Flexible Office Building
For Sale
Contact for pricing
111 N Gadsden St, Tallahassee, FL 32301
Leased office property with three-suite subdivision capability and two dedicated parking garages.
Property Size15,302 SF
Price / SF$179.72
Days on Market453
Property Features for 111 N Gadsden St
General Information
Standard status
Active
Size
15,302 SF
Property subtype
OFFICE
Listing Agency:
Ciminelli Real Estate Services - Proctor & Long Group
(580) 443-3090
Listed By:
Jennie Kempner · License #3417694
(580) 443-3090
Source:
Moodyscre
Added: Jun 5, 2025
Changed: Aug 30
Last Checked: Aug 31 at 12:58AM
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 Ciminelli Real Estate Services - Proctor & Long Group
Investment Insights
Based on property information with market context.
This 15,302-square-foot office property at 111 N Gadsden St is configured for adaptable occupancy, with the ability to divide the interior into three suites. Two dedicated parking garages serve the building and add on-site parking capacity for occupants.
The property is in Downtown Tallahassee, approximately half a mile from the Florida State Capitol. Existing leasing extends through June 2026, providing an established occupancy profile for an office acquisition.
The property is in Downtown Tallahassee, approximately half a mile from the Florida State Capitol. Existing leasing extends through June 2026, providing an established occupancy profile for an office acquisition.
Key Highlights
- 15,302 square feet of office space
- Interior can be subdivided into three suites
- Two dedicated parking garages
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
$187,985
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
6.84%
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%
$3,759,700
$3.8M
Cap Rate 7%
$2,685,500
$2.7M
Cap Rate 9%
$2,088,722
$2.1M
Market Conditions
NOI Build-Up for 15,302 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
$321.3K $21.00/SF
− Vacancy
−$70.7K −$4.62/SF
EGI
$250.6K $16.38/SF
− OpEx
−$62.7K −$4.10/SF
NOI
$188.0K $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%
$3,759,700
Cap Rate 7%
$2,685,500
Cap Rate 9%
$2,088,722
Alternative Uses
Best Use
Office B
$2.69M
$2.35M – $3.13M
NOI $187,985 @ 7.0% cap · market cap 6.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.75M
$3.28M – $4.38M
NOI $262,597 @ 7.0% cap · market cap 9.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,738
Businesses Nearby
Explore this area
Business Placement
Demographics for 32301, FL
29,686
Population
17,029
Households
1.7
Avg Household Size
32
Median Age
45%
College-Educated
92%
High-School Grad
10.2 sq mi
ZIP Area
2,910
Density / Sq Mi
$50,412
Median Household Income
$34,271
Median Earnings
$1,200
Median Rent
$211,900
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Leased office property with three-suite subdivision capability and two dedicated parking garages.
Where is this office building located?
The property is located at 111 N Gadsden St Tallahassee, FL.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: 15,302 square feet of office space; Interior can be subdivided into three suites; Two dedicated parking garages
