Updated Mid-Century Office
For Sale
$389,500
104 4Th Avenue, Tallahassee, FL 32303
CU-45 zoning, renovated interiors, and paved parking support a versatile commercial property configuration.
Property Size2,113 SF
Price / SF$184.34
Days on Market18
Property Features for 104 4Th Avenue
General Information
Standard status
Active
Size
2,113 SF
Property subtype
Office
Zoning
CU-45
Taxes and HOA fees
Annual Taxes
$2,592
Amenities
Central Air
3
Paved Driveway.
Paved Road.
Listing Agency:
Penny Herman Realty
(850) 980-0951
Listed By:
Penny Herman · License #307181
(850) 980-0951
Source:
Xome
Added: Aug 12
Changed: Aug 28
Last Checked: Aug 28 at 12:20PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Penny Herman Realty
Investment Insights
Based on property information with market context.
Located at 104 4th Avenue in Tallahassee, this 2,113-square-foot mid-century office conversion combines updated interiors with a layout suited to professional use. The property is currently configured as a residential home and previously operated as a law office with four offices, a generous reception area, two restrooms, and a large kitchen/conference room.
Recent improvements include vinyl plank flooring, interior paint, two renovated bathrooms, and a refreshed kitchen. The roof was replaced in 2016, and the building has two HVAC units, including one updated in 2016 and another dating to 2003. CU-45 zoning allows multiple uses, while paved parking is provided at both the front and rear. The property sits between Adams and Duval and is within walking distance of restaurants, shops, a wine bar, a brewery, and coffee shops, with downtown and campus nearby.
Recent improvements include vinyl plank flooring, interior paint, two renovated bathrooms, and a refreshed kitchen. The roof was replaced in 2016, and the building has two HVAC units, including one updated in 2016 and another dating to 2003. CU-45 zoning allows multiple uses, while paved parking is provided at both the front and rear. The property sits between Adams and Duval and is within walking distance of restaurants, shops, a wine bar, a brewery, and coffee shops, with downtown and campus nearby.
Key Highlights
- 2,113‑square‑foot office conversion in Tallahassee
- CU‑45 zoning with multiple allowable uses
- Former law office layout included 4 offices, reception, 2 restrooms, and kitchen/conference room
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
$25,958
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
6.66%
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%
$519,160
$519.2K
Cap Rate 7%
$370,829
$370.8K
Cap Rate 9%
$288,422
$288.4K
Market Conditions
NOI Build-Up for 2,113 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
$44.4K $21.00/SF
− Vacancy
−$9.8K −$4.62/SF
EGI
$34.6K $16.38/SF
− OpEx
−$8.7K −$4.10/SF
NOI
$26.0K $12.29/SF
Area
Tallahassee, FL
Vacancy
22.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$519,160
Cap Rate 7%
$370,829
Cap Rate 9%
$288,422
Alternative Uses
Best Use
Office B
$370.8K
$324.5K – $432.6K
NOI $25,958 @ 7.0% cap · market cap 6.66%
Second Best
Mixed Use
$285.3K
$249.6K – $332.8K
NOI $19,968 @ 7.0% cap · market cap 5.13%
Theoretical Best
Office A
$518.0K
$453.3K – $604.4K
NOI $36,261 @ 7.0% cap · market cap 9.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,722
Businesses Nearby
Explore this area
Business Placement
Demographics for 32303, FL
48,644
Population
24,864
Households
2
Avg Household Size
34
Median Age
46%
College-Educated
95%
High-School Grad
34.8 sq mi
ZIP Area
1,398
Density / Sq Mi
$63,123
Median Household Income
$37,702
Median Earnings
$1,324
Median Rent
$204,900
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - CU-45 zoning, renovated interiors, and paved parking support a versatile commercial property configuration.
Where is this office units located?
The property is located at 104 4Th Avenue Tallahassee, FL.
What is the asking price?
The asking price for this property is $389,500.
What are key features of this property?
This property features: 2,113‑square‑foot office conversion in Tallahassee; CU‑45 zoning with multiple allowable uses; Former law office layout included 4 offices, reception, 2 restrooms, and kitchen/conference room
