| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 41st | Poor |
| Demographics | 50th | Fair |
| Amenities | 61st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 38349 Evergreen Village Dr, Zephyrhills, FL, 33542, US |
| Region / Metro | Zephyrhills |
| Year of Construction | 1979 |
| Units | 52 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
38349 Evergreen Village Dr Zephyrhills Multifamily Opportunity
Stabilizing renter demand is supported by amenity access and household growth in the surrounding area, according to WDSuite s CRE market data. Neighborhood-level occupancy can lag metro highs, so underwriting should lean on demand from a growing 3-mile renter pool rather than short-term rent spikes.
Located in Zephyrhills within the Tampa St. Petersburg Clearwater metro, the property sits in a Suburban neighborhood rated B-. Amenity access is a relative strength: the area ranks in the top quartile among 710 metro neighborhoods for restaurants, cafes, and grocery options, helping support everyday convenience that can aid leasing and renewal decisions.
Investors should note that neighborhood occupancy is measured at the neighborhood level, not this property. The neighborhood s occupancy has trailed national benchmarks, indicating the need for hands-on leasing and resident retention strategies. At the same time, a renter-occupied share around one-quarter suggests an owner-leaning housing stock; this typically means a thinner, but potentially steady, renter base that responds to practical amenities, value-focused positioning, and professional management.
Within a 3-mile radius, population and households have expanded and are projected to continue rising through 2028, pointing to a larger tenant base over time. Median contract rents in the neighborhood have risen over the last five years while remaining below big-metro levels; combined with a moderate rent-to-income profile, this supports a case for sustainable rent growth through operational improvements rather than aggressive pricing alone.
Trade-offs to underwrite include limited nearby parks and childcare options, which may matter for certain renter cohorts. Balanced against this are strong counts of restaurants, cafes, and pharmacies, plus grocery access, which align with day-to-day needs and can support leasing velocity.
Neighborhood-level safety metrics were not available in WDSuite for this location at the time of publication. Without comparable rank or percentile data, investors should benchmark local conditions against broader Pasco County and Tampa St. Petersburg Clearwater trends and incorporate on-the-ground diligence. Use consistent, metro-level comparisons over time to assess direction rather than relying on isolated anecdotes.
Nearby corporate offices offer a diversified employment base that can support renter demand through commute convenience, including insurance, grocery HQ, financial services, and healthcare.
- MetLife Insurance Company insurance (14.5 miles)
- Publix Super Markets grocery HQ & corporate (20.1 miles) HQ
- Raymond James financial services (22.6 miles)
- Wellcare healthcare services (27.0 miles)
- Wellcare Health Plans healthcare plans (27.1 miles) HQ
Built in 1979, this 52-unit asset presents classic value-add potential: interiors, common areas, and building systems may benefit from targeted upgrades to strengthen competitiveness versus the metro s generally newer stock. According to commercial real estate analysis from WDSuite, the neighborhood shows strong everyday amenity access but lower neighborhood-level occupancy than national norms, favoring an operational playbook focused on leasing execution, renewals, and service quality.
The 3-mile trade area shows population and household growth historically and in the forward outlook, which supports a gradually expanding renter pool. Neighborhood rents have increased over the last five years while remaining accessible relative to larger Florida metros, and rent-to-income readings suggest manageable affordability pressure a backdrop that can support steady, operations-led rent growth. Investors should balance these positives against owner-leaning tenure and submarket level occupancy risk when setting renovation scope and lease-up timelines.
- 1979 vintage creates clear value-add and capital planning angles to improve competitiveness
- Growing 3-mile population and households point to a larger tenant base over time
- Amenity-rich area (food, cafes, grocery, pharmacies) supports leasing and retention
- Neighborhood rents trending up with moderate rent-to-income supports operations-led growth
- Risk: below-metro neighborhood occupancy and owner-leaning tenure require disciplined leasing and conservative underwriting