| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 50th | Fair |
| Demographics | 33rd | Poor |
| Amenities | 62nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 8356 Journet Blvd, Port Richey, FL, 34668, US |
| Region / Metro | Port Richey |
| Year of Construction | 2011 |
| Units | 108 |
| Transaction Date | 2004-11-30 |
| Transaction Price | $503,873 |
| Buyer | JOURNET PLACE LIMITED PARTNERSHIP |
| Seller | JOURNET LLC |
8356 Journet Blvd Port Richey Multifamily Opportunity
Stabilized renter demand and a newer 2011 vintage position this asset competitively versus older neighborhood stock, according to WDSuite’s CRE market data.
The property’s 2011 construction is newer than the surrounding neighborhood average (1988), which supports competitive positioning against older product while limiting near-term heavy systems work; investors can still evaluate selective upgrades for revenue management and light modernization.
Local livability supports workforce leasing: parks and pharmacies sit in the national top quartile, and grocery access trends above average, while cafe density is limited. Average school ratings in the area are lower, which may matter for family-oriented prospects, but childcare access rates strong (top decile nationally), providing a counterbalance for working households.
Neighborhood performance indicators suggest steady but not peak multifamily conditions. The neighborhood occupancy rate is 89.1% (neighborhood metric, not property-specific), and renter-occupied share is 46.4%, pointing to a meaningful renter base for leasing depth and retention strategies. Median contract rents in the neighborhood are mid-market for the region, and the rent-to-income ratio signals affordability pressure that calls for disciplined lease management.
Within a 3-mile radius, demographics show population growth over the last five years with households expanding and average household size edging down. Forecasts point to additional household growth through 2028, indicating a larger tenant base and continued renter pool expansion that can support occupancy stability and measured pricing power when combined with prudent underwriting based on commercial real estate analysis from WDSuite.
Safety indicators are mixed when viewed comparatively. Property-related offenses track better than many neighborhoods nationwide (upper-national-percentile positioning), while violent-offense levels benchmark stronger than average but have shown recent variability year over year. Investors should interpret these as neighborhood-level trends rather than block-specific signals and incorporate them into risk-adjusted leasing and security planning.
Nearby corporate employment anchors in financial services, healthcare plans, insurance, and technology distribution broaden the commuter tenant base and support leasing stability. Notable employers include Raymond James, Wellcare Health Plans, MetLife, Tech Data, and Raymond James Financial.
- Raymond James — financial services (17.4 miles)
- Wellcare Health Plans — healthcare plans (19.2 miles) — HQ
- MetLife Insurance Company — insurance (22.3 miles)
- Tech Data — technology distribution (24.9 miles) — HQ
- Raymond James Financial — financial services (27.1 miles) — HQ
This 2011-vintage, 108-unit asset offers relative competitiveness versus older neighborhood stock, with a renter-occupied share near half of local housing that supports depth of demand. Neighborhood occupancy of 89.1% indicates stable but competitive leasing conditions; according to CRE market data from WDSuite, nearby amenities index above national averages for parks, pharmacies, and groceries, which helps underpin day-to-day livability for workforce renters.
Within a 3-mile radius, recent population and household growth—and forecasts for further household expansion alongside smaller household sizes—point to a larger renter pool over the medium term. Affordability pressure at the neighborhood level suggests thoughtful rent setting and renewal tactics will be important, while the newer vintage reduces immediate capital intensity and allows investors to focus on targeted value-add and operations.
- 2011 construction provides competitive positioning and reduces near-term heavy capex versus older local stock.
- Renter-occupied share and growing 3-mile households support tenant base depth and occupancy stability.
- Amenities trend above national averages (parks, pharmacies, groceries), reinforcing day-to-day livability for workforce renters.
- Professional employment hubs within commuting range bolster leasing from commuters.
- Risk: neighborhood occupancy near 89% and affordability pressure call for disciplined pricing, renewals, and expense control.