| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 50th | Poor |
| Demographics | 32nd | Poor |
| Amenities | 23rd | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 8349 Teresa Catherine Way, Port Richey, FL, 34668, US |
| Region / Metro | Port Richey |
| Year of Construction | 2003 |
| Units | 80 |
| Transaction Date | 2010-10-22 |
| Transaction Price | $2,500,000 |
| Buyer | CATHOLIC CHARITIES ARBOR VILLAS INC |
| Seller | BRANCH BANKING & TRUST COMPANY |
8349 Teresa Catherine Way, Port Richey Multifamily Investment
Neighborhood occupancy has been competitive for the Tampa–St. Petersburg–Clearwater metro and grocery access is solid, according to WDSuite’s CRE market data. The area’s renter base and steady leasing environment support durable operations for a professionally managed asset.
Located in an inner suburban pocket of Port Richey, the property sits within a neighborhood that posts above-median occupancy versus national norms and is competitive among Tampa–St. Petersburg–Clearwater neighborhoods (benchmarked against 710 neighborhoods). For investors, this points to stability in tenant retention and fewer prolonged downtimes between turns.
Amenity coverage is mixed: grocery access is strong for day-to-day needs, while cafes, parks, and pharmacies are limited. Average school ratings in the neighborhood trail national norms, which can influence household preferences and should be considered in leasing strategy and unit mix positioning.
Within a 3-mile radius, demographics show recent population growth alongside a growing household count and smaller average household sizes. This combination typically widens the pool of smaller-household renters, supporting occupancy for one- and two-bedroom formats over time.
Home values in the neighborhood sit below national medians, creating a more accessible ownership market that can compete with rentals at certain price points. Rent-to-income indicators suggest manageable affordability pressure overall, so revenue management should emphasize retention and measured increases that sustain leasing velocity.
Vintage matters: with construction in 2003 versus a neighborhood average nearer the mid-1980s, this asset is relatively newer than surrounding stock. That positioning can reduce near-term capital intensity and support competitive leasing, while selective modernization can still enhance rents and tenant appeal.
Comparable crime benchmarks for this specific neighborhood were not available in WDSuite at the time of analysis. Investors typically review city and county trend reports and engage local property managers for on-the-ground context to complement regional comparisons.
Regional employment anchors within commuting range include financial services, managed care, insurance, and IT distribution offices, supporting a diverse renter base and commute convenience for workforce housing.
- Raymond James — financial services (19.2 miles)
- Wellcare Health Plans — managed care (21.7 miles) — HQ
- MetLife Insurance Company — insurance (22.9 miles)
- Tech Data — IT distribution (28.3 miles) — HQ
- Raymond James Financial — financial services (30.4 miles) — HQ
This 80-unit asset, built in 2003, is newer than much of the surrounding housing stock, offering relative competitiveness and potentially lower near-term capital needs. Neighborhood occupancy trends remain firm and above broader medians, supporting stable cash flow potential, while grocery access adds day-to-day convenience that benefits leasing and retention. Within a 3-mile radius, households are increasing and average household size is declining, which typically expands the renter pool for smaller formats and supports occupancy stability.
According to CRE market data from WDSuite, the neighborhood’s positioning within the Tampa–St. Petersburg–Clearwater metro is competitive on occupancy. Ownership costs locally are more accessible than high-cost metros, which can introduce competition with homeownership at certain price points; thoughtful amenity upgrades and disciplined pricing can maintain leasing velocity without overextending affordability.
- 2003 construction offers a competitive edge versus older area stock with selective value-add potential
- Competitive neighborhood occupancy supports tenant retention and steadier collections
- 3-mile household growth and smaller household sizes expand the renter pool for 1–2BR product
- Strong grocery access enhances daily convenience and lease appeal
- Risks: below-average school ratings, limited cafes/parks, and potential competition from ownership options