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Candlelight 965 Candlelight Blvd 111 Unit Apartment Building $11,000,000 ($99,099/Unit) Brooksville, FL 34601
Investment Highlights
- Property Overview: 111-unit garden-style community built in 1982, situated on 7.49 acres
- Strong Leasing Momentum: 95% pre-leased with positive lease trade-outs, reflecting healthy demand
- Untapped Ancillary Income: A bulk internet and cable program offers immediate potential to grow other income
- Diverse Unit Mix: A mix of studio, one-, and two-bedroom floorplans appealing to a broad renter base; 80% of units are equipped with washer and dryer
- Recent Capital Improvements: Fresh exterior paint, landscaping and tree removal, fencing repairs, and upgraded concrete pads and walkways
- In-Unit Laundry Upside: Installing washer/dryer machines in every unit creates an immediate revenue stream while enhancing the resident experience
Executive Summary
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 95% pre-leased with positive trade-outs and no tenant more than 30 days delinquent. 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.
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 Facts
| Price | $11,000,000 | Building Class | C |
| Price Per Unit | $99,099 | Lot Size | 7.49 AC |
| Sale Type | Investment | Building Size | 61,392 SF |
| No. Units | 111 | Average Occupancy | 95% |
| Property Type | Multifamily | No. Stories | 1 |
| Property Subtype | Apartment | Year Built/Renovated | 1982/1990 |
| Apartment Style | Garden | ||
| Zoning | MF - Residential Multi Family | ||
| Price | $11,000,000 |
| Price Per Unit | $99,099 |
| Sale Type | Investment |
| No. Units | 111 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 7.49 AC |
| Building Size | 61,392 SF |
| Average Occupancy | 95% |
| No. Stories | 1 |
| Year Built/Renovated | 1982/1990 |
| Zoning | MF - Residential Multi Family |
Amenities
Unit Amenities
- Washer/Dryer Hookup
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 22 | - | 288 |
| 1+1 | 79 | - | 576 |
| 2+1 | 8 | - | 864 |
| 2+2 | 2 | - | 864 |
Fairly walkable
40/100
Exceptionally drivable
90/100
Limited public transit
30/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $2,387,933 | |
| Land Assessment | $213,415 | Total Assessment | $5,404,669 |
Property Taxes
Parcel Numbers
Land Assessment
$213,415
Improvements Assessment
$2,387,933
Total Assessment
$5,404,669
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