Brick Triplex with Newer
For Sale
$355,000
1208 Springsax Road Unit A B C, Tallahassee, FL 32305
Fully leased property with central electric HVAC, ceiling fans, tile finishes, and included kitchen appliances.
Property Size2,160 SF
Price / SF$164.35
Days on Market73
Property Features for 1208 Springsax Road Unit A B C
General Information
Standard status
Active
Size
2,160 SF
Property subtype
Residential / Multi Family
Occupancy
100%
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$2,981
Amenities
Yes, CentralAir, CeilingFans
Yes, Central, Electric
1
Clay, CeramicTile
No
Range, Refrigerator
Brick
Building Details
Buildings
1
Listing Agency:
Keller Williams Town & Country
(850) 491-8099
Listed By:
Brailey Horne · License #3596101
(850) 491-8099
Source:
Compass
Added: Jun 21
Changed: Aug 30
Last Checked: Aug 31 at 10:13PM
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 three-unit residential income property in Tallahassee includes Units A, B, and C within a 2,160-square-foot brick building. Each unit is currently leased, and the occupants are described as long-term tenants. Recent property improvements include a newer roof and newer HVAC systems, while interior features include central electric air conditioning, ceiling fans, and clay or ceramic tile flooring. Kitchens are equipped with ranges and refrigerators.
The property is located at 1208 Springsax Road in Tallahassee, Florida, with the address identifying all three units. Existing occupancy and completed system improvements provide a defined operating profile for an owner evaluating a multifamily acquisition.
The property is located at 1208 Springsax Road in Tallahassee, Florida, with the address identifying all three units. Existing occupancy and completed system improvements provide a defined operating profile for an owner evaluating a multifamily acquisition.
Key Highlights
- Three‑unit triplex with Units A, B, and C
- 2,160‑square‑foot residential income property
- All three units currently leased to long‑term tenants
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
3
Residential units
100%
Occupancy
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 - Fully leased property with central electric HVAC, ceiling fans, tile finishes, and included kitchen appliances.
Where is this triplex located?
The property is located at 1208 Springsax Road Unit A B C 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: Three‑unit triplex with Units A, B, and C; 2,160‑square‑foot residential income property; All three units currently leased to long‑term tenants
