Stabilized Multi-Tenant Retail
For Sale
Contact for pricing
1212 & 1216 North Monroe Street, Tallahassee, FL 32303
Stabilized, fully occupied infill retail asset with multi-tenant configuration and in-place triple-net recoveries cash flow.
Property Size13,262 SF
Price / SF$248.83
Days on Market62
Property Features for 1212 & 1216 North Monroe Street
General Information
Standard status
Active
Size
13,262 SF
Class
B
Total Parking Spaces
45
Property subtype
Retail
Zoning
Central Urban-45 and Central Urban-26
Occupancy
100%
Lease Type
NNN
Investment Type
Stabilized
Net Operating Income
$229,008
Additional Details
Business Included
Yes
Building Details
Year Built
1946
Year Renovated
2010
Buildings
2
Stories
1
Units
8
Tenancy
Multi
Listing Agency:
Mattox Realty
Listed By:
Steve Mattox · License #BK3032512
(850) 383-1966
Source:
Crexi
Added: Jul 6
Changed: Aug 25
Last Checked: Sep 4 at 9:56AM
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 Mattox Realty
Investment Insights
Based on property information with market context.
This stabilized infill retail asset consists of a functional multi-tenant configuration with legacy frontage. The property is described as fully occupied, with in-place cash flow supported by triple-net recoveries.
The asset is located within a mature Tallahassee trade area and positioned in a commercial district that is reported to be 95% developed. It is presented as a long-term income-oriented retail holding supported by durable access.
As an NNN investment property, it is marketed for buyers seeking stabilized occupancy and recoveries-driven cash flow within an established retail corridor.
The asset is located within a mature Tallahassee trade area and positioned in a commercial district that is reported to be 95% developed. It is presented as a long-term income-oriented retail holding supported by durable access.
As an NNN investment property, it is marketed for buyers seeking stabilized occupancy and recoveries-driven cash flow within an established retail corridor.
Key Highlights
- Retail property built in 1946
- Stabilized infill retail asset with full occupancy
- In‑place cash flow supported by triple‑net recoveries
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
$128,807
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
3.90%
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%
$2,576,140
$2.6M
Cap Rate 7%
$1,840,100
$1.8M
Cap Rate 9%
$1,431,189
$1.4M
Market Conditions
NOI Build-Up for 13,262 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
$198.9K $15.00/SF
− Vacancy
−$14.9K −$1.13/SF
EGI
$184.0K $13.88/SF
− OpEx
−$55.2K −$4.16/SF
NOI
$128.8K $9.71/SF
Area
Tallahassee, FL
Vacancy
7.50%
Lease Rate
$15.00 /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%
$2,576,140
Cap Rate 7%
$1,840,100
Cap Rate 9%
$1,431,189
Alternative Uses
Best Use
Retail
$1.84M
$1.61M – $2.15M
NOI $128,807 @ 7.0% cap · market cap 3.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.25M
$2.84M – $3.79M
NOI $227,589 @ 7.0% cap · market cap 6.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,469
Businesses Nearby
17k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 45%
Hotels & Casinos 29%
Dining 25%
Sunoco
Shops & Services
5,597 visits/mo
0.2 miles
Hyatt House Tallahassee Capitol - University
Hotels & Casinos
4,986 visits/mo
0.5 miles
SUBWAY
Dining
4,261 visits/mo
0.1 miles
Avis Budget Car Rental
Shops & Services
2,059 visits/mo
0.1 miles
Demographics for 32303, FL
48,644
Population
24,864
Households
2
Avg Household Size
34
Median Age
46%
College-Educated
95%
High-School Grad
34.8 sq mi
ZIP Area
1,398
Density / Sq Mi
$63,123
Median Household Income
$37,702
Median Earnings
$1,324
Median Rent
$204,900
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Stabilized, fully occupied infill retail asset with multi-tenant configuration and in-place triple-net recoveries cash flow.
Where is this retail space located?
The property is located at 1212 & 1216 North Monroe Street Tallahassee, FL.
What is the asking price?
The asking price for this property is $3,300,000.
What are key features of this property?
This property features: Retail property built in 1946; Stabilized infill retail asset with full occupancy; In‑place cash flow supported by triple‑net recoveries
