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    Spacious Triplex Near Universities Title is generated by Realmo AI

    1286 Rumba Lane, Tallahassee, FL 32304

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    For Sale
    Under Contract
    $300,000

    MULTI_FAMILY - Other - Tallahassee, FL

    Lot size:
    0.42 Acres
    Added:
    Jun 16, 2025
    Days on Market:
    352
    Last Refresh:
    Jun 2 at 4:06 am

    Property Features for 1286 Rumba Lane

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    3
    Bathrooms
    3
    Rooms
    Bedroom 2, Bedroom 1, Bathroom 2, Bedroom 3, Bathroom 1, Bathroom 3
    Parking features
    Assigned
    Patio and Porch features
    Patio
    Interior features
    TrayCeilings, VaultedCeilings
    Appliances
    Dishwasher, Refrigerator, RefrigeratorWithIceMaker
    Standard status
    Active Under Contract
    APN
    12073-21-27-17-000-014-0
    Lot size
    0.42 Acres

    Taxes and HOA fees

    Tax Annual Amount
    3420

    Utilities

    Heating system
    Central
    Cooling system
    Ceiling Fan(s), Central Air

    Building Details

    Year built
    1980
    Floors in Building
    2
    Number of units
    3
    Flooring type
    Vinyl, Wood
    Building materials
    WoodSiding
    Architectural style
    Other

    We can help!

    Listing Contact
    Chelsey Hough
    Chelsey Hough

    Listing agent Chelsey Hough License #3375884

    Listing office Keller Williams Town & Country FL

    Listing date Jun 16, 2025

    MLS# 387434 Listing URL

    Copyright © 2026 Tallahassee Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Buildable .42 acre lot allows construction of up to 3 additional triplexes.
    • 2022 Roof.
    • Located near FSU, TSC & FAMU, downtown, restaurants, and parks.
    • Each unit has a unique two‑story design with spacious 1‑bedroom, 1‑bathroom layout.
    • Each unit includes individual front porches, back decks, and washer/dryer area.
    • Located on a quiet, dead‑end street with ample parking.

    Overview

    This charming triplex is located in a peaceful, wooded neighborhood just minutes from downtown, restaurants, parks and FSU, TSC & FAMU, and backs up to Mission San Luis Park. Situated on a 0.42-acre lot, the property offers the potential to build up to 3 additional triplexes. The property features a 2022 roof. Each unit offers a spacious 1-bedroom, 1-bathroom layout with a unique two-story design, featuring an oversized living room and kitchen downstairs, and a private bedroom and bath upstairs. Individual front porches and back decks enhance the living experience. Each unit is equipped with its own washer/dryer area. The property provides plenty of parking and is located on a dead-end street with no thru traffic. Currently tenant-occupied on a month-to-month basis, the rent is priced below the typical market rate for this area.
    Property Profile Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Tallahassee
    County
    Leon
    State
    Florida
    Longitude
    -84.319295
    Latitude
    30.456564

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    FAQs

    What type of property is this?
    Triplex - Triplex near universities with buildable lot and updated roof.
    Where is this triplex located?
    The property is located at 1286 Rumba Lane Tallahassee, FL.
    What is the asking price?
    The asking price for this property is $300,000.
    What are key features of this property?
    This property features: Buildable .42 acre lot allows construction of up to 3 additional triplexes.; 2022 Roof.; Located near FSU, TSC & FAMU, downtown, restaurants, and parks.
    (850) 273-1237
    We can help!
    Listing Contact
    Chelsey Hough
    Chelsey Hough
    Real Estate License ID: 3375884
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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