Two-Story Storefront
For Sale
$589,000
1355 E Lafayette Unit 1355, Tallahassee, FL 32301
UP-1-zoned commercial building suited to office, retail, or mixed-use applications.
Property Size4,480 SF
Lot Size0.17 Acres
Price / SF$131.47
Days on Market575
Property Features for 1355 E Lafayette Unit 1355
General Information
Standard status
Active
Size
4,480 SF
Lot size
0.17 Acres
Property subtype
Retail
Zoning
UP-1
Amenities
3
Paved Road, Community Maintenance.
Building Details
Year Built
1974
Buildings
1
Stories
2
Listing Agency:
Realty One Group Next Gen
(727) 433-2402
Listed By:
Danielle Andrews · License #BK3367252
(727) 433-2402
Source:
Xome
Added: Feb 2, 2025
Changed: Aug 31
Last Checked: Aug 31 at 12:49AM
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 two-story commercial building contains 4,480 square feet on a 0.17-acre lot and was built in 1974. A new roof is in place, and the property is classified under Urban Pedestrian-1 (UP-1) zoning, supporting commercial, office, and mixed-use applications.
Positioned at 1355 E Lafayette Street in Tallahassee, the building is near downtown and key arterial routes. The property also features a paved road and community maintenance.
Positioned at 1355 E Lafayette Street in Tallahassee, the building is near downtown and key arterial routes. The property also features a paved road and community maintenance.
Key Highlights
- 4,480 SF two‑story commercial building
- 0.17‑acre lot at 1355 E Lafayette Street, Tallahassee, FL 32301
- New roof
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
$43,512
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
7.39%
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%
$870,240
$870.2K
Cap Rate 7%
$621,600
$621.6K
Cap Rate 9%
$483,467
$483.5K
Market Conditions
NOI Build-Up for 4,480 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
$67.2K $15.00/SF
− Vacancy
−$5.0K −$1.13/SF
EGI
$62.2K $13.88/SF
− OpEx
−$18.6K −$4.16/SF
NOI
$43.5K $9.71/SF
Area
Tallahassee, FL
Vacancy
7.50%
Lease Rate
$15.00 /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%
$870,240
Cap Rate 7%
$621,600
Cap Rate 9%
$483,467
Alternative Uses
Best Use
Retail
$621.6K
$543.9K – $725.2K
NOI $43,512 @ 7.0% cap · market cap 7.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.10M
$961.0K – $1.28M
NOI $76,881 @ 7.0% cap · market cap 13.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,170
Businesses Nearby
522k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 47%
Dining 27%
Shops & Services 15%
Home Improvements & Furnishings 9%
Dillard's
Apparel
72,707 visits/mo
0.5 miles
Marshalls
Apparel
49,494 visits/mo
0.5 miles
Michaels
Shops & Services
43,776 visits/mo
0.5 miles
JCPenney
Apparel
40,729 visits/mo
0.4 miles
Olive Garden
Dining
32,603 visits/mo
0.5 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Storefront property - UP-1-zoned commercial building suited to office, retail, or mixed-use applications.
Where is this storefront property located?
The property is located at 1355 E Lafayette Unit 1355 Tallahassee, FL.
What is the asking price?
The asking price for this property is $589,000.
What are key features of this property?
This property features: 4,480 SF two‑story commercial building; 0.17‑acre lot at 1355 E Lafayette Street, Tallahassee, FL 32301; New roof
