| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 55th | Fair |
| Demographics | 19th | Poor |
| Amenities | 59th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 8901 Miguel Pl, Port Richey, FL, 34668, US |
| Region / Metro | Port Richey |
| Year of Construction | 1987 |
| Units | 93 |
| Transaction Date | 2025-09-16 |
| Transaction Price | $7,000,000 |
| Buyer | MIGUEL PLACE APARTMENTS FL OWNER LLC |
| Seller | MIGUEL PLACE APARTMENTS LTD |
8901 Miguel Pl Port Richey Multifamily Opportunity
Neighborhood renter concentration is above the metro median and local occupancy has trended up in recent years, according to WDSuite s CRE market data. This positions the asset to capture steady workforce demand while maintaining disciplined lease management.
Port Richey s Inner Suburb setting offers daily convenience that supports renter retention. Grocery and restaurant density ranks in the top quartile among 710 metro neighborhoods and sits well above national medians, providing walk- or short-drive access to essentials and services. Café coverage is likewise strong for the metro. Offsetting these strengths, the neighborhood shows limited park and childcare access, so investors should underwrite amenities that resonate with residents seeking on-site recreation and services.
Neighborhood occupancy is below the Tampa St. Petersburg Clearwater metro median today but has improved over the last five years. The share of renter-occupied housing units is above the metro median and competitive among local neighborhoods, indicating a durable tenant base for multifamily. Median asking rents in the neighborhood are modest and have grown meaningfully over the prior cycle, helping support leasing without pushing the market into the most expensive tier.
Within a 3-mile radius, population and households expanded over the past five years, with households rising faster than population a pattern consistent with smaller household sizes and a broader renter pool. Forward-looking estimates continue to show growth in households alongside a gradual shift toward smaller household sizes, which can support occupancy stability for efficient floor plans. Rising incomes in the same radius further buttress demand for quality, professionally managed rentals.
Home values remain comparatively accessible versus many coastal Florida submarkets, which can introduce some competition from ownership options. At the same time, rent-to-income near 30% suggests pockets of affordability pressure; investors should plan for prudent renewals and value-add that emphasize livability over premiumization. These dynamics collectively point to steady, needs-based demand with measured pricing power, based on CRE market data from WDSuite.
Neighborhood-level crime metrics are not available in the current WDSuite release for this location. Investors typically benchmark safety using metro and county comparisons and review recent trends rather than block-level snapshots. Property-level measures such as lighting, access control, and visibility, combined with local law enforcement engagement, are common risk mitigants in inner-suburban settings.
Regional employers within commute range support a broad white-collar and services workforce, reinforcing renter demand through job diversity and stability. Notable nearby offices include Raymond James, Wellcare Health Plans, MetLife, Tech Data, and Raymond James Financial.
- Raymond James financial services offices (17.0 miles)
- Wellcare Health Plans healthcare administration (19.1 miles) HQ
- MetLife Insurance Company insurance (21.4 miles)
- Tech Data technology distribution (25.5 miles) HQ
- Raymond James Financial financial services (27.6 miles) HQ
This 93-unit asset sits in a convenience-rich inner suburb where grocery, restaurant, and café density rank in the top quartile among 710 metro neighborhoods, supporting retention and day-to-day livability. Neighborhood occupancy has improved over the last five years, and the share of renter-occupied units is above the metro median, signaling a meaningful tenant base. Within a 3-mile radius, households have grown faster than population and are projected to continue expanding alongside smaller household sizes, a setup that can sustain demand for efficient layouts.
Home values in the area are relatively accessible, which can create some competition with ownership, but rent levels remain moderate for the region. According to CRE market data from WDSuite, these location fundamentals, combined with broad regional employment drivers, point to steady leasing potential with measured pricing power when paired with pragmatic operations and targeted upgrades.
- Amenity-rich inner-suburban location; top-quartile grocery/restaurant access among 710 metro neighborhoods supports retention
- Improving neighborhood occupancy and above-median renter-occupied share indicate durable tenant demand
- 3-mile household growth and smaller household sizes underpin demand for efficient units and stabilize occupancy
- Moderate neighborhood rents enable disciplined renewals and targeted value-add without overreliance on top-tier pricing
- Risk: limited parks/childcare and some competition from ownership require amenity programming and careful lease management