| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 45th | Poor |
| Demographics | 33rd | Poor |
| Amenities | 39th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 900 Lucas St, Leesburg, FL, 34748, US |
| Region / Metro | Leesburg |
| Year of Construction | 1990 |
| Units | 20 |
| Transaction Date | 2021-12-08 |
| Transaction Price | $6,300,000 |
| Buyer | PMF LEESBURG II LLC |
| Seller | SOUTH STREET TRIPLEXES LLC |
900 Lucas St, Leesburg 20-Unit Multifamily Investment
Neighborhood-level occupancy and renter demand appear steady for workforce housing, with relative affordability supporting retention, according to WDSuite’s CRE market data.
Located in Leesburg within the Orlando–Kissimmee–Sanford metro, the neighborhood rates C- and sits below the metro median overall (ranked 394 among 465 neighborhoods). Retail and daily-needs access are adequate rather than destination-driven: grocery and pharmacy density trend mid-pack locally, while parks and cafes are limited. For investors, that points to practical livability with fewer lifestyle amenities, which can influence tenant mix and achievable premiums.
The property’s 1990 vintage is newer than the neighborhood’s average construction year, suggesting relative competitiveness versus older stock while still leaving room for selective modernization to support rent positioning and capex planning. Median contract rents in the neighborhood benchmark near the middle of national ranges, which aligns with a renter profile seeking value; the rent-to-income backdrop signals measured affordability that can aid retention but may temper short-term pricing power.
Tenure dynamics indicate a moderate renter-occupied share at the neighborhood level, providing a workable tenant base without heavy reliance on deep concessions. Within a 3-mile radius, population and household counts have expanded over the last five years and are projected to continue growing into the medium term, pointing to a larger tenant pool and support for occupancy stability. These growth patterns, based on CRE market data from WDSuite and broader multifamily property research benchmarks, suggest demand durability even as household sizes trend modestly smaller.
Schools score weakly versus national peers (low national percentile), which may limit appeal to families prioritizing school quality; however, childcare availability rates comparatively better locally. Overall, the submarket reads as workforce-oriented: functional access to essentials, newer-than-average subject vintage, and demographic growth nearby—balanced by limited lifestyle amenities and below-median neighborhood ranking.
Safety trends are mixed. The neighborhood ranks below the metro median for crime (ranked 251 among 465), placing it weaker than many Orlando-area neighborhoods. Nationally, its standing is also below average. That said, recent data indicate property offenses declining year over year, which is a constructive directional signal to monitor. As with any submarket, investors should underwrite conservative security and lighting enhancements and emphasize resident screening and engagement.
Nearby employers are oriented toward essential services and regional corporate offices, supporting workforce housing demand and commute convenience for residents. The list below highlights proximate employers that can contribute to leasing stability.
- Waste Management — environmental services (2.3 miles)
- Symantec — software & cybersecurity offices (32.6 miles)
- Prudential — financial services offices (35.2 miles)
- Ryder — logistics & transportation offices (37.8 miles)
- Darden Restaurants — restaurant corporate offices (39.0 miles) — HQ
This 20-unit asset, built in 1990, is positioned as a practical workforce housing play in a neighborhood that offers functional access to daily services and a tenant base supported by nearby population and household growth within a 3-mile radius. Relative affordability and a moderate renter concentration indicate a stable leasing foundation; according to commercial real estate analysis from WDSuite, the neighborhood’s rent levels and rent-to-income backdrop favor retention, though they may limit rapid rent lifts.
The property’s newer vintage versus surrounding housing stock provides a competitive edge over older buildings while allowing targeted renovations to enhance unit finishes and operating efficiency. Balance this with underwriting for a below-median neighborhood ranking, modest lifestyle amenities, and soft school scores—all manageable with thoughtful capital planning, resident services, and value-focused positioning.
- 1990 vintage offers competitive positioning versus older local stock with scope for focused value-add
- Expanding 3-mile population and households support a larger renter pool and occupancy stability
- Relative affordability and mid-range neighborhood rents favor resident retention and lease duration
- Proximity to essential employers underpins workforce housing demand and day-to-day leasing
- Risks: below-median neighborhood ranking, limited amenities, and weak school scores may constrain premium pricing