Listed by Franklin Street Tampa
$12,300,000
New Port Richey Portfolio
Details
Property Type Multifamily
Sub Type Apartment Building
Units 107
Acreage 0.34 - 2
Investment Type Value Add
New Port Richey Portfolio | 107 Units | New Port Richey, FL (Tampa MSA)
Marketing description
The New Port Richey Portfolio is a 107-unit multifamily investment opportunity located within a rapidly growing suburban submarket of the Tampa MSA. The assets are strategically positioned throughout established residential neighborhoods in New Port Richey with convenient access to major transportation corridors including U.S. Highway 19, State Road 54, and the Suncoast Parkway (SR-589), providing connectivity throughout Pasco County and into the greater Tampa region. The portfolio benefits from proximity to major retail corridors, grocery anchors, schools, and regional employers including BayCare Health System, HCA Florida Trinity Hospital, and the expanding Moffitt Cancer Center Speros campus.
The portfolio offers investors attractive in-place cash flow and economies of scale with 107 units located in close proximity, allowing for operational efficiencies and centralized management. Constructed primarily of durable concrete block, the properties feature a functional unit mix predominantly composed of two-bedroom layouts, with select townhome-style units and vaulted ceilings in a portion of residences. Additional value-add potential exists through interior renovations, in-unit laundry expansion, and ancillary income opportunities such as bulk internet and valet trash services, positioning the portfolio for both immediate yield and long-term value creation
Investment highlights
- High-Growth Tampa MSA Submarket: Positioned within a rapidly expanding suburban submarket with direct connectivity to SR-589 via Ridge Road and proximity to MofÏtt Cancer Center’s Speros campus and the Angeline master-planned community, supporting long-term residential demand and economic growth
- Economies of Scale: Aggregated 107-unit portfolio with assets in close proximity, allowing for operational efÏciencies, shared management oversight, and expense optimization
- Attractive Basis & In-Place Cash Flow: Strong in-place return profile at a compelling price-per-unit basis, providing immediate yield with long-term upside
- Interior Upgrade Opportunity: Ability to implement a luxury-grade renovation program including LVP flooring, quartz countertops, white shaker cabinetry with modern hardware, stainless steel appliance packages, and upgraded plumbing and lighting fixtures
- Additional Revenue Upside: Opportunity to increase income through implementation of bulk cable/internet programs and valet trash services
- Durable Construction: Predominantly concrete block construction across the portfolio, supporting long-term physical durability and reduced maintenance exposure
- Functional Unit Mix: Majority two-bedroom layouts with 17% (18 units) configured as townhome-style residences, approximately 35% of units feature vaulted ceilings in the living room
- In-Unit Laundry Expansion: Washer/dryers are currently installed in select units, while approximately 35% of units are equipped with connections, creating the opportunity to install or rent machines for additional revenue
- Private Outdoor Space Enhancement: 60% of units feature back patio areas with opportunity to enclose and create direct-access private backyard spaces
- Central New Port Richey Positioning: Properties are situated within established residential neighborhoods offering convenient access to employment, retail, schools, and daily services
- Proximity to US-19, SR-54, and SR-589 Corridors: Immediate access to major north–south and east–west thoroughfares providing connectivity throughout Pasco County and into Pinellas and Hillsborough Counties
- Retail & Daily Needs Convenience: Minutes from major grocery anchors including Publix, Winn-Dixie, ALDI, and Walmart Supercenter, as well as national retailers such as Target, Home Depot, and Lowe’s along the US-19 and SR-54 commercial corridors
- Strong Employment Access: Convenient access to major regional employers including BayCare Health System, HCA Florida Trinity Hospital, and MofÏtt Cancer Center’s Speros campus, as well as connectivity via SR-589 to Tampa’s Westshore and Downtown employment corridors
Listing Contacts
Listed by Franklin Street Tampa
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