| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 36th | Poor |
| Demographics | 27th | Poor |
| Amenities | 64th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1 Herald Dr, Leesburg, FL, 34748, US |
| Region / Metro | Leesburg |
| Year of Construction | 1984 |
| Units | 36 |
| Transaction Date | 2019-01-30 |
| Transaction Price | $5,000,000 |
| Buyer | FL GRIFFIN LLC |
| Seller | SUNWOOD PARTNERS LLC |
1 Herald Dr, Leesburg Value-Add Multifamily
Neighborhood data points to steady renter demand and above-average renter concentration, according to WDSuite’s CRE market data, supporting a pragmatic value-add strategy at this 36-unit asset. Metrics cited reflect the surrounding neighborhood, not the property.
Located in Leesburg within the Orlando–Kissimmee–Sanford metro, the neighborhood scores a C rating and sits 362 out of 465 metro neighborhoods. That places it below the metro median overall, yet several day-to-day amenities are competitive: restaurants, grocery access, and cafes index in the top quartile nationally, indicating convenient retail and food options that support renter livability (sources: WDSuite’s CRE market data). School ratings trend below national norms, which is a consideration for family-oriented leasing.
Amenity depth is a relative strength. Restaurant density ranks 121 of 465 locally and is top quartile nationally; grocery access ranks 144 of 465 and is also top quartile nationally; cafes rank 133 of 465 and top quartile nationally. Parks and pharmacies land above national averages as well, helping with daily convenience. These are neighborhood indicators rather than property-specific amenities.
The neighborhood’s occupancy stands at 90.2% (ranked 254 of 465), near the metro midpoint, suggesting stable leasing conditions at the neighborhood level rather than outsized tightness. Renter-occupied housing represents 48.4% of units (ranked 91 of 465; top quartile nationally for renter concentration), which signals a deep tenant base and supports multifamily demand through varied cycles. Median contract rents in the immediate neighborhood track on the lower side for the region, which can aid lease retention and pricing flexibility from an investor perspective.
Within a 3-mile radius, demographics show recent population and household growth, with further expansion projected by 2028 alongside a modest downshift in average household size. That combination typically enlarges the renter pool and supports occupancy stability. Median household incomes in the 3-mile area have risen meaningfully over the past five years, and projected gains point to improving renter spending power, reinforcing demand for quality, professionally managed units.
Vintage context: the asset was built in 1984, slightly newer than the neighborhood’s average construction year of 1981 (ranked 280 of 465). That positioning can help relative competitiveness versus older stock, while still warranting a targeted capital plan for aging systems and selective interior upgrades to unlock value-add upside.
Safety indicators are mixed and should be underwritten thoughtfully. The neighborhood’s crime profile ranks 331 out of 465 within the metro, placing it below the metro average and below national safety norms based on WDSuite’s data. Recent year-over-year trends in both property and violent offenses have moved higher, underscoring the need for standard risk mitigations such as lighting, access control, and attentive management. These figures are neighborhood-level, not property-specific.
Nearby employers span environmental services, cybersecurity, financial services, logistics, and corporate restaurant operations, supporting a diverse commuter base and helping drive renter demand and retention at workforce-oriented properties.
- Waste Management — environmental services (0.7 miles)
- Symantec — cybersecurity (32.5 miles)
- Prudential — financial services (36.2 miles)
- Ryder — logistics (38.7 miles)
- Darden Restaurants — corporate restaurant operations (40.1 miles) — HQ
This 36-unit asset at 1 Herald Dr offers an approachable value-add profile in a renter-heavy neighborhood where occupancy is near the metro midpoint, supporting day-one stability with room to improve. Amenity access is a relative strength—restaurants, groceries, and cafes benchmark competitively against national peers—while median neighborhood rents sit on the lower side regionally, creating potential to capture demand through thoughtful upgrades and effective operations. Built in 1984, the property is slightly newer than the neighborhood average, suggesting competitive positioning versus older stock while calling for targeted modernization of interiors and building systems.
According to CRE market data from WDSuite, neighborhood renter concentration is in the national top quartile and 3-mile demographics point to continued population and household growth, both supportive of a larger tenant base and resilient occupancy over time. Underwriting should incorporate the area’s below-average school performance and safety ranks with appropriate management controls and community standards.
- Renter-heavy neighborhood supports demand depth and leasing stability
- Competitive amenity access (food, grocery, cafes) enhances livability
- 1984 vintage allows targeted value-add to drive NOI versus older comparables
- 3-mile growth in population and households expands the tenant pool
- Risks: below-metro safety rank and low school ratings require proactive management