Updated Mid-Century Office
New
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 Market2
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
Last Checked: Sep 20 at 2:32PM
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.
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 = 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
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Open Analytics
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
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Market
Vacancy Rate% for Office in South region
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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
