Restored Tudor Office
For Sale
$380,000
219 E Tharpe Street, Tallahassee, FL 32303
Commercial/residential zoning supports a three-office layout with kitchen and conference space.
Property Size1,449 SF
Price / SF$262.25
Days on Market3048
Property Features for 219 E Tharpe Street
General Information
Standard status
Active
Size
1,449 SF
Property subtype
Office
Amenities
Central Air
3
Listing Agency:
Property Finders Nguyen Realty
(850) 445-2044
Listed By:
Teresa Bowling
(850) 445-2044
Source:
Xome
Added: Apr 28, 2018
Changed: Aug 29
Last Checked: Aug 30 at 2:22PM
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 Property Finders Nguyen Realty
Investment Insights
Based on property information with market context.
Built in 1941, this restored Tudor property offers 1,449 square feet arranged for three sizable offices, an entrance area, kitchen, and conference room. A sunroom office has a separate exterior entry, while the kitchen includes updated appliances, custom cabinetry, and granite work surfaces. The building also retains its original bathroom and oak floors, with restored steel casement windows and refreshed plumbing and electrical systems.
Recent improvements include a new roof, HVAC system, and tankless water heater. A single-car garage/storage shed is located at the rear, and the grounds feature established Camellia, Gardenia, and Azalea plantings. The property is zoned for commercial/residential use and sits one block from Lake Ella and Publix, between Monroe Street and Meridian Road.
Recent improvements include a new roof, HVAC system, and tankless water heater. A single-car garage/storage shed is located at the rear, and the grounds feature established Camellia, Gardenia, and Azalea plantings. The property is zoned for commercial/residential use and sits one block from Lake Ella and Publix, between Monroe Street and Meridian Road.
Key Highlights
- 1,449‑square‑foot Tudor property constructed in 1941
- Three‑office configuration with entry, kitchen, and conference room
- Sunroom office includes its own private exterior entry
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
$17,801
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
4.68%
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%
$356,020
$356.0K
Cap Rate 7%
$254,300
$254.3K
Cap Rate 9%
$197,789
$197.8K
Market Conditions
NOI Build-Up for 1,449 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
$30.4K $21.00/SF
− Vacancy
−$6.7K −$4.62/SF
EGI
$23.7K $16.38/SF
− OpEx
−$5.9K −$4.10/SF
NOI
$17.8K $12.29/SF
Area
Tallahassee, FL
Vacancy
22.00%
Lease Rate
$21.00 /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%
$356,020
Cap Rate 7%
$254,300
Cap Rate 9%
$197,789
Alternative Uses
Best Use
Office B
$254.3K
$222.5K – $296.7K
NOI $17,801 @ 7.0% cap · market cap 4.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$355.2K
$310.8K – $414.4K
NOI $24,866 @ 7.0% cap · market cap 6.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,322
Businesses Nearby
Explore this area
Business Placement
Demographics for 32303, FL
48,644
Population
24,864
Households
2
Avg Household Size
34
Median Age
46%
College-Educated
95%
High-School Grad
34.8 sq mi
ZIP Area
1,398
Density / Sq Mi
$63,123
Median Household Income
$37,702
Median Earnings
$1,324
Median Rent
$204,900
Median Home Value
Market
Vacancy Rate% for Office 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?
Office building - Commercial/residential zoning supports a three-office layout with kitchen and conference space.
Where is this office building located?
The property is located at 219 E Tharpe Street Tallahassee, FL.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: 1,449‑square‑foot Tudor property constructed in 1941; Three‑office configuration with entry, kitchen, and conference room; Sunroom office includes its own private exterior entry
