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    Mahan Center Office Condo Title is generated by Realmo AI

    1618 Mahan Center Boulevard, Tallahassee, FL 32308

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    For Sale
    $260,000

    SINGLE_FAMILY - Tallahassee, FL

    Type:Office
    Property size:
    1,225 SF
    Lot size:
    0.03 Acres
    Price / SF:
    $212/SF
    Added:
    Mar 22, 2026
    Days on Market:
    77
    Last Refresh:
    Jun 6 at 1:06 pm

    Property Features for 1618 Mahan Center Boulevard

    General Information

    Property type
    Residential
    Property subtype
    Office
    Standard status
    Active
    APN
    12073-11-28-05-000-004-0
    Size
    1,225 SF
    Lot size
    0.03 Acres

    Utilities

    Heating system
    Central
    Cooling system
    Ceiling Fan(s), Central Air
    Water source
    Public

    Building Details

    Number of units
    1
    Building materials
    Brick

    We can help!

    Listing Contact
    Nancy Digisi

    Listing agent Nancy Digisi License #3400131

    Listing office Keller Williams Town & Country FL

    Listing date Mar 22, 2026

    MLS# 397610

    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

    • Vacant and ready for immediate owner‑occupancy or tenant placement.
    • Convenient location near hospitals and downtown.
    • Functional layout featuring a reception area, conference room, open workspace, private offices, kitchen, and two private restrooms.
    • Excellent parking for clients and staff.
    • Repositioned pricing for a timely sale, creating strong value.
    • Two additional units available in the same complex for expansion or portfolio potential.

    Overview

    This office condo is located in the Mahan Professional Center, near hospitals and downtown Tallahassee. The 1,225 square foot space is currently vacant. The layout includes a reception area, conference room, open workspace, private offices, a kitchen, and two private restrooms. There is parking available for clients and staff. Two additional units in the same complex are also available, both leased with long-standing tenants.

    Local Financial Insights For Office B

    Simulate Cap Rate and NOI

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.

    Component $ $/SF
    Gross rent $25.7k $21.00
    − Vacancy −$5.7k −$4.62
    EGI $20.1k $16.38
    − OpEx −$5.0k −$4.10
    NOI $15.0k $12.29
    1,225 SF · lease $21.00/SF/yr · vacancy 22.00% · expense 25.00%

    Alternative Uses

    Best Use
    Office B
    $215.0K
    $188.1K – $250.8K (±1% cap)
    NOI $15,049 @ 7.0% cap · market cap 5.79%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $300.3K
    $262.8K – $350.4K (±1% cap)
    NOI $21,022 @ 7.0% cap · market cap 8.09%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Dr. Lynn H. ... Physician A. Lynn Dolson, MD Physician Procom Consulting Llc Consultant Ace InfoTech LLC Tech Support Center Seva Technologies LLC Professional Services

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Tallahassee
    County
    Leon
    State
    Florida
    Longitude
    -84.235805
    Latitude
    30.458207

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    FAQs

    What type of property is this?
    Office units - Office condo near hospitals and downtown Tallahassee, ready for occupancy.
    Where is this office units located?
    The property is located at 1618 Mahan Center Boulevard Tallahassee, FL.
    What is the asking price?
    The asking price for this property is $260,000.
    What are key features of this property?
    This property features: Vacant and ready for immediate owner‑occupancy or tenant placement.; Convenient location near hospitals and downtown.; Functional layout featuring a reception area, conference room, open workspace, private offices, kitchen, and two private restrooms.
    (850) 567-6272
    We can help!
    Listing Contact
    Nancy Digisi
    Real Estate License ID: 3400131
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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
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    1618 Mahan Center Boulevard, Tallahassee, FL 32308
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