Improved Retail Strip
For Sale
Contact for pricing
1216 N Monroe St, Tallahassee, FL 32303
Fully leased center with established food, medical, entertainment, and hospitality tenants.
Property Size11,762 SF
Lot Size1.00 Acre
Price / SF$272.06
Days on Market159
Property Features for 1216 N Monroe St
General Information
Standard status
Active
Size
11,762 SF
Class
B
Total Parking Spaces
45
Lot size
1.00 Acre
Property subtype
Retail
Zoning
CU45
Occupancy
100%
Lease Type
NNN
Investment Type
Stabilized
Net Operating Income
$229,008
Building Details
Year Built
1954
Year Renovated
2010
Buildings
1
Stories
1
Units
6
Tenancy
Multi
Listing Agency:
Mattox Realty
(850) 383-1966
Listed By:
Steve Mattox · License #BK3032512
Source:
Crexi
Added: Mar 26
Changed: Aug 30
Last Checked: Aug 30 at 4:54AM
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 improved retail strip center comprises two addresses on North Monroe Street and is fully leased. The property was built in 1954, with substantial improvements completed in 2010, 2017, and 2022. Recent work includes exterior painting and upgraded building lighting. Outdoor seating serves the wine bar and bagel shop, adding an established service-oriented component to the tenant mix.
Occupants include Brueggers Bagels, Planet 13, MDVIP, and Hummingbird Wine Bar & Kitchen. The property occupies approximately 1.0 acre and is zoned CU45. Street parking is available to the west, and the leases are described as long term with limited landlord responsibilities.
Occupants include Brueggers Bagels, Planet 13, MDVIP, and Hummingbird Wine Bar & Kitchen. The property occupies approximately 1.0 acre and is zoned CU45. Street parking is available to the west, and the leases are described as long term with limited landlord responsibilities.
Key Highlights
- 100% leased retail strip center on approximately 1.0 +/- acre
- Built in 1954 with improvements completed in 2010, 2017 & 2022
- Recent exterior painting and exterior building lights upgrade
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
$114,238
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
3.57%
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%
$2,284,760
$2.3M
Cap Rate 7%
$1,631,971
$1.6M
Cap Rate 9%
$1,269,311
$1.3M
Market Conditions
NOI Build-Up for 11,762 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
$176.4K $15.00/SF
− Vacancy
−$13.2K −$1.13/SF
EGI
$163.2K $13.88/SF
− OpEx
−$49.0K −$4.16/SF
NOI
$114.2K $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%
$2,284,760
Cap Rate 7%
$1,631,971
Cap Rate 9%
$1,269,311
Alternative Uses
Best Use
Retail
$1.63M
$1.43M – $1.90M
NOI $114,238 @ 7.0% cap · market cap 3.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.88M
$2.52M – $3.36M
NOI $201,847 @ 7.0% cap · market cap 6.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,551
Businesses Nearby
95k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 63%
Shops & Services 37%
Whataburger
Dining
27,666 visits/mo
0.3 miles
Circle K
Shops & Services
15,796 visits/mo
0.2 miles
Golden Corral
Dining
14,775 visits/mo
0.4 miles
SONIC Drive In
Dining
8,586 visits/mo
0.3 miles
Wells Fargo
Shops & Services
6,530 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?
Strip mall - Fully leased center with established food, medical, entertainment, and hospitality tenants.
Where is this strip mall located?
The property is located at 1216 N Monroe St Tallahassee, FL.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: 100% leased retail strip center on approximately 1.0 +/- acre; Built in 1954 with improvements completed in 2010, 2017 & 2022; Recent exterior painting and exterior building lights upgrade
