| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 48th | Good |
| Demographics | 46th | Good |
| Amenities | 65th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 518 Ella Ave, Inverness, FL, 34450, US |
| Region / Metro | Inverness |
| Year of Construction | 1996 |
| Units | 36 |
| Transaction Date | 1994-01-01 |
| Transaction Price | $100,000 |
| Buyer | TSR INVERNESS CLUB II LLC |
| Seller | LOWNDES SERVICES INC |
518 Ella Ave Inverness FL Multifamily Investment
Household counts within a 3-mile radius are projected to rise, supporting a broader tenant base and steadier leasing, according to WDSuite’s CRE market data. In a predominantly owner-occupied area, positioning around livability and value-add quality can help capture demand as more households form.
The property sits in an A+ rated neighborhood within the Homosassa Springs, FL metro (ranked 2 out of 50 metro neighborhoods), offering a small-town setting with everyday conveniences. Amenity access is a local strength: restaurants and cafes register in the top quartile nationally, and pharmacies score above average, while grocery options are competitive for a rural location. Parks are limited, so on-site green space and proximity to trails or lakes may be meaningful differentiators for residents.
Rents in the neighborhood track below national medians, and the rent-to-income ratio trends near the lower range, which supports payment manageability and potential lease retention. At the same time, neighborhood multifamily occupancy measures below both metro and national medians, suggesting selective leasing conditions; active management and thoughtful unit positioning will matter for absorption and renewals.
Within a 3-mile radius, population has been growing and is expected to increase further, with households expanding and average household size trending smaller. For investors, that typically points to more households entering the market and a larger renter pool over time, even as the immediate neighborhood remains primarily owner-occupied.
The asset’s 1996 construction is newer than the area’s average vintage from the 1970s, which can enhance competitive positioning versus older stock. Nevertheless, systems and interiors may benefit from selective modernization to meet current renter expectations and support durable occupancy.
Schools in the area rate below national medians, so marketing should emphasize commute convenience, daily amenities, and unit features. Home values sit around national norms but are high relative to local incomes, which can sustain renter reliance on multifamily housing and support pricing power for well-maintained assets.
Safety indicators are mixed compared with broader benchmarks. The neighborhood ranks 35 out of 50 within the Homosassa Springs metro, placing it below the metro median. Nationally, property crime levels track below average, while violent crime aligns closer to national mid-range. Notably, recent trends show improvement in violent incident measures, indicating some positive momentum relative to last year.
For investors, this suggests a need for standard risk management—lighting, access controls, and community engagement—while recognizing that trend direction has been favorable. Positioning and operations can help sustain resident confidence and retention.
Regional employment access is anchored by a major environmental services employer within commuting range, which can support workforce-oriented renter demand.
- Waste Management — environmental services (26.8 miles)
This 36-unit property benefits from a neighborhood with strong day-to-day amenities and a household base that is expanding within a 3-mile radius, pointing to a broader tenant pipeline and potential occupancy stability over time. According to CRE market data from WDSuite, local rents sit below national levels and rent-to-income ratios are moderate, supporting retention for well-operated assets even as the immediate neighborhood’s multifamily occupancy runs below broader benchmarks.
Built in 1996, the asset is newer than much of the surrounding housing stock from the 1970s, offering relative competitiveness versus older properties. Targeted renovations and curb appeal investments can further differentiate units in a primarily owner-occupied area, where home values relative to incomes often keep households in the rental market. Key risks include submarket occupancy softness and the need for active leasing and management to capture demand as household formation continues.
- Expanding household base within 3 miles supports a larger tenant pool and steadier leasing
- 1996 vintage offers competitive positioning versus older neighborhood stock
- Moderate rent-to-income dynamics aid retention and pricing discipline
- Amenity access (food, cafes, pharmacy) enhances livability and leasing appeal
- Risk: neighborhood multifamily occupancy below metro/national medians requires active leasing and operations