Overview
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 96.4% pre-leased with positive trade-outs. 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 18% 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.
Investment Highlights
- Property Overview: 111-unit garden-style community built in 1982, situated on 7.49 acres
- Diverse Unit Mix: A blend of studio, one-, and two-bedroom floorplans appealing to a broad renter base
- In-Unit Laundry: 80% of units are equipped with washer and dryer connections
- Strong Leasing Momentum: 96.4% pre-leased with positive lease trade-outs, reflecting healthy demand
- Recent Capital Improvements: Ownership has completed fresh exterior paint, landscaping and tree removal, fencing repairs, and upgraded concrete pads and walkways
- Proven Renovation Premium: Renovated one-bedroom units command an 14% premium over their unrenovated counterparts, validating a clear value-add path
- Untapped Ancillary Income: A bulk internet and cable program offers immediate potential to grow other income
- In-Unit Laundry Upside: Installing washer/dryer machines in every unit creates an immediate revenue stream while enhancing the resident experience
- Established Brooksville Location: Positioned in central Brooksville (34601), just minutes from downtown and the US-41/SR-50 retail corridor, where grocery, big-box, and national retailers are concentrated
- Tampa Bay MSA Connectivity: Roughly 45 miles north of Tampa, with the nearby Suncoast Parkway (FL-589) providing a direct commuter link to the greater Tampa Bay metro and Tampa International Airport
- Growing, Affordable County: Located in Hernando County, one of the Tampa Bay region's fastest-growing and most affordable counties, supporting sustained rental demand
- Proximity to Employment & Healthcare: Convenient access to major area employers including TGH Brooksville, HCA Florida Oak Hill Hospital, Walmart, and Hernando County Schools
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