Fully Renovated
For Sale
$199,900
1322 California St, Tallahassee, FL 32304
Tenant-occupied two-unit property near Florida State University and Florida A&M University with updated systems and finishes.
Property Size1,025 SF
Price / SF$195.02
Days on Market34
Property Features for 1322 California St
General Information
Standard status
Active
Size
1,025 SF
Property subtype
Multi-Family
Building Details
Year Built
1975
Listing Agency:
Realty One Group Next Gen
(727) 433-2402
Listed By:
Danielle Andrews · License #BK3367252
Source:
Hopegainesrealestate
Added: Jul 29
Changed: Aug 29
Last Checked: Aug 30 at 8:51PM
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.
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 = 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
$10,740
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
5.37%
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%
$214,800
$214.8K
Cap Rate 7%
$153,429
$153.4K
Cap Rate 9%
$119,333
$119.3K
Market Conditions
NOI Build-Up for 1,025 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
$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 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%
$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
NOI $10,740 @ 7.0% cap · market cap 5.37%
Second Best
Apartment 5plus
$133.4K
$116.7K – $155.6K
NOI $9,336 @ 7.0% cap · market cap 4.67%
Theoretical Best
Office A
$251.3K
$219.9K – $293.2K
NOI $17,590 @ 7.0% cap · market cap 8.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
