Spacious Condo Near
1575 Paul Russell Road 3102 Tallahassee, FL 32301
1575 Paul Russell Road 3102, Tallahassee, FL, 32301
$225,000
For Sale
$225,000
Three-bedroom condo with open floor plan, close to downtown.
Property Size1,705 SF
Lot Size0.03 Acres
Price / SF$131.96
Days on Market806
Property Features for 1575 Paul Russell Road 3102
General Information
- Standard status
- Active
- Size
- 1,705 SF
- Lot size
- 0.03 Acres
- Property subtype
- Condo/Townhome
Building Details
- Year Built
- 2006
Listing Agency
The Naumann Group Real Estate
(850) 545-2111
Listed by
Cole Davis · License #3357739
(850) 545-2111
Source
Exitrealty
Added: May 6, 2024 Updated: Jul 6 at 12:16 pm Checked: Jul 19 at 4:58 am
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 The Naumann Group Real Estate
Investment Insights
Based on property information with market context.
This 1705 square foot condo features 3 bedrooms and 2.5 baths, with all bedrooms located upstairs. The floor plan includes an open kitchen that flows into the living room and dining room. The downstairs area has vinyl plank flooring, while the upstairs is carpeted. The exterior features a low-maintenance facade of stone, stucco, and vinyl, along with a single-car garage. The Home Owners Association handles lawn maintenance. Located in a gated community with a pool, the property is situated in close proximity to restaurants, entertainment venues, shopping options, and Governor Square Mall. It is also conveniently located just 5 minutes from Downtown.
Key Highlights
- Spacious 1705 sq ft floor plan with 3 bedrooms and 2.5 baths.
- Convenient location: 5 minutes to Downtown and close to restaurants, entertainment, shopping, and Governor Square Mall.
- Gated community with a pool.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $30.7k | $18.00 |
| − Vacancy | −$2.5k | −$1.44 |
| EGI | $28.2k | $16.56 |
| − OpEx | −$12.7k | −$7.45 |
| NOI | $15.5k | $9.11 |
1,705 SF · lease $18.00/SF/yr · vacancy 8.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$221.8K
$194.1K – $258.8K
NOI $15,529 @ 7.0% cap · market cap 6.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$418.0K
$365.7K – $487.7K
NOI $29,259 @ 7.0% cap · market cap 13.00%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
The Sankofa Literacy Arts ...
Training Center
Asuncion Team
Carpet & Flooring Store
Luther Lee
Business Management Consultant
Brighton Place
Condominium Complex
onedaycame
General Contractor
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FAQs
What type of property is this?
Residential income property - Three-bedroom condo with open floor plan, close to downtown.
Where is this residential income property located?
The property is located at 1575 Paul Russell Road 3102 Tallahassee, FL.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Spacious 1705 sq ft floor plan with 3 bedrooms and 2.5 baths.; Convenient location: 5 minutes to Downtown and close to restaurants, entertainment, shopping, and Governor Square Mall.; Gated community with a pool.
