Alabama Ave Apartments
For sale4111 S Alabama Ave, Homosassa Springs, FL 34446
Property type
Multifamily
Unit / Space count
8
Price
$900,000
Building size
5,888 sf
Rentable area
5,888 SF
Year built
1981
Year renovated
Occupancy
Zoning code
Lot size
0.88 Acres
Bedroom count
Price per Unit
$112,500
Price per SF
$152.85
Property description
Alabama Ave Apartments is an 8-unit multifamily community located in Homosassa Springs, Florida, offering investors an attractive combination of in-place cash flow, recent leasing momentum, and a well-maintained physical profile. The property features a 6.23% takeover cap rate based on adjusted taxes and insurance, providing a compelling entry point for investors seeking an established multifamily asset in Citrus County. The community consists of eight spacious 1-bedroom apartments averaging approximately 736 square feet, offering functional floorplans well suited to the local rental market. Built in the 1980s, the property features single-story concrete block construction, pitched roofs, and central HVAC systems, providing durable construction and desirable residential amenities. The asset has also benefited from meaningful interior improvements, with 7 of the 8 units renovated. Upgrades include stainless steel appliances, modern white cabinetry, vinyl flooring, and additional contemporary finishes, creating a more competitive rental product while reducing the near-term renovation needs for a new owner. Recent leasing activity provides evidence of continued rental-rate growth. Two new leases were recently signed at $1,100 per month, representing more than $50 above the existing in-place rents. This leasing activity demonstrates the ability to achieve higher rents as units turn and positions the property to continue benefiting from potential rent growth.
Property highlights
- 8-Unit Apartment Community Located in Homosassa Springs, FL
- 6.23% Takeover Cap Rate with Adjusted Taxes and Insurance
- Two New Leases Recently Signed at $1,100/Month; Achieving $50+ Above Existing In-Place Rents, Indicating Upward Rent Momentum
- Well-Built 1980’s Vintage, Single Story Concrete Block Construction with Pitched Roofs and Central HVACs
- Spacious 736 Square Foot, 1-Bedroom Floorplans
- 7 out of 8 Units Have Been Renovated with Stainless Steel Appliances, Upgraded White Cabinets, Vinyl Flooring & More Modern Upgrades & Finishes
- Nearby Retailers Include Publix (1.3 Mi), Dollar General (1.3 Mi), Tractor Supply Co. (1.4 Mi), Winn Dixie (1.5 Mi), Walmart (4.6 Mi), Home Depot (5.5 Mi) and Bealls (5.6 Mi)
- Located in Close Proximity Major Attractions Such as Homosassa Springs State Park (1.4 Mi), Withlacoochee State Forest (9.2 Mi), Crystal River Preserves State Park (12 Mi), and Old Courthouse Heritage Museum (17.9 Mi)
- Major Employers Include College of Central Florida (5.1 Mi), Crystal River Airport (6.4 Mi), Withlacoochee Technical College (16.9 Mi), and Citrus Memorial Hospital (17.8 Mi)