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Building Details

Year Built 1975

Listing Agency: Realty One Group Next Gen

Listed By: Danielle Andrews · License #BK3367252 Show Phone

Source: Hopegainesrealestate

Added: Jul 29 Changed: Oct 5 Last Checked: Oct 15 at 2:55AM

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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 Realty One Group Next Gen

Investment Insights

Based on property information with market context.

This duplex contains two one-bedroom, one-bathroom units within a 1,025-square-foot property built in 1975. The building is tenant occupied and has undergone extensive renovations, including a new roof, replacement windows, mini-split HVAC systems, a water heater, luxury vinyl plank flooring, and stainless steel appliances.

Located at 1322 California St in Tallahassee, the property is just minutes from Florida State University and Florida A&M University. The existing residential configuration and completed improvements provide a straightforward income-property profile for investors seeking an occupied asset.

Key Highlights

• Two‑unit duplex with 1,025 square feet
• Each unit includes 1 bedroom and 1 bathroom
• Tenant‑occupied property near Florida State University and Florida A&M University

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$10,740

Cap Rate

5.37%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$214,800 $214.8K

Cap Rate 7%

$153,429 $153.4K

Cap Rate 9%

$119,333 $119.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,025 SF

Gross rent

$16.6K $16.20/SF

− Vacancy

−$1.3K −$1.23/SF

EGI

$15.3K $14.97/SF

− OpEx

−$4.6K −$4.49/SF

NOI

$10.7K $10.48/SF

Area

Tallahassee, FL

Vacancy

7.60%

Lease Rate

$16.20 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$214,800

Cap Rate 7%

$153,429

Cap Rate 9%

$119,333

Alternative Uses

Best Use

Multifamily LT 5

$153.4K

$134.3K – $179.0K (±1% cap)

NOI $10,740 @ 7.0% cap · market cap 5.37%

Second Best

Apartment 5plus

$133.4K

$116.7K – $155.6K (±1% cap)

NOI $9,336 @ 7.0% cap · market cap 4.67%

Theoretical Best

Office A

$251.3K

$219.9K – $293.2K (±1% cap)

NOI $17,590 @ 7.0% cap · market cap 8.80%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Dental Office Law Firm Real Estate Agency Skin Care Clinic Electrical Service Accounting Firm

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

652

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

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Tenant-occupied two-unit property near Florida State University and Florida A&M University with updated systems and finishes.

Where is this duplex located?

The property is located at 1322 California St Tallahassee, FL.

What is the asking price?

The asking price for this property is $199,900.

What are key features of this property?

This property features: Two‑unit duplex with 1,025 square feet; Each unit includes 1 bedroom and 1 bathroom; Tenant‑occupied property near Florida State University and Florida A&M University