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    1556 Patrick Ave Tallahassee, FL 32310

    View on Map
    Sponsored
    For Sale
    Under Contract
    $249,000

    MULTI_FAMILY - Other - Tallahassee, FL

    Days on Market:
    27
    Last Refresh:
    Mar 9 at 5:06 pm

    Property Features for 1556 Patrick Ave

    General Information

    Special listing conditions
    Standard
    Property type
    Residential Multi Family
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Active Under Contract
    Rooms
    Bedroom 2, Bathroom 2, Bedroom 3, Bathroom 1, Bedroom 4, Bedroom 1
    Bedrooms
    4
    APN
    12073-41-05-15-000-015-0
    Parking features
    Assigned
    Patio and Porch features
    Patio
    Appliances
    Dishwasher, Range, Refrigerator

    Utilities

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

    Building Details

    Year built
    1983
    Floors in Building
    1
    Number of units
    2
    Flooring type
    Tile, Vinyl, Clay, Varies, Carpet
    Building materials
    WoodSiding
    Architectural style
    Other

    We can help!

    Listing Contact
    Robert Nahoom
    Robert Nahoom

    Amac Real Estate Co. (850) 668-1000

    Listing agent Robert Nahoom (850) 668-1000 License #3184755

    Listing date Feb 10, 2026

    MLS# 395010

    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

    Renovated Duplex Near Tallahassee State College

    Located in the Seminole Manor neighborhood, this duplex features two units, each with two bedrooms and one bathroom. One unit is currently vacant and has been completely renovated with new luxury vinyl plank flooring, paint, kitchen cabinets, granite countertops, stainless steel appliances, HVAC system, water heater, updated bathroom, and lighting. Market rent for the renovated unit is estimated between $1100 and $1150 per month. The other unit is occupied by a tenant paying $900 per month through February 2026 and is in good condition with tile floors throughout and an HVAC system from 2013. Each unit includes a utility room with washer and dryer connections. The roof was replaced in 2012. The property is located near Tallahassee State College, FSU, downtown Tallahassee, shopping centers, and parks. It also backs up to Debbie Lightsey Park, which offers walking trails and a playground. The property presents an opportunity to live in one unit and rent out the other, or rent out both units.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Tallahassee
    County
    Leon
    State
    Florida
    Longitude
    -84.345799
    Latitude
    30.430605

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    FAQs

    What type of property is this?
    Duplex - Duplex with renovated unit and tenant in place.
    Where is this duplex located?
    The property is located at 1556 Patrick Ave Tallahassee, FL.
    What is the asking price?
    The asking price for this property is $249,000.
    What are key features of this property?
    This property features: - Completely renovated vacant unit (1558) features new flooring, paint, kitchen with granite countertops and stainless steel appliances, HVAC, water heater, and updated bathroom.; - Income-producing potential: One unit is currently rented for $900/month through Feb 2026, with potential market rent of $1100-$1150 for the renovated unit.; - Flexible living options: Live in one unit and rent the other, or rent both units.
    (850) 567-0037
    Request Owner's contact information
    1556 Patrick Ave Tallahassee, FL 32310
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    Tallahassee, FL 32310
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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
    1556 Patrick Ave Tallahassee, FL 32310
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    We can help!
    Listing Contact
    Robert Nahoom
    Robert Nahoom
    Real Estate License ID: 3184755
    (850) 567-0037 (850) 668-1000
    Learn more
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