Candlelight
For sale965 Candlelight Blvd, Brooksville, FL 34601
Property type
Multifamily
Unit / Space count
111
Price
$11,000,000
Building size
61,392 sf
Rentable area
61,392 SF
Year built
1982
Year renovated
Occupancy
Zoning code
Lot size
7.49 Acres
Unit mix
79x
1br
8x
2br
2x
2br
Bedroom count
Price per Unit
$99,099
Price per SF
$179.18
Property description
Candlelight Apartments is a 111-unit garden-style community built in 1982 on 7.49 acres in central Brooksville. Its mix of studio, one-, and two-bedroom floorplans appeals to a broad renter base, and leasing is strong at 96.4% pre-leased with positive trade-outs. Ownership has completed recent capital improvements including fresh exterior paint, landscaping, fencing repairs, and upgraded concrete pads and walkways. The value-add path is clear: renovated one-bedroom units command an 14% premium over unrenovated units, and additional upside remains through a bulk internet and cable program and the installation of in-unit washer and dryer machines. Located in central Brooksville (34601) roughly 45 miles north of Tampa, the property offers direct Tampa Bay connectivity via the Suncoast Parkway (FL-589) and sits in Hernando County, one of the region's fastest-growing and most affordable counties. Major employers nearby include TGH Brooksville, HCA Florida Oak Hill Hospital, and Walmart.
Property highlights
- Property Overview: 111-unit garden-style community built in 1982, situated on 7.49 acres
- Diverse Unit Mix: A blend of studio, one-, and two-bedroom floorplans appealing to a broad renter base
- In-Unit Laundry: 80% of units are equipped with washer and dryer connections
- Strong Leasing Momentum: 96.4% pre-leased with positive lease trade-outs, reflecting healthy demand
- Recent Capital Improvements: Ownership has completed fresh exterior paint, landscaping and tree removal, fencing repairs, and upgraded concrete pads and walkways
- Proven Renovation Premium: Renovated one-bedroom units command an 14% premium over their unrenovated counterparts, validating a clear value-add path
- Untapped Ancillary Income: A bulk internet and cable program offers immediate potential to grow other income
- In-Unit Laundry Upside: Installing washer/dryer machines in every unit creates an immediate revenue stream while enhancing the resident experience
- Established Brooksville Location: Positioned in central Brooksville (34601), just minutes from downtown and the US-41/SR-50 retail corridor, where grocery, big-box, and national retailers are concentrated
- Tampa Bay MSA Connectivity: Roughly 45 miles north of Tampa, with the nearby Suncoast Parkway (FL-589) providing a direct commuter link to the greater Tampa Bay metro and Tampa International Airport Growing, Affordable County: Located in Hernando County, one of the Tampa Bay region's fastest-growing and most affordable counties, supporting sustained rental demand
- Proximity to Employment & Healthcare: Convenient access to major area employers including TGH Brooksville, HCA Florida Oak Hill Hospital, Walmart, and Hernando County Schools