Live-Work Space with Hardwood
For Sale
$456,500
109 W 4th Avenue, Tallahassee, FL 32303
The property combines office functionality with a residential layout and kitchen-equipped living area.
Property Size2,056 SF
Price / SF$222.03
Days on Market835
Property Features for 109 W 4th Avenue
General Information
Standard status
Active
Size
2,056 SF
Total Parking Spaces
9
Property subtype
Commercial/Industrial
Taxes and HOA fees
Annual Taxes
$5,259
Amenities
hardwood floors
fireplaces
high ceilings
bay window
break out areas
kitchen
handicap ramp access
shared waiting area
Building Details
Buildings
1
Listing Agency:
Fowler Revell Real Estate Co.
(850) 745-4646
Listed By:
Sonya Fowler Revell · License #3374987
Source:
Exitrealty
Added: May 21, 2024
Changed: Sep 2
Last Checked: Sep 1 at 6:22PM
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 Fowler Revell Real Estate Co.
Investment Insights
Based on property information with market context.
This 2056-square-foot live-work property offers a flexible arrangement for professional services or combined residential and office use. The 1940s building features hardwood floors, high ceilings, fireplaces, a foyer, multiple breakout areas, and a kitchen with a stove. The residential configuration includes three bedrooms and two baths, while the office layout includes private work areas, restrooms, a shared kitchen, and a waiting area.
Located at 109 W 4th Avenue in Tallahassee, the property is near campus, the Florida Capitol, government offices, dining, and shopping. The Governor’s Mansion is a few blocks away. Shared driveway access serves the property, which includes 9 parking spaces and a handicap ramp at the rear.
Located at 109 W 4th Avenue in Tallahassee, the property is near campus, the Florida Capitol, government offices, dining, and shopping. The Governor’s Mansion is a few blocks away. Shared driveway access serves the property, which includes 9 parking spaces and a handicap ramp at the rear.
Key Highlights
- 2056‑square‑foot 1940s live‑work property
- Hardwood floors, high ceilings, fireplaces, and multiple breakout areas
- Residential configuration with 3 bedrooms and 2 baths
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
$25,258
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
5.53%
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%
$505,160
$505.2K
Cap Rate 7%
$360,829
$360.8K
Cap Rate 9%
$280,644
$280.6K
Market Conditions
NOI Build-Up for 2,056 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
$43.2K $21.00/SF
− Vacancy
−$9.5K −$4.62/SF
EGI
$33.7K $16.38/SF
− OpEx
−$8.4K −$4.10/SF
NOI
$25.3K $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%
$505,160
Cap Rate 7%
$360,829
Cap Rate 9%
$280,644
Alternative Uses
Best Use
Office B
$360.8K
$315.7K – $421.0K
NOI $25,258 @ 7.0% cap · market cap 5.53%
Second Best
Mixed Use
$277.6K
$242.9K – $323.8K
NOI $19,429 @ 7.0% cap · market cap 4.26%
Theoretical Best
Office A
$504.0K
$441.0K – $588.1K
NOI $35,283 @ 7.0% cap · market cap 7.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,722
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
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Frequently Asked Questions
What type of property is this?
Live-work space - The property combines office functionality with a residential layout and kitchen-equipped living area.
Where is this live-work space located?
The property is located at 109 W 4th Avenue Tallahassee, FL.
What is the asking price?
The asking price for this property is $456,500.
What are key features of this property?
This property features: 2056‑square‑foot 1940s live‑work property; Hardwood floors, high ceilings, fireplaces, and multiple breakout areas; Residential configuration with 3 bedrooms and 2 baths
