| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 38th | Poor |
| Demographics | 52nd | Good |
| Amenities | 20th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 33229 Ryan Dr, Leesburg, FL, 34788, US |
| Region / Metro | Leesburg |
| Year of Construction | 1986 |
| Units | 68 |
| Transaction Date | 1996-11-30 |
| Transaction Price | $2,179,800 |
| Buyer | BLUEBERRY HILL APARTMENTS FL OWNER LLC |
| Seller | BLUEBERRY HILL APARTMENTS LTD |
33229 Ryan Dr, Leesburg FL Multifamily Investment
Positioned in a primarily owner-occupied pocket of Leesburg with steady household growth, this asset offers value-add potential and durable renter demand, according to WDSuite’s CRE market data and commercial real estate analysis.
Situated in the Orlando–Kissimmee–Sanford metro, the neighborhood skews rural with a modest amenity base but access to everyday services within driving distance. Parks density trends in the top quartile nationally, while overall amenities benchmark below national averages. Restaurant density is near the national midpoint, which helps with daily convenience even as cafes, groceries, and pharmacies are sparse immediately nearby.
Rents at the neighborhood level track around the national mid-range (median contract rent roughly in the $1,000s), and the rent-to-income profile indicates manageable affordability that can support lease retention. Median home values are lower than many Florida metros, which can temper pricing power but also supports workforce housing positioning for multifamily.
The area’s housing stock averages late-1980s vintage. With the subject property built in 1986, investors should underwrite near-term capital planning and targeted renovations to enhance competitiveness versus similar-age assets.
Within a 3-mile radius, population and household counts have grown over the past five years, with further increases projected. A rising household base points to a larger tenant pool and supports occupancy stability, even as the immediate neighborhood’s overall occupancy rate trends below metro averages. Tenure patterns show a modest renter-occupied share, suggesting steady—but not unlimited—depth for multifamily leasing and a focus on product-quality differentiation.
Neighborhood safety indicators trend above national averages, with violent offense levels benchmarking around the 60th percentile nationally. Recent year-over-year declines in both violent and property offenses, as tracked by WDSuite, indicate improving momentum. While micro-level conditions vary within the Orlando–Kissimmee–Sanford metro, this area compares favorably to many peer neighborhoods and has shown positive directionality.
As with any submarket, investors should evaluate property-level security measures and lighting, but current trend data points to relatively stable conditions compared to national peers.
Nearby employment is diversified across waste services, software, financial services, logistics, and restaurant corporate operations, providing a commuting base that can support renter demand and retention for workforce-oriented units.
- Waste Management — waste services (4.8 miles)
- Symantec — software/security (28.3 miles)
- Prudential — financial services (33.3 miles)
- Ryder — logistics & transportation (35.9 miles)
- Darden Restaurants — restaurant corporate (37.4 miles) — HQ
This 68-unit, 1986-vintage asset aligns with a late-1980s neighborhood cohort, creating a clear value-add path through interior upgrades and selective systems modernization. Based on CRE market data from WDSuite, the immediate neighborhood shows below-metro occupancy, but the 3-mile radius evidences population growth and a rising household base—signals that support a larger tenant pool and steadier lease-up for well-positioned units. Rents sit near the national mid-range with manageable rent-to-income dynamics, which can aid retention while still allowing measured rent optimization post-renovation.
Forward-looking indicators within a 3-mile radius point to additional increases in households and incomes, with projected rent levels trending upward. Coupled with a modest renter-occupied share, demand should concentrate around quality, convenience, and value, favoring upgraded properties that differentiate on finishes and maintenance reliability. Investors should underwrite conservative near-term occupancy and reserves, using renovations to capture pricing power as the tenant base expands.
- Late-1980s vintage with clear value-add opportunity through targeted upgrade programs
- 3-mile population and household growth expands the tenant base and supports leasing stability
- Rent levels near national mid-range with manageable rent-to-income ratios aiding retention
- Diversified regional employers provide commute-accessible jobs to support workforce demand
- Risk: neighborhood occupancy trends below metro averages; amenity base is thinner—underwrite prudent lease-up and capex