Waterfront Apartment
For Sale
$899,000
1259 S ELMWOOD Drive, Inverness, FL 34450
COMMERCIAL - Inverness, FL
Property Size5,400 SF
Lot Size0.66 Acres
Price / SF$166.48
Days on Market314
Property Features for 1259 S ELMWOOD Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
12
Full bathrooms
12
Rooms
Bathroom 6, Bathroom 7, Bathroom 9, Bathroom 12, Bathroom 11, Bathroom 2, Bathroom 3, Bathroom 1, Bathroom 8, Bathroom 10, Bathroom 4, Bathroom 5
Parking features
Assigned
Subdivision
Not In Hernando
Directions
US41 TO 44/55 TO S. ELMWOOD
Standard status
Active
Size
5,400 SF
Lot size
0.66 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
7190
Utilities
Sewer type
Septic Tank
Water source
Well
Water front
1
Building Details
Year built
1970
Floors in Building
2
Number of units
8
Building materials
Block, Frame, Stucco
Roof type
Metal
Listing Agency:
Tropic Shores Realty LLC
(352) 684-7371
Listed By:
Ron Valure · License #3219711
(352) 684-7371
Added: Oct 4, 2025
Changed: Aug 4
Last Checked: Aug 13 at 7:06AM
MLS# 2255964
Copyright © 2026 Hernando County Association of REALTORS®, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Waterfront apartment building with a total of 12 units, featuring 10 completely renovated units and two additional 2-bedroom units framed and ready to be finished. The renovated unit mix is 1 efficiency, 8 one-bedroom, and 1 two-bedroom unit. The two additional 2-bedroom units include washer/dryer hookups. All units are currently vacant due to renovations.
Significant building improvements are reflected in the upgrades described, including a new septic system, a completely new electrical system with a sub panel per unit, a new plumbing system, new AC units with foam insulation on the roofing, new water tanks and a filtration system, and interior renovations covering cabinets, flooring, fixtures, appliances, and painting. Exterior renovations and painting are also included.
The property sits on a 0.66-acre lot. Construction materials include block, frame, and stucco, with a metal roof. Water is supplied by a well and sewer services are provided via a septic tank. Parking is available with assigned spaces.
Significant building improvements are reflected in the upgrades described, including a new septic system, a completely new electrical system with a sub panel per unit, a new plumbing system, new AC units with foam insulation on the roofing, new water tanks and a filtration system, and interior renovations covering cabinets, flooring, fixtures, appliances, and painting. Exterior renovations and painting are also included.
The property sits on a 0.66-acre lot. Construction materials include block, frame, and stucco, with a metal roof. Water is supplied by a well and sewer services are provided via a septic tank. Parking is available with assigned spaces.
Key Highlights
- Waterfront apartment building with 10 completely renovated units plus 2 additional 2‑bedroom units framed
- Renovated unit mix: 1 efficiency, 8 one‑bedroom, and 1 two‑bedroom; all currently vacant
- New septic system, new electrical system with sub panel per unit, and new plumbing system
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
Property Profile
Current Use
Lease Details
10
Residential units
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 - Waterfront multifamily with 10 renovated units and two additional 2-bedroom units framed with washer/dryer hookups.
Where is this apartment building located?
The property is located at 1259 S 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: Waterfront apartment building with 10 completely renovated units plus 2 additional 2‑bedroom units framed; Renovated unit mix: 1 efficiency, 8 one‑bedroom, and 1 two‑bedroom; all currently vacant; New septic system, new electrical system with sub panel per unit, and new plumbing system
