Two-Unit
New
For Sale
$375,000
1223 Cleveland Street, Tallahassee, FL 32310
Residential, Tallahassee, FL
Property Size2,680 SF
Price / SF$139.93
Days on Market7
Property Features for 1223 Cleveland Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
6
Full bathrooms
4
Half bathrooms
2
Rooms
Bathroom 2, Bathroom 6, Bedroom 4, Bathroom 5, Bedroom 3, Bedroom 2, Bedroom 5, Bathroom 1, Bathroom 4, Bedroom 1, Bathroom 3, Bedroom 6
Parking features
Assigned
Appliances
Dishwasher, Microwave, Range, Refrigerator
Subdivision
-
Elementary school
BOND
Middle school
NIMS
High school
LEON
Directions
Use GPS
Standard status
Active
APN
12073-41-02-20-024-000-0
Additional Details
Tenant in Place
Yes
Individually Metered Utilities
unspecified utilities
Taxes and HOA fees
Tax Annual Amount
4011
Utilities
Heating system
Central, Electric (Heating)
Cooling system
Ceiling Fan(s), Central Air, Electric
Building Details
Year built
2006
Floors in Building
1
Number of units
2
Flooring type
Laminate
Building materials
Brick, FiberCement
Architectural style
Other
Buildings
1
Listing Agency:
Superior Realty Group LLC
(850) 322-1649
Listed By:
Clint Bailey · License #3536984
(850) 879-2529
Added: Oct 26
Changed: Oct 31
Last Checked: Nov 1 at 10:06AM
MLS# 406425
Copyright © 2026 Tallahassee Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
The 2,680-square-foot duplex was built in 2006 and contains two single-story residences. Each unit offers approximately 1,340 square feet, with three bedrooms and 2.5 bathrooms. Utilities are separately metered, and tenants pay those costs directly. Unit 2 is occupied under a lease ending March 31, 2027; Unit 1 is vacant. Brick and fiber-cement construction, laminate flooring, assigned parking, and central heating and air conditioning are among the property’s features.
At 1223 Cleveland Street in Tallahassee, the property is near Florida A&M University, Florida State University, downtown, and the Gaines Street and Railroad Square districts. Appliances include a dishwasher, microwave, range, and refrigerator.
At 1223 Cleveland Street in Tallahassee, the property is near Florida A&M University, Florida State University, downtown, and the Gaines Street and Railroad Square districts. Appliances include a dishwasher, microwave, range, and refrigerator.
Key Highlights
- Two‑unit duplex totaling 2,680 square feet
- Each single‑story unit has approximately 1,340 square feet, 3 bedrooms, and 2.5 bathrooms
- Unit 2 is occupied under a lease through March 31, 2027; Unit 1 is vacant
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,081
Cap Rate
7.49%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$561,620
$561.6K
Cap Rate 7%
$401,157
$401.2K
Cap Rate 9%
$312,011
$312.0K
Market Conditions
NOI Build-Up for 2,680 SF
Gross rent
$43.4K $16.20/SF
− Vacancy
−$3.3K −$1.23/SF
EGI
$40.1K $14.97/SF
− OpEx
−$12.0K −$4.49/SF
NOI
$28.1K $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 Rate 5%
$561,620
Cap Rate 7%
$401,157
Cap Rate 9%
$312,011
Alternative Uses
Best Use
Multifamily LT 5
$401.2K
$351.0K – $468.0K
NOI $28,081 @ 7.0% cap · market cap 7.49%
Second Best
Apartment 5plus
$348.7K
$305.1K – $406.8K
NOI $24,409 @ 7.0% cap · market cap 6.51%
Theoretical Best
Office A
$657.0K
$574.9K – $766.5K
NOI $45,991 @ 7.0% cap · market cap 12.26%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,137
Businesses Nearby
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Business Placement
Demographics for 32310, FL
17,209
Population
7,621
Households
2.3
Avg Household Size
32
Median Age
22%
College-Educated
85%
High-School Grad
91.9 sq mi
ZIP Area
187
Density / Sq Mi
$38,493
Median Household Income
$24,177
Median Earnings
$1,025
Median Rent
$118,000
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Each residence has separate utility metering, and occupants pay their own utility costs.
Where is this duplex located?
The property is located at 1223 Cleveland Street Tallahassee, FL.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 2,680 square feet; Each single‑story unit has approximately 1,340 square feet, 3 bedrooms, and 2.5 bathrooms; Unit 2 is occupied under a lease through March 31, 2027; Unit 1 is vacant
