| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 55th | Fair |
| Demographics | 30th | Poor |
| Amenities | 48th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 6700 Date Palm Blvd, Port Richey, FL, 34668, US |
| Region / Metro | Port Richey |
| Year of Construction | 1979 |
| Units | 42 |
| Transaction Date | 2017-06-16 |
| Transaction Price | $8,250,000 |
| Buyer | PALM GARDENS OF NEW PORT RICHEY INC |
| Seller | WINDTREE APARTMENTS INC |
6700 Date Palm Blvd Port Richey Multifamily Investment Opportunity
The surrounding neighborhood shows a competitive renter-occupied share and steady occupancy, supporting demand durability according to WDSuite’s CRE market data. Investors should view this as a cash flow-focused asset with potential value-add upside from a 1979 vintage in a service-rich inner suburb.
Located in Port Richey within the Tampa–St. Petersburg–Clearwater metro, the neighborhood rates C+ and ranks 478 out of 710 metro neighborhoods, indicating middle-of-the-pack performance with selective strengths for workforce housing. Notably, the area’s renter-occupied share is 51.8% (rank 86 of 710), which is competitive among Tampa–St. Petersburg–Clearwater neighborhoods and points to a sizable tenant base for multifamily.
Amenity access skews practical: grocery and pharmacy density sits in the top national percentiles (about the 95th and 99th percentiles, respectively), while restaurants are also strong nationally. By contrast, cafes, childcare, and parks are comparatively scarce. For investors, this mix supports daily convenience, but limited lifestyle amenities may cap premium positioning without targeted upgrades or community programming.
The property’s 1979 construction is older than the neighborhood’s average vintage (1985). That age profile suggests capital planning for building systems and common-area refreshes, with potential value-add opportunities to enhance competitiveness against newer stock. Neighborhood occupancy is around 91% and ranks 315 of 710—above the metro median—signaling generally stable leasing conditions at the sub-neighborhood level rather than outsized tightness.
Demographic statistics aggregated within a 3‑mile radius show recent population growth and an 11.5% increase in households over the last five years, with smaller average household sizes. Forward-looking data indicates additional household gains through 2028. This trend expands the renter pool and can support occupancy stability. Median contract rents and rent-to-income figures in the neighborhood sit near the national middle, with a rent-to-income ratio near 0.27; that affordability profile supports retention, though it may limit near-term pricing power. Home values are lower in national context, which can introduce some competition from ownership options, but also helps maintain steady multifamily demand where renters prioritize flexibility and monthly affordability.
Comparable crime metrics for this neighborhood were not available in the dataset provided, so no direct rank or percentile comparisons within the Tampa–St. Petersburg–Clearwater metro or nationally can be made here. Investors typically contextualize property-level risk using multi-year, neighborhood-scale trends; in the absence of published ranks, reviewing broader city and county trend data alongside on-the-ground diligence is prudent.
Regional employers within commutable distance help sustain renter demand for workforce housing, led by financial services and healthcare, plus distribution and technology. The companies below represent nearby job centers that can support leasing stability.
- Raymond James — financial services offices (17.8 miles)
- Wellcare Health Plans — healthcare insurance (19.6 miles) — HQ
- MetLife Insurance Company — insurance (22.7 miles)
- Tech Data — technology distribution (25.1 miles) — HQ
- Raymond James Financial — financial services (27.4 miles) — HQ
This 42‑unit asset from 1979 sits in an inner-suburban location with practical amenity access and a renter base that is competitive among metro peers. Neighborhood occupancy trends are above the metro median, supporting cash flow durability, while the older vintage creates a clear path for targeted renovations to lift appeal versus newer product. Demographic data aggregated within a 3‑mile radius indicates population growth and notable household expansion, pointing to a larger tenant base and support for steady leasing.
Home values are lower in national context and neighborhood rent-to-income is near the national middle, which supports retention but may temper near-term pricing power. According to CRE market data from WDSuite, the area’s service density (especially grocery and pharmacy) aligns with workforce housing demand, while limited lifestyle amenities suggest value-add potential through unit upgrades and community enhancements rather than premium repositioning.
- Competitive renter concentration and above-median neighborhood occupancy support demand stability
- 1979 vintage offers value-add and capital planning levers to improve relative positioning
- 3‑mile radius shows population and household growth, expanding the tenant base
- Strong grocery/pharmacy access underpins daily convenience for workforce renters
- Risks: limited parks/cafes may cap premium rents; accessible ownership options could temper rent growth