Class A Downtown Office
For Sale
Contact for pricing
122 S Calhoun St, Tallahassee, FL 32301
Class A office building with an open lobby and glass conference rooms, originally built in 1970 and renovated in 2006.
Property Size8,975 SF
Price / SF$200.56
Days on Market218
Property Features for 122 S Calhoun St
General Information
Standard status
Active
Size
8,975 SF
Class
A
Property subtype
OFFICE
Zoning
Central Core
Amenities
large open lobby
glass conference rooms
Building Details
Year Built
1970
Year Renovated
2006
Listing Agency:
SVN | SouthLand Commercial
(850) 877-6000
Listed By:
Carlton Dean, SIOR, CCIM · License ##BK60471
(850) 524-2275
Source:
Moodyscre
Added: Feb 1
Changed: Aug 11
Last Checked: Jul 23 at 5:01AM
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 SVN | SouthLand Commercial
Investment Insights
Based on property information with market context.
This Class A office building contains 8,975 square feet of office space and features a large, open lobby along with unique glass conference rooms. Originally built in 1970 and tastefully renovated in 2006, the property blends an established build with more modern interior updates.
Located in the Central Core zoning area, the building is positioned about a 4-minute walk to the Capitol Building. The downtown Tallahassee setting supports a compact, walkable environment for office users.
With its lobby layout and conference room configuration already in place, the building provides a ready framework for professional office operations.
Located in the Central Core zoning area, the building is positioned about a 4-minute walk to the Capitol Building. The downtown Tallahassee setting supports a compact, walkable environment for office users.
With its lobby layout and conference room configuration already in place, the building provides a ready framework for professional office operations.
Key Highlights
- 8,975 SF Class A office building with a large, open lobby
- Features unique glass conference rooms
- Originally built in 1970 and renovated in 2006
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
$110,258
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
6.13%
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%
$2,205,160
$2.2M
Cap Rate 7%
$1,575,114
$1.6M
Cap Rate 9%
$1,225,089
$1.2M
Market Conditions
NOI Build-Up for 8,975 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
$188.5K $21.00/SF
− Vacancy
−$41.5K −$4.62/SF
EGI
$147.0K $16.38/SF
− OpEx
−$36.8K −$4.10/SF
NOI
$110.3K $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%
$2,205,160
Cap Rate 7%
$1,575,114
Cap Rate 9%
$1,225,089
Alternative Uses
Best Use
Office B
$1.58M
$1.38M – $1.84M
NOI $110,258 @ 7.0% cap · market cap 6.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.20M
$1.93M – $2.57M
NOI $154,020 @ 7.0% cap · market cap 8.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,701
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 - Class A office building with an open lobby and glass conference rooms, originally built in 1970 and renovated in 2006.
Where is this office building located?
The property is located at 122 S Calhoun St Tallahassee, FL.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: 8,975 SF Class A office building with a large, open lobby; Features unique glass conference rooms; Originally built in 1970 and renovated in 2006
