Historic Governor Bloxham
For Sale
$759,000
410 N Calhoun Street, Tallahassee, FL 32301
Historic building suitable for office or residential use.
Property Size4,977 SF
Lot Size0.25 Acres
Days on Market159
Property Features for 410 N Calhoun Street
General Information
Standard status
Active
Size
4,977 SF
Lot size
0.25 Acres
Property subtype
Office
Zoning
SCD - Special Character District
Building Details
Building Size
4,977 SF
Listing Agency:
Coldwell Banker Hartung
(850) 545-7074
Listed By:
Nancy Stedman · License #BK551783
(850) 545-7074
Source:
Cbcworldwide
Added: Mar 5
Changed: Aug 8
Last Checked: Aug 8 at 1:36PM
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 Coldwell Banker Hartung
Investment Insights
Based on property information with market context.
The historic Governor Bloxham House, situated on 0.25 acres, features original heart pine floors and high ceilings. The solid masonry structure, built in 1844, includes 4 fireplaces of unknown operational status. The property has served as a residence for two governors, an office, a hotel, and an Airbnb. A full restoration was completed between 1979 and 1981, updating the wiring and plumbing. The building contains 3.5 bathrooms and 3 to 4 bedrooms. It could be utilized as a professional office space with guest accommodations. Parking is available in the rear. Much of the property's value is tax-exempt due to its historic classification. The property is being sold as-is.
Key Highlights
- Historic significance: Residence of two governors and built by Richard Shine, architect of Tallahassee landmarks.
- Modernized infrastructure: Full restoration in 1979‑1981 updated wiring and plumbing.
- Flexible usage: Suitable for residence, office, or short‑term rental (Airbnb).
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
$61,142
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
8.06%
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%
$1,222,840
$1.2M
Cap Rate 7%
$873,457
$873.5K
Cap Rate 9%
$679,356
$679.4K
Market Conditions
NOI Build-Up for 4,977 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
$104.5K $21.00/SF
− Vacancy
−$23.0K −$4.62/SF
EGI
$81.5K $16.38/SF
− OpEx
−$20.4K −$4.10/SF
NOI
$61.1K $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%
$1,222,840
Cap Rate 7%
$873,457
Cap Rate 9%
$679,356
Alternative Uses
Best Use
Office B
$873.5K
$764.3K – $1.02M
NOI $61,142 @ 7.0% cap · market cap 8.06%
Second Best
Mixed Use
$671.9K
$587.9K – $783.9K
NOI $47,033 @ 7.0% cap · market cap 6.20%
Theoretical Best
Office A
$1.22M
$1.07M – $1.42M
NOI $85,410 @ 7.0% cap · market cap 11.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,770
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 units - Historic building suitable for office or residential use.
Where is this office units located?
The property is located at 410 N Calhoun Street Tallahassee, FL.
What is the asking price?
The asking price for this property is $759,000.
What are key features of this property?
This property features: Historic significance: Residence of two governors and built by Richard Shine, architect of Tallahassee landmarks.; Modernized infrastructure: Full restoration in 1979‑1981 updated wiring and plumbing.; Flexible usage: Suitable for residence, office, or short‑term rental (Airbnb).
