| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 26th | Poor |
| Demographics | 53rd | Fair |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 11404 Mussel Dr, Port Richey, FL, 34668, US |
| Region / Metro | Port Richey |
| Year of Construction | 1984 |
| Units | 84 |
| Transaction Date | 2020-02-05 |
| Transaction Price | $8,375,000 |
| Buyer | POINT APTS PR LLC |
| Seller | TBDD LLC |
11404 Mussel Dr Port Richey Multifamily Investment
Positioned in a car-dependent pocket of Port Richey, the asset benefits from a broad renter base and attainable rents, according to WDSuite’s CRE market data. Neighborhood occupancy trends suggest operational upside through leasing and value-add execution rather than relying on organic lift.
This location sits within the Tampa–St. Petersburg–Clearwater metro but functions more like a rural, auto-oriented enclave with limited nearby amenities. Amenity density ranks near the bottom among 710 metro neighborhoods, indicating residents typically drive for groceries, services, and dining. For investors, that usually shifts the focus from walkability premiums to value, parking, and on-site offerings.
The neighborhood’s average construction year skews older, and this property’s 1984 vintage is modestly newer than the local norm (1980). That positioning can help competitiveness versus older stock, while still requiring prudent capital planning for systems, exterior, and common-area updates typical of 1980s assets.
Neighborhood occupancy ranks 693 out of 710 metro neighborhoods, signaling leasing softness at the neighborhood level rather than at the asset specifically. In similar submarkets, investors often emphasize targeted renovations, stronger marketing, and resident retention programs to support stabilization and collections.
Within a 3-mile radius, roughly one-third of housing units are renter-occupied, creating a workable tenant base for an 84-unit community. Recent years show modest population growth with a concurrent rise in household counts; forward-looking data indicates smaller average household sizes and a continued increase in households, which can translate into a larger pool of prospective renters even if population growth slows.
Ownership costs in the immediate area are comparatively accessible, which can introduce competition from entry-level ownership options. At the same time, a measured rent-to-income profile supports lease retention and reduces turnover risk. Based on CRE market data from WDSuite, area rents remain in an attainable band relative to incomes, which can support occupancy management when paired with disciplined renewals.
Comparable, property-level safety metrics are not available for this neighborhood. Investors typically benchmark conditions against city and county trends and evaluate on-the-ground factors such as lighting, visibility, and property management practices. Where data is limited, a prudent approach includes reviewing recent trend lines at the broader metro level and conducting site-specific diligence at different times of day.
Regional employment is anchored by finance, healthcare insurance, and technology distribution offices within commuting range, supporting workforce renter demand and lease retention for value-oriented assets. The list below highlights notable nearby employers relevant to the resident base.
- Raymond James — finance offices (19.9 miles)
- Wellcare Health Plans — healthcare insurance (22.0 miles) — HQ
- MetLife Insurance Company — insurance (24.0 miles)
- Tech Data — IT distribution (27.9 miles) — HQ
- Raymond James Financial — finance (30.1 miles) — HQ
11404 Mussel Dr offers a scale opportunity in Pasco County with 84 units and a 1984 vintage that is moderately newer than the neighborhood average. The setting is car-dependent with sparse nearby retail, so the investment case centers on operational execution: targeted renovations, on-site amenity value, and focused leasing to capture steady workforce demand. According to CRE market data from WDSuite, local rents are generally attainable relative to incomes, which can aid renewal strategies and occupancy stability when paired with disciplined management.
Demographic data within a 3-mile radius shows rising household counts alongside smaller household sizes over time, which can expand the renter pool even if population growth moderates. Investors should also weigh competition from relatively accessible ownership options and neighborhood-level leasing softness, balancing these risks against potential value-add upside and the property’s commutable reach to major employment nodes in the Tampa Bay area.
- 1984 vintage offers value-add potential while remaining competitive versus older local stock
- Attainable rent-to-income dynamics support renewal strategies and occupancy management
- 3-mile trends show more households and smaller sizes, indicating a broader renter pool
- Commutable access to diversified regional employers reinforces workforce rental demand
- Risks: amenity-sparse location and neighborhood leasing softness may temper pricing power