Value-Add Multifamily Building with
1305 Clay St Tallahassee, FL 32304
For Sale
Contact for pricing
Seven-unit apartment building with four renovated units and current 100% lease-up.
Property Size6,580 SF
Price / SF$125.38
Days on Market814
Property Features for 1305 Clay St
General Information
- Standard status
- Active
- Size
- 6,580 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1973
Listing Agency:
Optimizing CRE LLC
(850) 841-0097
Listed By:
Jules D. Straker · License #Florida BK3197962
Source:
Crexi
Added: May 2, 2024
Changed: Jul 20
Last Checked: Jul 24 at 1:07PM
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 Optimizing CRE LLC
Investment Insights
Based on property information with market context.
This multifamily apartment building includes seven units, with four units reported as completely renovated. The property is currently 100% leased and generating rental income.
The renovated units are described as commanding rents of $1,200 or more per month, supporting the building’s stated income profile. The listing also references a 360 VR tour and a property website for additional details.
The renovated units are described as commanding rents of $1,200 or more per month, supporting the building’s stated income profile. The listing also references a 360 VR tour and a property website for additional details.
Key Highlights
- Seven‑unit multi‑family building built in 1973
- 4 units have been completely renovated
- Property is currently 100% leased up
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 | $118.4k | $18.00 |
| − Vacancy | −$9.5k | −$1.44 |
| EGI | $109.0k | $16.56 |
| − OpEx | −$49.0k | −$7.45 |
| NOI | $59.9k | $9.11 |
6,580 SF · lease $18.00/SF/yr · vacancy 8.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$856.2K
$749.1K – $998.9K
NOI $59,931 @ 7.0% cap · market cap 7.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.61M
$1.41M – $1.88M
NOI $112,919 @ 7.0% cap · market cap 13.69%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Seven-unit apartment building with four renovated units and current 100% lease-up.
Where is this apartment building located?
The property is located at 1305 Clay St Tallahassee, FL.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Seven‑unit multi‑family building built in 1973; 4 units have been completely renovated; Property is currently 100% leased up
