Renovated Waterfront Apartment
For Sale
$899,000
1259 ELMWOOD Drive, Inverness, FL 34450
Updated property offers varied layouts and additional two-bedroom units framed for completion.
Property Size5,400 SF
Price / SF$166.48
Days on Market317
Property Features for 1259 ELMWOOD Drive
General Information
Standard status
Active
Size
5,400 SF
Property subtype
Mixed Use
Units
Unit Mix
1 x efficiency, 8 x 1BR, 1 x 2BR
Multifamily Units
12
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$7,190
Amenities
3
Metal
Parking.
Assigned Parking Space.
Other
Other.
Building Details
Year Built
1970
Listing Agency:
Tropic Shores Realty LLC
(845) 527-8045
Listed By:
Ron Valure · License #3219711
(845) 527-8045
Source:
Xome
Added: Sep 28, 2025
Changed: Aug 9
Last Checked: Aug 9 at 1:30PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Tropic Shores Realty LLC
Investment Insights
Based on property information with market context.
This 5,400-square-foot apartment building, constructed in 1970, includes 10 renovated units: 1 efficiency, 8 one-bedroom apartments, and 1 two-bedroom apartment. Two more two-bedroom units are framed and prepared for completion, with washer and dryer hookups in place. The property is currently vacant due to renovation work.
Major improvements include a new septic system, updated electrical service with a subpanel for each unit, new plumbing, new AC units, foam roof insulation, water tanks, and a filtration system. Interior work includes cabinets, flooring, fixtures, appliances, and painting, complemented by exterior renovations and painting. The waterfront property also includes a boat ramp leading to a chain of lakes and assigned parking spaces.
Major improvements include a new septic system, updated electrical service with a subpanel for each unit, new plumbing, new AC units, foam roof insulation, water tanks, and a filtration system. Interior work includes cabinets, flooring, fixtures, appliances, and painting, complemented by exterior renovations and painting. The waterfront property also includes a boat ramp leading to a chain of lakes and assigned parking spaces.
Key Highlights
- 10 renovated units: 1 efficiency, 8 one‑bedroom, and 1 two‑bedroom
- Two additional 2‑bedroom units framed and ready for completion
- 5,400 SF apartment building constructed in 1970
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$45,227
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.03%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$904,540
$904.5K
Cap Rate 7%
$646,100
$646.1K
Cap Rate 9%
$502,522
$502.5K
Market Conditions
NOI Build-Up for 5,400 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$87.5K $16.20/SF
− Vacancy
−$5.2K −$0.97/SF
EGI
$82.2K $15.23/SF
− OpEx
−$37.0K −$6.85/SF
NOI
$45.2K $8.38/SF
Area
Citrus County, FL
Vacancy
6.00%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$904,540
Cap Rate 7%
$646,100
Cap Rate 9%
$502,522
Alternative Uses
Best Use
Apartment 5plus
$646.1K
$565.3K – $753.8K
NOI $45,227 @ 7.0% cap · market cap 5.03%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.21M
$1.06M – $1.42M
NOI $84,936 @ 7.0% cap · market cap 9.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
12
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
32
Businesses Nearby
Explore this area
Business Placement
Demographics for 34450, FL
10,788
Population
6,642
Households
1.6
Avg Household Size
59
Median Age
25%
College-Educated
92%
High-School Grad
31.2 sq mi
ZIP Area
346
Density / Sq Mi
$48,955
Median Household Income
$39,409
Median Earnings
$973
Median Rent
$210,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Updated property offers varied layouts and additional two-bedroom units framed for completion.
Where is this apartment building located?
The property is located at 1259 ELMWOOD Drive Inverness, FL.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: 10 renovated units: 1 efficiency, 8 one‑bedroom, and 1 two‑bedroom; Two additional 2‑bedroom units framed and ready for completion; 5,400 SF apartment building constructed in 1970
