Three-Unit Tenant-Occupied
For Sale
Contact for pricing
1208 Springsax Road, Tallahassee, FL 32305
Three tenant-occupied units are offered with long-term occupancy in a triplex format.
Property Size2,160 SF
Price / SF$164.35
Days on Market54
Property Features for 1208 Springsax Road
General Information
Standard status
Active
Size
2,160 SF
Property subtype
Multifamily
Building Details
Tenancy
Multi
Listing Agency:
Keller Williams Town & Country
(850) 491-8099
Listed By:
Brailey Horne · License #SL3596101
Source:
Crexi
Added: Jul 8
Changed: Aug 8
Last Checked: Aug 26 at 5:36AM
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 Keller Williams Town & Country
Investment Insights
Based on property information with market context.
This triplex offers three separate units, all currently tenant occupied with long-term tenants. The property is being marketed as an investor opportunity, with current rents noted as below market value, subject to buyer verification of financials and lease details.
Showings are by appointment only and the tenants should not be disturbed. Access for viewings will be arranged with an accepted contract or proof of funds, if applicable.
The buyer is responsible for verifying all measurements, financials, and lease information, and the listing agent can provide additional details and a rent roll upon request.
Showings are by appointment only and the tenants should not be disturbed. Access for viewings will be arranged with an accepted contract or proof of funds, if applicable.
The buyer is responsible for verifying all measurements, financials, and lease information, and the listing agent can provide additional details and a rent roll upon request.
Key Highlights
- Triplex with three tenant‑occupied units
- All three units are tenant occupied with long‑term tenants
- Current rents are below market value, indicating potential future income growth
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
$22,633
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
6.38%
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%
$452,660
$452.7K
Cap Rate 7%
$323,329
$323.3K
Cap Rate 9%
$251,478
$251.5K
Market Conditions
NOI Build-Up for 2,160 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
$35.0K $16.20/SF
− Vacancy
−$2.7K −$1.23/SF
EGI
$32.3K $14.97/SF
− OpEx
−$9.7K −$4.49/SF
NOI
$22.6K $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%
$452,660
Cap Rate 7%
$323,329
Cap Rate 9%
$251,478
Alternative Uses
Best Use
Multifamily LT 5
$323.3K
$282.9K – $377.2K
NOI $22,633 @ 7.0% cap · market cap 6.38%
Second Best
Apartment 5plus
$281.0K
$245.9K – $327.9K
NOI $19,673 @ 7.0% cap · market cap 5.54%
Theoretical Best
Office A
$529.5K
$463.4K – $617.8K
NOI $37,068 @ 7.0% cap · market cap 10.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
10
Businesses Nearby
Explore this area
Business Placement
Demographics for 32305, FL
19,199
Population
8,517
Households
2.3
Avg Household Size
40
Median Age
20%
College-Educated
83%
High-School Grad
96.0 sq mi
ZIP Area
200
Density / Sq Mi
$47,694
Median Household Income
$32,166
Median Earnings
$923
Median Rent
$154,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three tenant-occupied units are offered with long-term occupancy in a triplex format.
Where is this triplex located?
The property is located at 1208 Springsax Road Tallahassee, FL.
What is the asking price?
The asking price for this property is $355,000.
What are key features of this property?
This property features: Triplex with three tenant‑occupied units; All three units are tenant occupied with long‑term tenants; Current rents are below market value, indicating potential future income growth
