Overview
Porter & Beach Apartments is a 71-unit multifamily investment opportunity located within a growing suburban submarket of the Tampa MSA. Situated throughout established residential neighborhoods in New Port Richey, the portfolio offers convenient access to U.S. Highway 19, State Road 54, and the Suncoast Parkway (SR-589), providing strong regional connectivity throughout Pasco County and into greater Tampa. The assets benefit from proximity to major retail corridors, schools, grocery anchors, and key employers including BayCare Health System, HCA Florida Trinity Hospital, and the expanding Moffitt Cancer Center Speros campus.
The portfolio offers attractive in-place cash flow and economies of scale across a 71-unit clustered footprint, supporting operational efficiencies, shared management, and expense optimization. The unit mix is primarily two-bedroom layouts, with approximately 58% featuring vaulted ceilings. Value-add potential includes in-unit laundry expansion, as 58% of units have washer/dryer connections, as well as outdoor space enhancements, with 79% of units featuring back patios that can be enclosed to create private backyard-style amenities, driving additional rent growth and tenant appeal.
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 71-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 approximately 58% of units featuring vaulted ceilings in the living room
- In-Unit Laundry Expansion: Approximately 58% of units are equipped with washer and dryer-connections, creating the opportunity to install or rent machines for additional revenue
- Private Outdoor Space Enhancement: 79% of units feature back patio areas with opportunity to enclose and create direct-access private backyard spaces
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