Updated Mid-Century Office
For Sale
$389,500
104 W 4th Ave, Tallahassee, FL 32303
Flexible CU-45 zoning supports office, residential, and additional permitted uses in a character-rich commercial setting.
Property Size2,113 SF
Price / SF$184.34
Days on Market47
Property Features for 104 W 4th Ave
General Information
Standard status
Active
Size
2,113 SF
Zoning
CU-45
Listing Agency:
Penny Herman Realty
Listed By:
Penny Herman · License #307181
(850) 980-0951
Source:
Hopegainesrealestate
Added: Sep 20
Changed: Oct 25
Last Checked: Oct 7 at 3:38PM
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
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Investment Insights
Based on property information with market context.
This 2,113-square-foot mid-century property is currently configured as a residential home and was previously operated as a law office. The former office layout included four offices, a generous reception area, two restrooms, and a kitchen/conference room. Recent improvements include vinyl plank flooring, interior paint, two renovated bathrooms, and an updated kitchen. The roof was replaced in 2016, and the property has two HVAC units, including one updated in 2016 and another dating to 2003.
Paved parking is available at both the front and rear of the property, with multiple spaces. The site is positioned between Adams and Duval and is within walking distance of restaurants, shops, a wine bar, a brewery, and coffee shops. Downtown and campus are only minutes away. CU-45 zoning allows a range of uses, supporting continued residential occupancy, office use, or other permitted applications.
Paved parking is available at both the front and rear of the property, with multiple spaces. The site is positioned between Adams and Duval and is within walking distance of restaurants, shops, a wine bar, a brewery, and coffee shops. Downtown and campus are only minutes away. CU-45 zoning allows a range of uses, supporting continued residential occupancy, office use, or other permitted applications.
Key Highlights
- 2,113‑square‑foot mid‑century property with office conversion history
- Former law office layout with 4 offices, reception area, 2 restrooms, and kitchen/conference room
- CU‑45 zoning with many allowable uses
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,958
Cap Rate
6.66%
Suggested Prices Based on Cap Rates
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
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 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.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,722
Businesses Nearby
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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
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office building - Flexible CU-45 zoning supports office, residential, and additional permitted uses in a character-rich commercial setting.
Where is this office building located?
The property is located at 104 W 4th Ave 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 mid‑century property with office conversion history; Former law office layout with 4 offices, reception area, 2 restrooms, and kitchen/conference room; CU‑45 zoning with many allowable uses
