| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 52nd | Fair |
| Demographics | 50th | Fair |
| Amenities | 50th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5601 Bay Blvd, Port Richey, FL, 34668, US |
| Region / Metro | Port Richey |
| Year of Construction | 1974 |
| Units | 57 |
| Transaction Date | --- |
| Transaction Price | $1,325,000 |
| Buyer | LEUDECKETR ALAN J |
| Seller | ALFRED G HEILER TR |
5601 Bay Blvd, Port Richey Multifamily Opportunity
Neighborhood occupancy runs below metro norms but has trended upward, while a growing 3-mile renter pool supports demand, according to WDSuite’s CRE market data.
Situated in Pasco County within the Tampa–St. Petersburg–Clearwater metro, the immediate neighborhood is rated B and performs competitively against local peers on amenities. With an amenity rank of 237 out of 710 metro neighborhoods, it is competitive among Tampa–St. Petersburg–Clearwater neighborhoods, and national percentiles point to solid everyday convenience: cafes and restaurants track in the 70s nationally, and grocery access sits comfortably above midpack. Parks also index well, supporting livability factors that matter for retention.
Construction patterns skew slightly newer than this 1974 asset (neighborhood average is 1980). The vintage signals potential value-add through unit renovations and building system updates, which can enhance leasing velocity and justify rent positioning relative to older, unrenovated stock.
Tenure data shows an owner-leaning immediate neighborhood, with a lower share of renter-occupied housing units; however, within a 3-mile radius the renter base is deeper. For investors, this suggests demand is supported by the broader area’s renter concentration, aiding leasing while the near-block mix may temper direct competition from dense multifamily clusters.
Neighborhood occupancy (measured for the neighborhood, not the property) sits below metro medians but has improved over the past five years. At the same time, the 3-mile radius shows population and household growth, with households projected to continue rising and average household size drifting lower. That combination typically expands the renter pool and supports occupancy stability for well-positioned multifamily, based on CRE market data from WDSuite.
Home values in the area are elevated relative to local incomes (high national percentile for value-to-income), which reinforces reliance on rental housing and can aid lease retention. Rent-to-income levels track on the more manageable side regionally, suggesting room for steady rent strategies while maintaining renewal health and minimizing turnover risk.
Safety indicators for the neighborhood compare favorably at the national level, with overall crime outcomes landing in the top quartile nationally, according to WDSuite’s CRE market data. This positioning is supportive of leasing and retention compared with more challenged submarkets across the country.
Recent trend data shows a material year-over-year improvement in property-related offenses and stable readings on violent incidents. While block-level conditions can vary, the comparative standing and improving momentum provide helpful context for underwriting assumptions on marketing velocity and renewal probabilities.
Regional employment access is anchored by finance, healthcare, and technology employers within commuting range, supporting a diversified tenant base and leasing durability. The list below highlights nearby corporate offices most relevant to renter demand and retention.
- Raymond James — finance (18.5 miles)
- Wellcare Health Plans — healthcare services (20.0 miles) — HQ
- MetLife Insurance Company — insurance (23.6 miles)
- Tech Data — technology distribution (25.0 miles) — HQ
5601 Bay Blvd offers a mid-sized scale for management efficiency (57 units) with larger-than-typical floor plans for the vintage, and a location that benefits from competitive amenities and solid regional employment access. Built in 1974, the asset is older than the neighborhood average and therefore presents clear value-add and capital planning angles to elevate unit quality and common-area appeal. According to CRE market data from WDSuite, neighborhood occupancy has been improving, and within a 3-mile radius, population and households have grown historically with further household gains projected—factors that typically widen the tenant base and support leasing stability.
From an affordability and demand standpoint, elevated ownership costs in the area tend to sustain renter reliance on multifamily, while rent-to-income levels remain manageable for lease management strategies oriented toward retention. Forward-looking projections indicate continued rent growth in the broader area; paired with targeted upgrades, this supports a defensible revenue path while acknowledging that local occupancy is still below metro norms and may require focused marketing and operations.
- Value-add potential: 1974 vintage supports renovation and system upgrades to boost rent positioning.
- Demand depth: 3-mile population and household growth expands the renter pool and supports occupancy stability.
- Ownership costs: high relative ownership costs reinforce reliance on rental housing and aid retention.
- Employer access: proximity to finance, healthcare, and tech offices underpins diversified tenant demand.
- Risks: neighborhood occupancy trails metro levels; underwriting should account for leasing time and CapEx execution.