Freestanding Restaurant
For Sale
$399,000
1911 S Adams St, Tallahassee, FL 32301
Free-standing 2,140 sf restaurant in a high-traffic SoMo district location across from a university.
Property Size2,140 SF
Price / SF$186.45
Days on Market95
Property Features for 1911 S Adams St
General Information
Standard status
Active
Size
2,140 SF
Property subtype
Retail
Building Details
Building Size
2,140 SF
Year Built
1985
Listed By:
Trey DeSantis
(850) 766-6868
Source:
Tlgproperty
Added: Jun 2
Changed: Aug 24
Last Checked: Sep 2 at 3:33PM
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 Trey DeSantis
Investment Insights
Based on property information with market context.
This free-standing restaurant property offers approximately 2,140 square feet of space. The building is positioned as a standalone dining location, designed for restaurant operations in a walk-in, street-facing environment.
The property is located in Tallahassee’s SoMo District, in a high-traffic area with strong visibility. It sits across from a prominent university and benefits from substantial foot traffic generated by the surrounding area.
As a conventional restaurants/restaurant-use asset, the site is best suited for an operator seeking a dedicated, freestanding restaurant building in a pedestrian-active location.
The property is located in Tallahassee’s SoMo District, in a high-traffic area with strong visibility. It sits across from a prominent university and benefits from substantial foot traffic generated by the surrounding area.
As a conventional restaurants/restaurant-use asset, the site is best suited for an operator seeking a dedicated, freestanding restaurant building in a pedestrian-active location.
Key Highlights
- Free‑standing restaurant building with 2,140 SF
- Year built: 1985
- Located in Tallahassee’s SoMo District
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
$24,441
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%
$488,820
$488.8K
Cap Rate 7%
$349,157
$349.2K
Cap Rate 9%
$271,567
$271.6K
Market Conditions
NOI Build-Up for 2,140 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
$34.7K $16.20/SF
− Vacancy
−$2.1K −$0.97/SF
EGI
$32.6K $15.23/SF
− OpEx
−$8.1K −$3.81/SF
NOI
$24.4K $11.42/SF
Area
Tallahassee, FL
Vacancy
6.00%
Lease Rate
$16.20 /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%
$488,820
Cap Rate 7%
$349,157
Cap Rate 9%
$271,567
Alternative Uses
Best Use
Specialty Retail
$349.2K
$305.5K – $407.4K
NOI $24,441 @ 7.0% cap · market cap 6.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$524.6K
$459.1K – $612.1K
NOI $36,724 @ 7.0% cap · market cap 9.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
753
Businesses Nearby
28k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Dollar Tree
Shops & Services
16,116 visits/mo
0.2 miles
Sunoco
Shops & Services
5,597 visits/mo
0.4 miles
O'Reilly Auto Parts
Shops & Services
2,511 visits/mo
0.4 miles
Avis Budget Car Rental
Shops & Services
2,059 visits/mo
0.4 miles
Advance Auto Parts
Shops & Services
1,785 visits/mo
0.3 miles
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 Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Free-standing 2,140 sf restaurant in a high-traffic SoMo district location across from a university.
Where is this conventional restaurant located?
The property is located at 1911 S Adams St Tallahassee, FL.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Free‑standing restaurant building with 2,140 SF; Year built: 1985; Located in Tallahassee’s SoMo District
