| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 55th | Fair |
| Demographics | 30th | Poor |
| Amenities | 48th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 8535 Congress St, Port Richey, FL, 34668, US |
| Region / Metro | Port Richey |
| Year of Construction | 1980 |
| Units | 60 |
| Transaction Date | 2017-06-16 |
| Transaction Price | $8,250,000 |
| Buyer | PALM GARDENS OF NEW PORT RICHEY INC |
| Seller | WINDTREE APARTMENTS INC |
8535 Congress St Port Richey 60-Unit Value-Add
Neighborhood occupancy trends sit around the metro median with a renter-occupied base supportive of leasing depth, according to WDSuite s CRE market data. The 1980 vintage points to straightforward value-add and capital planning opportunities to enhance competitiveness.
Port Richey s inner-suburb setting offers day-to-day convenience that supports renter retention. Grocery access ranks 50 out of 710 metro neighborhoods and pharmacies rank 6 out of 710, placing the area in the top quartile nationally for both availability measures. Restaurant density is also competitive among Tampa-St. Petersburg-Clearwater neighborhoods (rank 76 of 710). By contrast, cafes, childcare, and park counts are limited, which may temper lifestyle appeal for some tenant segments but does not materially diminish essentials access.
At the neighborhood level, renter-occupied housing is prevalent, indicating a deeper tenant pool for multifamily operators. Occupancy is near the metro middle (rank 315 of 710), suggesting stable baseline demand with room for operational upside through renovations and management. Median contract rents sit above the national midpoint for similar neighborhoods while remaining below top-tier coastal markets, a profile that can support steady absorption without overreliance on premium pricing.
Demographic statistics are aggregated within a 3-mile radius. Recent years show population and household growth with smaller average household sizes, expanding the number of households relative to residents and supporting renter pool expansion and occupancy stability. Forward-looking estimates indicate continued household gains, which can underpin leasing velocity for renovated units and sustain demand across a range of price points.
Home values are lower than many major metros, which can introduce some competition from ownership options; however, this also supports renter reliance on multifamily for convenience and flexibility. With the property s 1980 construction, targeted upgrades can position units ahead of the neighborhood s average vintage (1985) and help capture tenants seeking updated finishes and systems.
Comparable neighborhood crime metrics are not available in WDSuite for this location at this time. Investors typically benchmark safety using multiple sources, including official city and county reports and metro-wide comparisons, and track trends over time rather than relying on one snapshot. As with any inner-suburb submarket, underwriting should reflect prudent security, lighting, and site-visibility measures aligned to property operations.
Regional employers within commuting distance help support workforce renter demand and lease retention, led by finance, healthcare insurance, and technology distribution/manufacturing offices listed below.
- Raymond James — financial services offices (17.9 miles)
- Wellcare Health Plans — healthcare insurance (19.6 miles) — HQ
- MetLife Insurance Company — insurance (22.8 miles)
- Tech Data — IT distribution (25.1 miles) — HQ
- Jabil Circuit — electronics manufacturing (28.7 miles) — HQ
This 60-unit, 1980-vintage community in Port Richey aligns with a workforce renter base and daily-needs amenity access. Essentials density (grocery and pharmacy) ranks among the strongest in the metro, supporting lease retention, while neighborhood occupancy sits near the metro middle, leaving room for value-add execution. Based on commercial real estate analysis from WDSuite, the combination of a sizable renter-occupied share and growing 3-mile household counts points to a durable tenant pipeline and steady absorption for renovated units.
The 1980 construction suggests focused capital planning—interiors, building systems, and common areas—to outperform the neighborhood s slightly newer average stock. Lower relative home values can create some competition with ownership alternatives, but they also broaden the local housing ladder, enabling multifamily to capture residents who prioritize flexibility, location, and predictable monthly costs.
- Workforce-friendly submarket with strong essentials access (top-quartile grocery/pharmacy density)
- Stable neighborhood occupancy around the metro median supports underwriting and lease management
- 1980 vintage offers clear value-add and systems-upgrade pathways to drive rent and retention
- 3-mile population and household growth expand the renter pool and support absorption
- Risks: potential competition from ownership options and amenity gaps (parks/cafes/childcare)