood stock, with selective modernization potential
- Workforce access to Tampa Bay employers supports commuter demand and leasing stability
- 3-mile area shows rising households and smaller household sizes, expanding the renter pool and supporting occupancy stability
- Manageable rent-to-income dynamics suggest balanced pricing power when paired with value positioning
- Risks: below-metro neighborhood occupancy, limited amenity density, and an owner-leaning housing mix requiring disciplined leasing