Midtown Mixed-Use Residential
259 East 7th Avenue Tallahassee, FL 32303
For Sale
$950,000
Two-building property on a 0.46-acre lot with 24 parking spaces and recent roof and window upgrades.
Property Size7,061 SF
Lot Size0.46 Acres
Price / SF$134.54
Days on Market489
Property Features for 259 East 7th Avenue
General Information
- Standard status
- Active
- Size
- 7,061 SF
- Lot size
- 0.46 Acres
- Property subtype
- Commercial Sale / Multi Family
Listing Agency:
The Naumann Group Real Estate
(850) 933-6587
Listed By:
Brian Messer · License #646515
(850) 933-6587
Source:
Compass
Added: Mar 23, 2025
Changed: Jul 23
Last Checked: Jul 23 at 8:18AM
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 for-sale property includes two separate structures on a 0.46-acre lot, offering flexible residential and commercial use. The main building is an all-brick, two-story structure of 5,260 SF originally designed as four residential dwellings, with its most recent use as an upscale hair salon. At the rear of the property, there is a 1,801 SF, two-story residential building that can support additional rental or owner-occupancy arrangements, along with potential business use depending on zoning and approvals.
The site is zoned for both commercial and residential use and includes 24 parking spaces. Recent improvements include new roofs installed in 2020 and brand-new windows added in December 2024.
If you’re looking for a mixed configuration with updated exterior components and room to adapt, this Midtown location near Lake Ella and within walking distance to shopping, dining, and entertainment is worth a closer look.
The site is zoned for both commercial and residential use and includes 24 parking spaces. Recent improvements include new roofs installed in 2020 and brand-new windows added in December 2024.
If you’re looking for a mixed configuration with updated exterior components and room to adapt, this Midtown location near Lake Ella and within walking distance to shopping, dining, and entertainment is worth a closer look.
Key Highlights
- Two‑building property on a 0.46‑acre lot with 24 parking spaces
- Main all‑brick, two‑story 5,260 SF building built in 1937; designed originally as four residential dwellings
- Rear 1,801 SF, two‑story residential building for rental income, owner‑occupancy, or additional business use
Financial Insights For Multifamily LT 5
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 | $114.4k | $16.20 |
| − Vacancy | −$8.7k | −$1.23 |
| EGI | $105.7k | $14.97 |
| − OpEx | −$31.7k | −$4.49 |
| NOI | $74.0k | $10.48 |
7,061 SF · lease $16.20/SF/yr · vacancy 7.60% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.06M
$924.8K – $1.23M
NOI $73,986 @ 7.0% cap · market cap 7.79%
Second Best
Retail
$979.7K
$857.3K – $1.14M
NOI $68,580 @ 7.0% cap · market cap 7.22%
Theoretical Best
Office A
$1.73M
$1.51M – $2.02M
NOI $121,174 @ 7.0% cap · market cap 12.76%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Nicole Everson Photography
Photography Service
Nina Nicole Photography
Wedding Service
Salon 259
Hair Salon
Hill Mortgage Consulting
Loan Service
FAQs
What type of property is this?
Quadplex - Two-building property on a 0.46-acre lot with 24 parking spaces and recent roof and window upgrades.
Where is this quadplex located?
The property is located at 259 East 7th Avenue Tallahassee, FL.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Two‑building property on a 0.46‑acre lot with 24 parking spaces; Main all‑brick, two‑story 5,260 SF building built in 1937; designed originally as four residential dwellings; Rear 1,801 SF, two‑story residential building for rental income, owner‑occupancy, or additional business use
