Alabama Ave Apartments is an 8-unit multifamily community located in Homosassa Springs, Florida, offering investors an attractive combination of in-place cash flow, recent leasing momentum, and a well-maintained physical profile. The property features a 6.23% takeover cap rate based on adjusted taxes and insurance, providing a compelling entry point for investors seeking an established multifamily asset in Citrus County. The community consists of eight spacious 1-bedroom apartments averaging approximately 736 square feet, offering functional floorplans well suited to the local rental market. Built in the 1980s, the property features single-story concrete block construction, pitched roofs, and central HVAC systems, providing durable construction and desirable residential amenities. The asset has also benefited from meaningful interior improvements, with 7 of the 8 units renovated. Upgrades include stainless steel appliances, modern white cabinetry, vinyl flooring, and additional contemporary finishes, creating a more competitive rental product while reducing the near-term renovation needs for a new owner. Recent leasing activity provides evidence of continued rental-rate growth. Two new leases were recently signed at $1,100 per month, representing more than $50 above the existing in-place rents. This leasing activity demonstrates the ability to achieve higher rents as units turn and positions the property to continue benefiting from potential rent growth.