770 Main St, Brooksville, FL 34601-3761
- Apartment buildings
- 5,072 SF
- 3.90 lot acres
Current Use by Public Records
- Guess Workz Media / Custom T-Shirt Store
Property Details for 770 Main St
- Year built
- 1984
- Lot size
- 3.90 lot acres
- Property type
- Apartment buildings
- APN
- R27-222-19-1580-0050-0010
- APU
- R2722219158000500010
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Jul 21, 2025 | $8,400,000 | Dh Brooksville LLC | Mainbrook Apartments Of Hernando Ll | Special Warranty Deed | — |
| Mar 2, 2020 | $4,275,000 | Mainbrook Apartments Of Hernando Ll | Mainbrook Of Hernando LLC | Warranty Deed | $2.6M · Vast Bank NA |
| May 3, 2017 | $1,695,000 | Mainbrook Of Hernando LLC | Mainbrook Of Hernando INC | Grant Deed | — |
| Sep 1, 2015 | $1,265,000 | Mainbrook Of Hernando INC | Mainbrook Apartments INC | Grant Deed | $1M · Usameribank |
| May 13, 2013 | $610,000 | Mainbrook Apartments INC | City Natl Bk | Grant Deed | — |
| Jun 4, 2012 | $1,399,602 | City Natl Bk | Lemon Tree Apartments LLC | Deed In Lieu Of Foreclosure | — |
| Dec 7, 2007 | $1,122,800 | Lemon Tree Apartments LLC | Lemon Tree Village Ltd | Warranty Deed | $1.3M · Imperial Capital Bank |
| — | — | Mainbrook Apartments INC | — | Deed Of Trust · related | $644k · Usameribank |
Description
This exceptional multifamily investment opportunity presents a 78-unit apartment complex in Brooksville, Florida, boasting a 97% occupancy rate and a substantial net operating income (NOI) of $556,876. The property, comprised of 21 buildings on 8.74 acres, features a mix of unit types, including the only three-bedroom units in the immediate market. Recently renovated in 2023, the buildings consist of one-story structures, with concrete-block and wood-frame construction. The property benefits from individually metered utilities (water, sewer, and trash), reducing operating expenses and offering potential for future condo conversion. A current Fannie Mae mortgage with a principal balance of approximately $4,800,000 at 3.525% interest is assumable, offering significant financing advantages. However, a 1% prepayment penalty applies to offers not assuming the existing financing. The property's strong performance, coupled with the potential for further rent increases, makes it an attractive investment with a current cap rate of 6% and a pro-forma cap rate of 7%. The asking price is $9,281,283, translating to $118,990.81 per unit. The property is located near the city center of Brooksville, in Hernando County, a rapidly growing area within the Greater Tampa MSA. The property does not require flood insurance. This is a stabilized investment with significant upside potential.
Value Estimations
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Location Insight
- Map
- Local Demand
- City
- Brooksville
- County
- Hernando
- State
- Florida
- Longitude
- -82.3887
- Latitude
- 28.5479
- CBSA code
- 45300
- CBSA name
- TAMPA-ST. PETERSBURG-CLEARWATER, FL METROPOLITAN STATISTICAL AREA
