| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 26th | Poor |
| Demographics | 53rd | Fair |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 11431 Cockle Dr, Port Richey, FL, 34668, US |
| Region / Metro | Port Richey |
| Year of Construction | 1985 |
| Units | 112 |
| Transaction Date | 2017-02-01 |
| Transaction Price | $6,250,000 |
| Buyer | Pending |
| Seller | --- |
11431 Cockle Dr, Port Richey Multifamily Opportunity
Positioned in a car-oriented submarket with nearby regional employment nodes, this 112-unit asset targets steady workforce demand; according to WDSuite’s CRE market data, neighborhood-level occupancy and amenities are limited, so leasing strategy and pricing discipline are central to the thesis.
The property sits in a rural-feel pocket of Port Richey within the Tampa–St. Petersburg–Clearwater metro. Local retail, groceries, parks, and cafes are sparse in the immediate neighborhood, so residents rely on regional corridors for daily needs. For investors, this typically points to value-oriented renters who prioritize commute access and functional housing over walkable amenity density.
Vintage context matters: the asset was built in 1985, slightly newer than the neighborhood s average 1980 construction. That positioning can be competitive versus older stock, while still warranting targeted capital for systems modernization and common-area refresh to support retention and rent trade-outs.
Neighborhood-level occupancy is low relative to other Tampa metro neighborhoods, and the renter-occupied share is modest. That implies a thinner immediate tenant pool at the block-group level, making marketing reach and regional draw important for lease-up and renewal performance. Within a 3-mile radius, however, households grew over the last five years and are projected to rise further even as average household size trends smaller a setup that can expand the renter base for efficient floor plans.
Home values in the neighborhood are comparatively low for the metro, which can create some competition from ownership alternatives. At the same time, neighborhood rent-to-income levels around 20% suggest manageable affordability pressure for renters, supporting lease retention when paired with disciplined expense control and service quality, based on commercial real estate analysis from WDSuite.
Comparable crime data at the neighborhood level are not available in WDSuite for this location. Investors should rely on city and county trend reports and property-level security assessments to benchmark risk, rather than drawing conclusions from block-level anecdotes.
Regional employment is anchored by financial services, health plans, and technology distribution within commutable distance, supporting workforce renter demand and renewal stability for value-oriented units. The employers below reflect the primary draw in this corridor.
- Raymond James financial services offices (19.9 miles)
- Wellcare Health Plans health insurance (22.1 miles) HQ
- MetLife Insurance Company insurance (24.0 miles)
- Tech Data IT distribution (28.0 miles) HQ
- Raymond James Financial financial services (30.2 miles) HQ
This 112-unit, 1985-vintage asset with average unit size near 703 square feet is positioned for workforce renters who value regional job access over neighborhood walkability. Within a 3-mile radius, households have increased and are projected to continue rising alongside smaller household sizes, which supports demand for efficient one- and two-bedroom layouts. According to CRE market data from WDSuite, neighborhood occupancy and amenity density are weaker than metro norms, so performance will hinge on targeted renovations, competitive pricing, and broadened leasing reach to capture the larger regional renter pool.
Ownership costs in the immediate neighborhood are comparatively low for the metro, which can introduce competition with entry-level ownership. Even so, neighborhood rent-to-income around 20% points to manageable affordability pressure that can support retention when paired with disciplined operations. Select value-add upgrades and improved curb appeal can position the property against older nearby stock and support incremental rent lift without overreliance on rapid market growth.
- Household growth (3-mile radius) and smaller household sizes support a broader renter base for efficient floor plans.
- 1985 vintage offers value-add potential to out-compete older local stock with targeted systems and common-area upgrades.
- Regional employers in finance, health, and tech distribution provide a commutable workforce renter pipeline.
- Manageable rent-to-income at the neighborhood level supports lease retention with disciplined pricing and service quality.
- Risks: low neighborhood occupancy and limited local amenities require robust marketing reach and prudent underwriting.