Apartment
1305 CLAY Street, Tallahassee, FL 32304
For Sale
$825,000
Residential, Tallahassee, FL
Property Size6,992 SF
Price / SF$117.99
Days on Market60
Property Features for 1305 CLAY Street
General Information
Property type
Property subtype
Bedrooms
Bathrooms
Full bathrooms
Rooms
Parking features
Patio and Porch features
Appliances
Subdivision
Elementary school
Middle school
High school
Directions
Standard status
APN
Size
Tenancy & Operations
Currently Operating
Tenant in Place
Additional Details
Individually Metered Utilities
Taxes and HOA fees
Tax Annual Amount
Utilities
Heating system
Cooling system
Building Details
Year built
Floors in Building
Number of units
Flooring type
Building materials
Architectural style
Listing Agency:
EXP Realty, LLC
(888) 883-8509
Listed By:
Jules Straker · License FL #3197962
(850) 841-0097
Added: Sep 14
Changed: Nov 10
Last Checked: Nov 12 at 6:06AM
MLS# 404873
Copyright © 2026 Tallahassee Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 6,992-square-foot apartment property in Tallahassee was built in 1973. The room information identifies eight bedrooms and four bathrooms. Construction includes block, concrete, and vinyl siding, with vinyl flooring and central electric heating and cooling. Appliances include a microwave, range, and refrigerator; additional features include assigned parking and a patio.
Utilities are separately metered, and tenants pay for their utility use. The reported GRM is 8.3.
Utilities are separately metered, and tenants pay for their utility use. The reported GRM is 8.3.
Key Highlights
- 6,992 square feet; built in 1973
- Eight bedrooms and four bathrooms
- GRM of 8.3
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$63,683
Cap Rate
7.72%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,273,660
$1.3M
Cap Rate 7%
$909,757
$909.8K
Cap Rate 9%
$707,589
$707.6K
Market Conditions
NOI Build-Up for 6,992 SF
Gross rent
$125.9K $18.00/SF
− Vacancy
−$10.1K −$1.44/SF
EGI
$115.8K $16.56/SF
− OpEx
−$52.1K −$7.45/SF
NOI
$63.7K $9.11/SF
Area
Tallahassee, FL
Vacancy
8.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,273,660
Cap Rate 7%
$909,757
Cap Rate 9%
$707,589
Alternative Uses
Best Use
Apartment 5plus
$909.8K
$796.0K – $1.06M
NOI $63,683 @ 7.0% cap · market cap 7.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.71M
$1.50M – $2.00M
NOI $119,989 @ 7.0% cap · market cap 14.54%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
512
Businesses Nearby
Explore this area
Business Placement
Demographics for 32304, FL
50,007
Population
23,296
Households
2.1
Avg Household Size
25
Median Age
36%
College-Educated
89%
High-School Grad
15.2 sq mi
ZIP Area
3,290
Density / Sq Mi
$30,823
Median Household Income
$14,475
Median Earnings
$1,132
Median Rent
$147,000
Median Home Value
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Market
Properties on Market for Apartment buildings in Tallahassee
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Separate utility meters support tenant-paid utility service.
Where is this apartment building located?
The property is located at 1305 CLAY Street 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: 6,992 square feet; built in 1973; Eight bedrooms and four bathrooms; GRM of 8.3
