Alabama Ave Apartments
Closed4111 S Alabama Avenue, Homosassa Springs, FL 34446
Property type
Multifamily
Unit / Space count
8
Price
$782,500
Building size
5,888 sf
Rentable area
5,888 SF
Year built
1981
Year renovated
Occupancy
Zoning code
Lot size
0.88 Acres
Sold/status
Sold · Date unknown
Sale price
$782500
Bedroom count
Property description
Alabama Ave Apartments is an 8-unit multifamily community ideally located in the heart of Homosassa Springs, Florida. This well-maintained property features classic 1980s single-story concrete block construction with pitched roofs and central HVAC systems, offering durability and long-term stability. Each of the spacious 750-square-foot one-bedroom units provides comfortable living, with six out of eight units recently renovated to include stainless steel appliances, upgraded white cabinetry, and vinyl flooring. With a takeover 6.91% cap rate (adjusted for taxes and insurance) and two new leases signed at $1,100 per month—more than $50 above existing in-place rents—the property is already demonstrating strong upward rent momentum. Situated just over a mile from major retailers like Publix, Dollar General, and Winn-Dixie, and within easy reach of national chains such as Walmart, Home Depot, and Bealls, Alabama Avenue Apartments offers excellent accessibility and everyday convenience. The location is also just minutes from local attractions including Homosassa Springs State Park (1.4 mi), Withlacoochee State Forest (9.2 mi), and Crystal River Preserve State Park (12 mi), adding lifestyle appeal for tenants. Employment centers like the College of Central Florida (5.1 mi), Crystal River Airport (6.4 mi), and Citrus Memorial Hospital (17.8 mi) further reinforce the property's strategic positioning. With modern upgrades and proximity to both nature and commerce, Alabama Ave Apartments presents a compelling investment opportunity in a steadily growing Florida market.
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)