Furnished Short-Term Rental
For Sale
$639,900
603 E Park Avenue, Tallahassee, FL 32301
Remodeled, furnished vacation home combining historic character with modern updates near Cascades Park and downtown amenities.
Property Size2,708 SF
Price / SF$236.30
Days on Market762
Property Features for 603 E Park Avenue
General Information
Standard status
Active
Size
2,708 SF
Property subtype
Commercial/Industrial
Units
Unit Mix
4-bedroom 2-bath
Multifamily Units
1
Additional Details
Furnished
Yes
Taxes and HOA fees
Annual Taxes
$6,306
Listing Agency:
American Real Estate Agency, I
(850) 533-6547
Listed By:
David A Wesolowski · License #3218992
(850) 533-6547
Source:
Exitrealty
Added: Jul 31, 2024
Changed: Aug 31
Last Checked: Aug 30 at 1:20PM
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 American Real Estate Agency, I
Investment Insights
Based on property information with market context.
This 2,708-square-foot home offers four bedrooms and two bathrooms in a remodeled, fully furnished layout. The property retains original details associated with its historic character while incorporating modern updates and improved curb appeal. It is currently operated as an active vacation rental and can also serve as a primary residence.
The home is within walking and biking distance of Cascades Park, with a brewery, food options, Leon High School, and downtown-area amenities nearby. Its furnished presentation and existing vacation-rental use provide a ready operating format for short-term occupancy, while the residential configuration supports everyday living.
The home is within walking and biking distance of Cascades Park, with a brewery, food options, Leon High School, and downtown-area amenities nearby. Its furnished presentation and existing vacation-rental use provide a ready operating format for short-term occupancy, while the residential configuration supports everyday living.
Key Highlights
- 2,708‑square‑foot remodeled home with 4 bedrooms and 2 bathrooms
- Fully furnished vacation home currently operating as an active vacation rental
- Original historic‑home character retained alongside modern updates
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
$24,664
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
3.85%
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%
$493,280
$493.3K
Cap Rate 7%
$352,343
$352.3K
Cap Rate 9%
$274,044
$274.0K
Market Conditions
NOI Build-Up for 2,708 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
$48.7K $18.00/SF
− Vacancy
−$3.9K −$1.44/SF
EGI
$44.8K $16.56/SF
− OpEx
−$20.2K −$7.45/SF
NOI
$24.7K $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 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%
$493,280
Cap Rate 7%
$352,343
Cap Rate 9%
$274,044
Alternative Uses
Best Use
Apartment 5plus
$352.3K
$308.3K – $411.1K
NOI $24,664 @ 7.0% cap · market cap 3.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$663.9K
$580.9K – $774.5K
NOI $46,472 @ 7.0% cap · market cap 7.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
2,607
Businesses Nearby
Explore this area
Business Placement
Demographics for 32301, FL
29,686
Population
17,029
Households
1.7
Avg Household Size
32
Median Age
45%
College-Educated
92%
High-School Grad
10.2 sq mi
ZIP Area
2,910
Density / Sq Mi
$50,412
Median Household Income
$34,271
Median Earnings
$1,200
Median Rent
$211,900
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?
Short term rental property - Remodeled, furnished vacation home combining historic character with modern updates near Cascades Park and downtown amenities.
Where is this short term rental property located?
The property is located at 603 E Park Avenue Tallahassee, FL.
What is the asking price?
The asking price for this property is $639,900.
What are key features of this property?
This property features: 2,708‑square‑foot remodeled home with 4 bedrooms and 2 bathrooms; Fully furnished vacation home currently operating as an active vacation rental; Original historic‑home character retained alongside modern updates
