Leased Retail Property with NNN
For Sale
Contact for pricing
Pending
15300 BLOUNTSTOWN HWY, Tallahassee, FL 32310
Retail asset offered on an absolute net basis, with a recent lease extension in place.
Property Size9,026 SF
Days on Market82
Property Features for 15300 BLOUNTSTOWN HWY
General Information
Standard status
Pending
Size
9,026 SF
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$100,932
Building Details
Year Built
2011
Stories
1
Units
1
Tenancy
Single
Listing Agency:
CBRE - Saddle Brook
Listed By:
Karly Iacono · License #NJ 0345216
Source:
Crexi
Added: Jun 11
Changed: Aug 8
Last Checked: Aug 7 at 9:47AM
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 CBRE - Saddle Brook
Investment Insights
Based on property information with market context.
This for-sale retail property is being marketed on an absolute net structure, shifting operating responsibilities to the tenant under the lease terms. The public remarks also indicate a corporate tenant arrangement and note a recent lease extension, supporting continuity of occupancy. The property is presented as a straightforward leased retail investment for buyers seeking an income-oriented asset.
The offering is located at 15300 Blountstown Hwy in Tallahassee, Florida. No additional details are provided regarding frontage, access, or surrounding anchors, so prospective buyers should confirm site-specific characteristics during due diligence.
Given the stated absolute net framework and the mention of a recent lease extension, the property may be a practical fit for investors looking for a retail asset with existing contractual continuity. The lease extension suggests the current tenancy has been reaffirmed rather than expiring immediately, while the corporate context may be relevant to buyers evaluating tenant stability and lease administration. Interested parties should review the lease documents and terms carefully, including how the absolute net responsibilities are allocated, to fully understand the operating cost obligations and remaining lease structure.
The offering is located at 15300 Blountstown Hwy in Tallahassee, Florida. No additional details are provided regarding frontage, access, or surrounding anchors, so prospective buyers should confirm site-specific characteristics during due diligence.
Given the stated absolute net framework and the mention of a recent lease extension, the property may be a practical fit for investors looking for a retail asset with existing contractual continuity. The lease extension suggests the current tenancy has been reaffirmed rather than expiring immediately, while the corporate context may be relevant to buyers evaluating tenant stability and lease administration. Interested parties should review the lease documents and terms carefully, including how the absolute net responsibilities are allocated, to fully understand the operating cost obligations and remaining lease structure.
Key Highlights
- Retail asset built in 2011
- Offered on an absolute net basis
- Recent lease extension in place
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
$87,665
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
6.47%
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%
$1,753,300
$1.8M
Cap Rate 7%
$1,252,357
$1.3M
Cap Rate 9%
$974,056
$974.1K
Market Conditions
NOI Build-Up for 9,026 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
$135.4K $15.00/SF
− Vacancy
−$10.2K −$1.13/SF
EGI
$125.2K $13.88/SF
− OpEx
−$37.6K −$4.16/SF
NOI
$87.7K $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%
$1,753,300
Cap Rate 7%
$1,252,357
Cap Rate 9%
$974,056
Alternative Uses
Best Use
Retail
$1.25M
$1.10M – $1.46M
NOI $87,665 @ 7.0% cap · market cap 6.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.21M
$1.94M – $2.58M
NOI $154,895 @ 7.0% cap · market cap 11.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
16
Businesses Nearby
4k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Dollar General
Shops & Services
4,494 visits/mo
0.1 miles
Demographics for 32310, FL
17,209
Population
7,621
Households
2.3
Avg Household Size
32
Median Age
22%
College-Educated
85%
High-School Grad
91.9 sq mi
ZIP Area
187
Density / Sq Mi
$38,493
Median Household Income
$24,177
Median Earnings
$1,025
Median Rent
$118,000
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.
Frequently Asked Questions
What type of property is this?
Retail space - Retail asset offered on an absolute net basis, with a recent lease extension in place.
Where is this retail space located?
The property is located at 15300 BLOUNTSTOWN HWY Tallahassee, FL.
What is the asking price?
The asking price for this property is $1,354,790.
What are key features of this property?
This property features: Retail asset built in 2011; Offered on an absolute net basis; Recent lease extension in place
