4954 BITNER STREET New Port Colony | 36-Unit Multifamily Investment | New Port Richey, FL | 10% Cap Rate. Turnkey multifamily investment. This 36-unit, 55+ community in New Port Richey, Florida is generating a 10% cap rate. The unit mix is well-balanced, with 19 one-bedroom/one-bath, 13 two-bedroom/one-bath, and 4 two-bedroom/two-bath homes, all within a single complex. Every unit has been updated and comes equipped with central heating and air. And here's what really sets this property apart: all 36 units have their own private garage — washer/dryer hookups in the garage of each unit. Residents get their own parking and their own laundry, all tucked right outside their door. There's a pool, shuffleboard, and a neighborhood feel that residents take pride in. Residents have the option to join the Gulf Harbors Beach Club — one of the only private Gulf-front beach clubs in the area — for just $200 a year. It's a small cost that adds a lifestyle element most apartment communities simply can't offer. Day-to-day living is easy. Groceries, restaurants, shopping, and medical facilities are all close by, which matters a great deal to the 55+ residents who call this place home. The 55+ demographic is one of the most stable tenant bases in residential real estate — low turnover, consistent payment history, and genuine pride of residency. New Port Colony reflects all of that. Strong returns, updated units, a private garage, and a beach club down the road.