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    1408 Pullen Rd Tallahassee, FL 32303

    View on Map
    Sponsored
    For Sale
    $650,000

    MULTI_FAMILY - Other - Tallahassee, FL

    Lot size:
    1.00 Acre
    Days on Market:
    3
    Last Refresh:
    Mar 27 at 2:06 pm

    Property Features for 1408 Pullen Rd

    General Information

    Special listing conditions
    Standard
    Property type
    Residential Multi Family
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Active
    Security features
    Security
    Rooms
    Bedroom 3, Bathroom 1, Bathroom 4, Bedroom 2, Bedroom 4, Bedroom 1, Bathroom 2, Bathroom 3
    Bedrooms
    4
    Bathrooms
    4
    APN
    12073-21-14-20-629-000-0
    Parking features
    Assigned
    Patio and Porch features
    Deck
    Interior features
    SunRoom, WalkInClosets, WindowTreatments
    Exterior features
    Deck, Fence, Storage
    Fencing
    Fenced
    Fireplace
    1
    Appliances
    Dryer, Dishwasher, Disposal, Microwave, Range, Refrigerator, RefrigeratorWithIceMaker, Washer
    Lot size
    1.00 Acre

    Utilities

    Heating system
    Electric (Heating), Central, Natural Gas
    Cooling system
    Central Air, Electric, Ceiling Fan(s), Window Unit(s)

    Building Details

    Year built
    1930
    Floors in Building
    2
    Number of units
    3
    Flooring type
    Wood, Tile, Carpet, Clay, Varies
    Building materials
    WoodSiding
    Architectural style
    Other
    Additional Structures
    Shed(s), Storage

    We can help!

    Listing Contact
    Nan Greynolds

    The Naumann Group Real Estate, Inc.

    Listing agent Nan Greynolds License #3046847

    Listing date Mar 25, 2026

    MLS# 397464

    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.

    Learn more

    Property Insight Report

    Overview

    Historic Home with Income Potential

    This restored historic home blends original character with modern updates. The property, situated on 1 acre, features a pickle ball court, a 2-car carport, an RV parking space, and a storage shed, along with citrus fruit and flower trees. The main residence downstairs includes 3 bedrooms, 2 bathrooms, wood floors, living spaces, an updated kitchen and baths, a sunroom, and two fireplaces. Upstairs, there are two apartments: a 1-bedroom unit and an efficiency. These apartments offer flexibility for a large family, rental income, multigenerational living, guest accommodations, or a private home office. The apartments are accessible via a staircase from the downstairs interior or an outside staircase with a secured interior entrance. Located minutes from the interstate highway, shopping, restaurants, colleges, and state offices, the property offers a spacious yard and privacy, with potential development options for the extra land. This multifamily property is intended for residential income purposes.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Tallahassee
    County
    Leon
    State
    Florida
    Longitude
    -84.307175
    Latitude
    30.478444

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    FAQs

    What type of property is this?
    Multifamily property - Restored home with apartments, large lot, and modern amenities.
    Where is this multifamily property located?
    The property is located at 1408 Pullen Rd Tallahassee, FL.
    What is the asking price?
    The asking price for this property is $650,000.
    What are key features of this property?
    This property features: - Income-producing property with two apartments offering rental potential or flexible living arrangements.; - Completely remodeled historic home blending original character with modern updates.; - Large 1-acre lot in the heart of town, offering privacy and potential for development.
    (850) 509-9210
    Request Owner's contact information
    1408 Pullen Rd Tallahassee, FL 32303
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    Tallahassee, FL 32303
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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.

    More about this property
    1408 Pullen Rd Tallahassee, FL 32303
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    We can help!
    Listing Contact
    Nan Greynolds
    Real Estate License ID: 3046847
    Learn More
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