Duplex with Metal
New
For Sale
$300,000
1103 Richmond St, Tallahassee, FL 32304
Two units offer a one-bedroom layout and a three-bedroom layout, with central heat and air in both.
Property Size1,345 SF
Price / SF$223.05
Days on Market2
Property Features for 1103 Richmond St
General Information
Standard status
Active
Size
1,345 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 1BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Building Details
Year Built
1957
Listing Agency:
Hinson Realty
Listed By:
Terence Hinson · License #3330598
(850) 528-7653
Source:
Hopegainesrealestate
Added: Sep 24
Last Checked: Sep 24 at 2:53PM
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 Hinson Realty
Investment Insights
Based on property information with market context.
Built in 1957, this duplex contains 1,345 square feet across two units. One unit has one bedroom and one bathroom; the other has three bedrooms and one bathroom. The property features a metal roof, central heat and air, and ceiling fans.
The building is on Richmond Street in Tallahassee, near FSU. One unit is occupied, while the other is vacant. The vacant unit has previously been rented, and the occupied unit is currently rented.
The building is on Richmond Street in Tallahassee, near FSU. One unit is occupied, while the other is vacant. The vacant unit has previously been rented, and the occupied unit is currently rented.
Key Highlights
- 1,345 square feet in a two‑unit duplex
- Unit mix: one‑bedroom, one‑bath unit and three‑bedroom, one‑bath unit
- Metal roof, central heat and air, and ceiling fans
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
$14,093
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
4.70%
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%
$281,860
$281.9K
Cap Rate 7%
$201,329
$201.3K
Cap Rate 9%
$156,589
$156.6K
Market Conditions
NOI Build-Up for 1,345 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
$21.8K $16.20/SF
− Vacancy
−$1.7K −$1.23/SF
EGI
$20.1K $14.97/SF
− OpEx
−$6.0K −$4.49/SF
NOI
$14.1K $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%
$281,860
Cap Rate 7%
$201,329
Cap Rate 9%
$156,589
Alternative Uses
Best Use
Multifamily LT 5
$201.3K
$176.2K – $234.9K
NOI $14,093 @ 7.0% cap · market cap 4.70%
Second Best
Apartment 5plus
$175.0K
$153.1K – $204.2K
NOI $12,250 @ 7.0% cap · market cap 4.08%
Theoretical Best
Office A
$329.7K
$288.5K – $384.7K
NOI $23,081 @ 7.0% cap · market cap 7.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
596
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
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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?
Duplex - Two units offer a one-bedroom layout and a three-bedroom layout, with central heat and air in both.
Where is this duplex located?
The property is located at 1103 Richmond St Tallahassee, FL.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: 1,345 square feet in a two‑unit duplex; Unit mix: one‑bedroom, one‑bath unit and three‑bedroom, one‑bath unit; Metal roof, central heat and air, and ceiling fans
