| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 44th | Poor |
| Demographics | 29th | Poor |
| Amenities | 38th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 420 Mills St, Leesburg, FL, 34748, US |
| Region / Metro | Leesburg |
| Year of Construction | 1977 |
| Units | 49 |
| Transaction Date | 2024-07-15 |
| Transaction Price | $3,700,000 |
| Buyer | RJC AZALEA HILL LLC |
| Seller | AZALEA HILL APARTMENTS LLC |
420 Mills St Leesburg Multifamily Value-Add Thesis
Stabilization and rent optimization potential hinge on value-add updates and disciplined leasing in a suburban pocket where neighborhood occupancy trends lag the metro, according to WDSuite s CRE market data.
Leesburg s suburban setting provides everyday conveniences near 420 Mills St, with strong pharmacy and restaurant density while cafés and parks are limited. Average public school ratings in the neighborhood trail national norms, which can influence family tenant mix and marketing strategy. Relative to Orlando-Kissimmee-Sanford neighborhoods, local occupancy in the neighborhood is below the metro median, so investors should plan for proactive leasing, renewals, and concessions management to support stability.
Vintage in this area skews to the late 1970s. With a 1977 construction year, this property likely benefits from targeted capital projects (systems, interiors, curb appeal) that can reposition against older stock and support rent execution without overextending budgets.
Within a 3-mile radius, households grew meaningfully over the last five years and are projected to expand further by 2028, indicating a larger tenant base over time. Renter-occupied share sits below half today, suggesting diversified demand with both renters and owners; this supports a steady, workforce-oriented renter pool but also means ownership options can compete at certain price points.
Home values in the neighborhood are comparatively accessible and the rent-to-income ratio trends low, which can aid retention and measured pricing power for multifamily owners. The mix of solid daily amenities (groceries, pharmacies, restaurants) and modest lifestyle offerings points to durable, value-focused demand rather than amenity-driven premiums, placing more weight on unit quality, management, and affordability in underwriting.
Safety indicators in the neighborhood are mixed. Compared with neighborhoods nationwide, overall safety sits slightly below the national midpoint, and within the Orlando-Kissimmee-Sanford metro the area ranks in the more challenged third out of 465 neighborhoods. Recent trends are constructive: estimated violent incidents declined year over year, and property offenses edged lower as well. Investors should underwrite with standard security measures and resident engagement, while noting the directional improvement.
The employment base near Leesburg combines industrial services and white-collar corporate offices, supporting workforce housing demand and commute convenience for residents. Nearby employers include Waste Management, Symantec, Prudential, Ryder, Darden Restaurants, and Airgas Specialty Products.
- Waste Management — environmental services (2.7 miles)
- Symantec — software & cybersecurity (30.6 miles)
- Prudential — financial services (34.2 miles)
- Ryder — logistics & transportation (36.8 miles)
- Darden Restaurants — corporate offices (38.1 miles) — HQ
- Airgas Specialty Products — industrial gases (44.5 miles)
This 49-unit, 1977 vintage asset offers a straightforward value-add path in a suburban neighborhood where the neighborhood occupancy rate trails metro norms but daily-needs amenities are solid. According to CRE market data from WDSuite, local rents are positioned for measured growth, supported by a low rent-to-income profile and an expanding tenant base within a 3-mile radius. Focused renovations and disciplined operations can improve competitiveness against older stock while maintaining affordability that supports retention.
Demographic trends within 3 miles show meaningful household growth historically with further expansion projected by 2028, pointing to a larger renter pool over time. Offsetting considerations include a below-median neighborhood safety profile, softer occupancy at the neighborhood level, and school ratings that may temper family-driven demand; these factors warrant conservative lease-up and renewal assumptions and targeted resident services.
- 1977 vintage supports a practical value-add scope (systems, interiors) to boost rent and retention versus older competing stock.
- Low rent-to-income backdrop and solid daily-needs amenities favor steady, value-focused renter demand.
- 3-mile radius shows past and projected household growth, expanding the tenant base and supporting occupancy over time.
- Risk: neighborhood occupancy is below the metro median—underwrite active leasing, renewals, and concessions.
- Risk: safety and school ratings are below national averages; consider security, resident programming, and targeted marketing.