Restaurant Property with Parkway
For Sale
$1,900,000
738 Apalachee Parkway, Tallahassee, FL 32301
Built in 2006 within a two-outparcel development near major office, hotel, retail, and institutional destinations.
Property Size7,914 SF
Days on Market193
Property Features for 738 Apalachee Parkway
General Information
Standard status
Active
Size
7,914 SF
Property subtype
Restaurant
Additional Details
Road Access
Yes
Building Details
Building Size
7,914 SF
Year Built
2006
Properties For Sale
at 738 Apalachee Parkway Contact us- Size
- 7,914 SF
- Lease Type
- NNN
738 Apalachee Pkwy
Listing Agency:
SVN | SouthLand Commercial | Tallahassee
(850) 386-2600
Listed By:
Francis Rentz · License #FL BK3318918
(850) 386-2600
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 30
Last Checked: Aug 30 at 2:05AM
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 SVN | SouthLand Commercial | Tallahassee
Investment Insights
Based on property information with market context.
This restaurant property was built in 2006 and forms part of a two-outparcel development along Apalachee Parkway. The site is adjacent to Miller’s Ale House and positioned across from the Florida Department of Transportation Headquarters, with the Florida Bar Office Complex next door.
The surrounding trade area includes more than 6.0 million SF of office space along the arterial corridor, along with Governor’s Square Mall tenants such as Chili’s, Olive Garden, Ross Stores, BJ’s Brewhouse, Chuys Tex Mex, Dillard’s, and Macy’s. The State Capitol Building and Capitol Center are less than 1/2 mile away, Florida State University is 1.5 miles from the property, and numerous hotels are located nearby.
The surrounding trade area includes more than 6.0 million SF of office space along the arterial corridor, along with Governor’s Square Mall tenants such as Chili’s, Olive Garden, Ross Stores, BJ’s Brewhouse, Chuys Tex Mex, Dillard’s, and Macy’s. The State Capitol Building and Capitol Center are less than 1/2 mile away, Florida State University is 1.5 miles from the property, and numerous hotels are located nearby.
Key Highlights
- Apalachee Parkway frontage within a two‑outparcel development
- Restaurant property built in 2006
- More than 6.0 million SF of office space along the arterial corridor
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
$90,386
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
4.76%
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%
$1,807,720
$1.8M
Cap Rate 7%
$1,291,229
$1.3M
Cap Rate 9%
$1,004,289
$1.0M
Market Conditions
NOI Build-Up for 7,914 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
$128.2K $16.20/SF
− Vacancy
−$7.7K −$0.97/SF
EGI
$120.5K $15.23/SF
− OpEx
−$30.1K −$3.81/SF
NOI
$90.4K $11.42/SF
Area
Tallahassee, FL
Vacancy
6.00%
Lease Rate
$16.20 /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%
$1,807,720
Cap Rate 7%
$1,291,229
Cap Rate 9%
$1,004,289
Alternative Uses
Best Use
Specialty Retail
$1.29M
$1.13M – $1.51M
NOI $90,386 @ 7.0% cap · market cap 4.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.94M
$1.70M – $2.26M
NOI $135,812 @ 7.0% cap · market cap 7.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,671
Businesses Nearby
71k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 66%
Apparel 21%
Hotels & Casinos 9%
Beauty & Spa 2%
Olive Garden
Dining
32,603 visits/mo
0.4 miles
Bealls
Apparel
14,825 visits/mo
0.5 miles
Miller's Ale House
Dining
14,158 visits/mo
0.0 miles
Courtyard Tallahassee Downtown/Capitol
Hotels & Casinos
2,796 visits/mo
0.4 miles
Comfort Suites Tallahassee Downtown
Hotels & Casinos
1,667 visits/mo
0.4 miles
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Built in 2006 within a two-outparcel development near major office, hotel, retail, and institutional destinations.
Where is this conventional restaurant located?
The property is located at 738 Apalachee Parkway Tallahassee, FL.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Apalachee Parkway frontage within a two‑outparcel development; Restaurant property built in 2006; More than 6.0 million SF of office space along the arterial corridor
