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 Market499
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
(850) 765-7063
Listed By:
Jennie Kempner · License #3417694
(580) 443-3090
Source:
Moodyscre
Added: Jun 5, 2025
Changed: Oct 8
Last Checked: Oct 15 at 2:08AM
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
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Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$187,985
Cap Rate
6.84%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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
