| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 50th | Fair |
| Demographics | 33rd | Poor |
| Amenities | 62nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 7032 Congress St, New Port Richey, FL, 34653, US |
| Region / Metro | New Port Richey |
| Year of Construction | 2012 |
| Units | 24 |
| Transaction Date | 2006-09-18 |
| Transaction Price | $291,750 |
| Buyer | BONIK INTERNATIONAL INC |
| Seller | J C INVESTMENTS OF PASCO INC |
7032 Congress St New Port Richey 24-Unit Multifamily
Renter demand is supported by a solid neighborhood tenant base and a 2012 vintage that competes well against older stock, according to WDSuite s CRE market data. This commercial real estate analysis points to stable occupancy potential with operational focus on affordability and retention.
Built in 2012, the property is newer than the neighborhood s typical 1980s-era stock, which can help competitively position units against older assets while moderating near-term capital expenditure needs. According to WDSuite s CRE market data, the neighborhood registers Above metro median on amenities overall, with parks and pharmacies coverage performing above national averages, while cafes are sparse. Restaurants are present at levels modestly above national midpoints, supporting day-to-day livability for residents.
Neighborhood renter-occupied share is comparatively high for the metro (high national percentile), indicating a meaningful base of renters and depth for leasing. Occupancy across the neighborhood sits around the middle of national performance, suggesting demand is present but management should emphasize renewal strategies and leasing execution to sustain stability.
Within a 3-mile radius, population and household counts have grown in recent years and are projected to expand further by 2028, pointing to a larger tenant base over time. Median incomes in the 3-mile area have improved versus prior periods, which supports rent collections, though affordability remains an operational consideration for pricing and renewals as rents have also risen.
Schools rate below national norms (low national percentile), which may limit appeal to some family renters; however, accessible childcare options test near the top decile nationally, and neighborhood parks coverage is strong. Overall, this Inner Suburb location is Competitive among Tampa St. Petersburg Clearwater neighborhoods on convenience and daily-needs access, with a renter pool that can support stabilized operations when paired with disciplined management.
Safety indicators are mixed. Overall crime levels benchmark slightly better than national midpoints, placing the area above average versus many U.S. neighborhoods. Property-offense measures compare favorably at a national level and have improved year over year, which supports resident retention and leasing.
Violent-offense indicators rank in the safer tiers nationally (top quartile), but recent year-over-year volatility warrants monitoring as part of standard risk management. Compared with other neighborhoods across the Tampa St. Petersburg Clearwater metro, the area performs around the middle of the pack, and trends should be tracked over time rather than inferred from a single period.
Regional employment anchors within commuting distance include financial services and technology distributors, which help underpin workforce housing demand and leasing retention for this submarket. The list below highlights notable nearby offices and headquarters relevant to resident commutes.
- Raymond James financial services (16.9 miles)
- Wellcare Health Plans healthcare plans (18.3 miles) HQ
- MetLife Insurance Company insurance (22.2 miles)
- Tech Data technology distribution (23.6 miles) HQ
- Raymond James Financial financial services (25.8 miles) HQ
The asset s 2012 construction is newer than the neighborhood average and should remain competitive against older multifamily stock in New Port Richey, with reduced near-term capital needs and potential to command steady tenant interest. According to CRE market data from WDSuite, neighborhood occupancy sits near national midpoints, and renter concentration is comparatively high for the metro, supporting a durable leasing funnel when paired with effective renewal management.
Within a 3-mile radius, population and household growth along with projected gains by 2028 point to gradual renter pool expansion that can support occupancy stability. Affordability pressure is present, so pricing power may be incremental rather than outsized; this favors strategies focused on retention, light value-add features, and operational efficiencies rather than aggressive rent lifts. Safety metrics are generally favorable at the national level for property offenses, though recent violent-offense volatility should be monitored as a manageable risk.
- 2012 vintage outcompetes older neighborhood stock, moderating near-term capex
- Renter-occupied share supports a deep tenant base and leasing stability
- 3-mile population and household growth bolster long-run demand and renewals
- Daily-needs access (parks, pharmacies, restaurants) aids livability and retention
- Risks: affordability pressure may temper rent growth; monitor recent safety volatility