| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 55th | Fair |
| Demographics | 30th | Poor |
| Amenities | 48th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 6520 Date Palm Blvd, Port Richey, FL, 34668, US |
| Region / Metro | Port Richey |
| Year of Construction | 1978 |
| Units | 78 |
| Transaction Date | 2017-06-16 |
| Transaction Price | $8,250,000 |
| Buyer | PALM GARDENS OF NEW PORT RICHEY INC |
| Seller | WINDTREE APARTMENTS INC |
6520 Date Palm Blvd Port Richey Multifamily Opportunity
Neighborhood renter-occupied housing is the majority, supporting a durable tenant base, according to WDSuite’s CRE market data. Steady occupancy and workforce pricing point to income stability with disciplined operations.
Located in Port Richey’s inner-suburban fabric of the Tampa–St. Petersburg–Clearwater metro, the property sits in a renter-heavy neighborhood where an estimated 51.8% of housing units are renter-occupied. For multifamily owners, that depth of renter demand helps support leasing velocity and renewal potential. Neighborhood occupancy is reported near 91%, indicating stable utilization of existing stock based on CRE market data from WDSuite.
Daily-needs access is a relative strength: the area ranks 50th of 710 metro neighborhoods for grocery density and 6th of 710 for pharmacy access — top quartile locally and competitive nationally. Dining options are also comparatively dense. Parks, cafes, and childcare options are thinner in the immediate vicinity, which may shape resident expectations and amenity programming on site.
The 1978 vintage is older than the local average year built (1985), suggesting potential value-add via interior modernization, building systems updates, and exterior improvements. Well-planned capital projects can sharpen competitive positioning against newer supply while maintaining workforce-oriented rents.
Within a 3-mile radius, population and household counts have increased over the past five years, and WDSuite’s projections indicate further household growth alongside smaller average household sizes. This combination typically expands the renter pool and supports occupancy stability. Neighborhood rents have trended upward over the last cycle, while the rent-to-income profile indicates relatively manageable affordability pressure — helpful for retention but implying measured pricing power rather than outsized rent lifts.
For context on ownership costs, home values in this neighborhood sit below national medians, which can introduce some competition from entry-level ownership. Even so, elevated convenience to retail and services, along with a sizable renter base, tends to sustain multifamily demand.
Neighborhood-level crime statistics were not available in the current WDSuite dataset for this location. Investors typically benchmark safety using consistent metro and neighborhood comparisons; in practice, that means pairing property-level diligence with broader Tampa–St. Petersburg–Clearwater trends and recent year-over-year patterns rather than relying on isolated anecdotes.
Regional employers within commutable distance support workforce housing demand and lease retention. The list below highlights nearby corporate offices that are relevant to the resident base.
- Raymond James — financial services offices (17.9 miles)
- Wellcare Health Plans — managed care (19.6 miles) — HQ
- Wellcare — managed care offices (19.7 miles)
- MetLife Insurance Company — insurance (22.8 miles)
- Tech Data — technology distribution (25.1 miles) — HQ
This 78-unit, 1978-vintage asset in Port Richey is positioned for durable, workforce-oriented demand. The surrounding neighborhood shows a majority share of renter-occupied housing and occupancy reported near 91%, indicating steady utilization. Daily-needs retail access is a relative strength, and 3-mile demographics show recent growth in population and households with projections for further household gains — a combination that typically enlarges the renter base and supports leasing stability. According to CRE market data from WDSuite, rent trends have moved upward while rent-to-income levels suggest manageable affordability pressure, favoring retention with measured pricing power.
The vintage is older than the local average, creating a clear value-add path through unit renovations and systems upgrades to compete with newer product while maintaining accessible positioning. Key underwriting watchpoints include the neighborhood’s more accessible ownership costs, which can create some competition with entry-level buying, and thinner park/cafe amenity density, which may require on-site programming to enhance resident experience.
- Renter-heavy neighborhood and stable occupancy support leasing durability
- Daily-needs access (grocery/pharmacy) strengthens resident convenience and retention
- 1978 vintage offers value-add upside via interior and systems modernization
- 3-mile growth and smaller household sizes expand the renter pool over time
- Risks: more accessible ownership may compete with rentals; limited nearby parks/cafes