Four-Unit Efficiency
For Sale
$295,000
908 Buena Vista Drive, Tallahassee, FL 32304
Residential, Tallahassee, FL
Property Size1,560 SF
Price / SF$189.10
Days on Market140
Property Features for 908 Buena Vista Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bedroom 1, Bathroom 4, Bathroom 2, Bathroom 1, Bedroom 4, Bedroom 2, Bathroom 3
Parking features
Assigned
Appliances
Refrigerator
Subdivision
Mission Hills
Elementary school
RILEY
Middle school
GRIFFIN
High school
GODBY
Directions
West Tennessee, Right on Buena Vista
Standard status
Active
APN
12073-21-27-35- B-008-0
Utilities
Heating system
Central, Electric (Heating)
Cooling system
Electric, Central Air
Amenities
common area
laundry
Building Details
Year built
2004
Floors in Building
1
Number of units
4
Flooring type
Tile, Clay
Building materials
Block, Concrete
Architectural style
Other
Listing Agency:
The Naumann Group Real Estate
(850) 325-1681
Listed By:
Cole Davis · License #3357739
(850) 545-2111
Added: May 5
Changed: Sep 14
Last Checked: Sep 21 at 10:06AM
MLS# 399526
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.
Investment Insights
Based on property information with market context.
Built in 2004, this 1,560-square-foot quadplex contains four efficiency units, each configured with one bedroom and one bathroom. The units offer separate exterior entrances along with interior access to a shared common area featuring a kitchen, dining space, and laundry. Block and concrete construction, tile flooring, central heating, and central air conditioning support the property’s functional layout. Assigned parking is provided, and a refrigerator is included in each unit.
All four units are currently rented. The property is located in Tallahassee near Florida State University and Tallahassee Community College, with access from Buena Vista Drive. The configuration provides four individual living spaces within one compact multifamily asset, supported by shared interior amenities and private exterior access for each unit.
All four units are currently rented. The property is located in Tallahassee near Florida State University and Tallahassee Community College, with access from Buena Vista Drive. The configuration provides four individual living spaces within one compact multifamily asset, supported by shared interior amenities and private exterior access for each unit.
Key Highlights
- Four‑unit quadplex with 1,560 square feet
- Each unit includes 1 bedroom and 1 bathroom
- Shared kitchen, dining area, and laundry space
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$16,346
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.54%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$326,920
$326.9K
Cap Rate 7%
$233,514
$233.5K
Cap Rate 9%
$181,622
$181.6K
Market Conditions
NOI Build-Up for 1,560 SF
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.
Gross rent
$25.3K $16.20/SF
− Vacancy
−$1.9K −$1.23/SF
EGI
$23.4K $14.97/SF
− OpEx
−$7.0K −$4.49/SF
NOI
$16.3K $10.48/SF
Area
Tallahassee, FL
Vacancy
7.60%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$326,920
Cap Rate 7%
$233,514
Cap Rate 9%
$181,622
Alternative Uses
Best Use
Multifamily LT 5
$233.5K
$204.3K – $272.4K
NOI $16,346 @ 7.0% cap · market cap 5.54%
Second Best
Apartment 5plus
$203.0K
$177.6K – $236.8K
NOI $14,208 @ 7.0% cap · market cap 4.82%
Theoretical Best
Office A
$382.4K
$334.6K – $446.2K
NOI $26,771 @ 7.0% cap · market cap 9.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
739
Businesses Nearby
Explore this area
Business Placement
Demographics for 32304, FL
50,007
Population
23,296
Households
2.1
Avg Household Size
25
Median Age
36%
College-Educated
89%
High-School Grad
15.2 sq mi
ZIP Area
3,290
Density / Sq Mi
$30,823
Median Household Income
$14,475
Median Earnings
$1,132
Median Rent
$147,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four one-bedroom efficiencies share a common kitchen, dining, and laundry area.
Where is this quadplex located?
The property is located at 908 Buena Vista Drive Tallahassee, FL.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Four‑unit quadplex with 1,560 square feet; Each unit includes 1 bedroom and 1 bathroom; Shared kitchen, dining area, and laundry space
