4-Unit
For Sale
$550,000
1402 Ramble Brook #A, Tallahassee, FL 32301
All four apartments have two bedrooms and one bathroom, with renovations completed in 2022–2023.
Property Size3,456 SF
Lot Size0.22 Acres
Price / SF$159.14
Days on Market253
Property Features for 1402 Ramble Brook #A
General Information
Standard status
Active
Size
3,456 SF
Lot size
0.22 Acres
Property subtype
Multi Family Home
Occupancy
100%
Financials
Gross Income
$58,500
HOA Fee
$180
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$5,553
Amenities
Pantry
Building Details
Building Size
3,456 SF
Year Built
1978
Stories
2
Units
4
Tenancy
Multi
Listing Agency:
Joan H. Raley, Realtor
Listed By:
Joan Raley · License #0189512
(850) 545-9390
Source:
Bertpope
Added: Feb 26
Changed: Nov 4
Last Checked: Nov 5 at 4:52AM
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 Joan H. Raley, Realtor
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Investment Insights
Based on property information with market context.
This four-unit property contains 3,456 square feet across four two-bedroom, one-bath apartments. Renovations to all units were completed in 2022–2023, and the roof was replaced in 2022. Kitchen appliances and washers and dryers are included; some HVAC systems and water heaters are newer. The parcel measures approximately .22 acre.
The apartments are occupied, with lease renewals approaching. The property is in Whispering Woods, between St. Augustine Road and Orange Avenue, off Blairtstone Road. HOA services include garbage collection, general lawn care, and road and parking maintenance; those paved areas were resurfaced around 2024.
The apartments are occupied, with lease renewals approaching. The property is in Whispering Woods, between St. Augustine Road and Orange Avenue, off Blairtstone Road. HOA services include garbage collection, general lawn care, and road and parking maintenance; those paved areas were resurfaced around 2024.
Key Highlights
- Four two‑bedroom, one‑bath apartments; all renovated in 2022–2023
- 3,456 square feet on approximately .22 acre
- Roof replaced in 2022
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$36,213
Cap Rate
6.58%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$724,260
$724.3K
Cap Rate 7%
$517,329
$517.3K
Cap Rate 9%
$402,367
$402.4K
Market Conditions
NOI Build-Up for 3,456 SF
Gross rent
$56.0K $16.20/SF
− Vacancy
−$4.3K −$1.23/SF
EGI
$51.7K $14.97/SF
− OpEx
−$15.5K −$4.49/SF
NOI
$36.2K $10.48/SF
Area
Tallahassee, FL
Vacancy
7.60%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$724,260
Cap Rate 7%
$517,329
Cap Rate 9%
$402,367
Alternative Uses
Best Use
Multifamily LT 5
$517.3K
$452.7K – $603.6K
NOI $36,213 @ 7.0% cap · market cap 6.58%
Second Best
Apartment 5plus
$449.7K
$393.5K – $524.6K
NOI $31,477 @ 7.0% cap · market cap 5.72%
Theoretical Best
Office A
$847.3K
$741.4K – $988.5K
NOI $59,308 @ 7.0% cap · market cap 10.78%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
95
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - All four apartments have two bedrooms and one bathroom, with renovations completed in 2022–2023.
Where is this quadplex located?
The property is located at 1402 Ramble Brook #A Tallahassee, FL.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Four two‑bedroom, one‑bath apartments; all renovated in 2022–2023; 3,456 square feet on approximately .22 acre; Roof replaced in 2022
