Renovated Office Building with Carriage
For Sale
$1,100,000
1202 E Park Ave, Tallahassee, FL 32301
Downtown office property with conference facilities, custom kitchen, private terrace, and OR-3 zoning supporting varied uses.
Property Size3,067 SF
Price / SF$358.66
Days on Market21
Property Features for 1202 E Park Ave
General Information
Standard status
Active
Size
3,067 SF
Total Parking Spaces
2
Zoning
OR-3
Additional Details
Office Units
4
Amenities
conference/board room
Sunroom
bar
entertainment area
wine bar
custom kitchen
hardwood floors
detailed millwork
exposed brick
natural light
smart wiring
storage
private terrace
Building Details
Construction
brick
Listing Agency:
The Naumann Group Real Estate
(850) 528-1898
Listed By:
Josh Kasper · License #3104458
Source:
Hopegainesrealestate
Added: Aug 11
Changed: Aug 30
Last Checked: Aug 30 at 6:59PM
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 The Naumann Group Real Estate
Investment Insights
Based on property information with market context.
This 3,067-square-foot office building in downtown Tallahassee combines professional workspace with substantial gathering and amenity areas. The layout includes 9 total rooms, including 4 offices and 2 conference rooms, along with 2 full baths and 2 half baths. A conference room connects to a sunroom, while the lower level provides a renovated bar and entertainment area with surround sound, wine bar, and cooler. The property also includes a custom kitchen with stainless steel appliances and an eat-in dining area.
A 548-square-foot climate-controlled, heated and cooled 2-car garage is paired with a carriage house and office above. Interior details include hardwood floors, exposed brick, detailed millwork, natural light, upgraded electrical and smart wiring, extensive storage, and a private terrace. Zoned OR-3, the property supports a variety of uses.
A 548-square-foot climate-controlled, heated and cooled 2-car garage is paired with a carriage house and office above. Interior details include hardwood floors, exposed brick, detailed millwork, natural light, upgraded electrical and smart wiring, extensive storage, and a private terrace. Zoned OR-3, the property supports a variety of uses.
Key Highlights
- 3,067‑square‑foot renovated office building in downtown Tallahassee
- 9 total rooms, including 4 offices and 2 conference rooms
- 548‑square‑foot climate‑controlled, heated and cooled 2‑car garage
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
$37,678
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
3.43%
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%
$753,560
$753.6K
Cap Rate 7%
$538,257
$538.3K
Cap Rate 9%
$418,644
$418.6K
Market Conditions
NOI Build-Up for 3,067 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
$64.4K $21.00/SF
− Vacancy
−$14.2K −$4.62/SF
EGI
$50.2K $16.38/SF
− OpEx
−$12.6K −$4.10/SF
NOI
$37.7K $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%
$753,560
Cap Rate 7%
$538,257
Cap Rate 9%
$418,644
Alternative Uses
Best Use
Office B
$538.3K
$471.0K – $628.0K
NOI $37,678 @ 7.0% cap · market cap 3.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$751.9K
$657.9K – $877.2K
NOI $52,633 @ 7.0% cap · market cap 4.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Office units
Location Intelligence
Trade Area within ½ mile
1,586
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 - Downtown office property with conference facilities, custom kitchen, private terrace, and OR-3 zoning supporting varied uses.
Where is this office building located?
The property is located at 1202 E Park Ave Tallahassee, FL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 3,067‑square‑foot renovated office building in downtown Tallahassee; 9 total rooms, including 4 offices and 2 conference rooms; 548‑square‑foot climate‑controlled, heated and cooled 2‑car garage
